Powering tax payments using Mojaloop
Finance Mobile is a Ghanaian company focused on building technology solving the problems associated with tax and revenue collection for businesses across Africa.
Finance Mobile aims to power tax payments, credits to government agencies on behalf of people and businesses, as well as provide business help to SMEs that make it easier to make sense of their revenues and inventory.
The team prototyped a workflow where a payer initiates a payment through Finance Mobile, selects their preferred payment method and initiates an instant payment to the DFSP owned by the agency handling tax collection.
As Finance Mobile expands the countries in which it offers revtech products, Mojaloop-enabled payment systems can streamline the development process in these new markets.
PISP Workflow with Multiple accounts
In one permutation of the Finance Mobile workflow, the team suggested using PISP to trigger payment based on the amount owed by the taxpayer. Taxpayers (small businesses) would log in and check the balance owed to the tax authority. Then they select the account they want to pay from and then trigger the transfer. Because businesses they work with have multiple accounts (sometimes mobile money accounts too) and often have money shifting between them, they want to allow the users to pay from any account they want. They also have multiple currencies and multiple countries since companies who are based in other countries also have to pay. Normally these companies do card payments but would value regional mojaloop deployments such that cross border, cross currency transfers were possible via a PISP set up. PISP use case works well for multiple account use case above but one UID to locate all the accounts belonging to the taxpayer would be beneficial.
As a business customer performs regular transactions, taxes are automatically collected and reported to the government. Even cash-based transactions are automatically logged and taxes are filed for these. Tax reporting is done in a tax dashboard provided to governments and all payments are updated in real-time as they are collected.