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Oceanic Bank partners LASG, Courteville on AutoReg

By Shanna | April 30, 2008

Oceanic Bank International Plc on Friday with representatives of the Lagos State government and Courteville Nigerian Limited unveiled the newly introduced smart card for Autoreg, an innovative means of registration of vehicles electronically to the people of the state.

With the smart card, the Autoreg scheme, which hitherto operated on a scratch card has migrated into a more robust smart card platform capable of carrying out other financial transactions immediately and in the nearest future. The migration followed the strategic partnership between platform managers, 3Line Card Management and Courteville Investment Limited, owners of the AutoReg trademark. The new platform is a smart card that contains a memory chip and can perform the functions of a debit card, credit card, prepaid card and other future transactions such as payment for gasoline and payment for lottery. Chief Executive, Oceanic Bank, Mrs. Cecilia Ibru, said at the inauguration of the smart card on Friday, that the bank would enhance the success of the project in the state, through its technology-driven branches nationwide. She said, “We reiterate our partnership with Lagos State to enhance the success of the project through our technology-driven branches nationwide.

That is, all vehicle owners nation-wide can access the new Autoreg platform in any of our branches to experience peace accruing from vehicle registration without stress.” AutoReg basically is meant to increase and collect fully, accruable revenue due to LASG on vehicle licensing, to reduce cost of administration in vehicle licensing and also eliminate touting and difficulty in process without any additional costs to public. Managing Director of Courteville Nigerian Limited, Mr. Bola Akindele, assured that the AutoReg has come to stay and will effectively increase the income of Lagos State. Noting that two other states will start operating the AutoReg platform from next month, he thanked Oceanic Bank for its support and dedication of its marketing team in making success of the scheme. Oceanic Bank is the leading bank on the AutoReg platform in Lagos state.

It would be recalled that Oceanic Bank had last week released its six-month results to the public where it emerged as the most profitable bank in the country as at the end of its second quarter. The bank emerged the most profitable bank in the country with a profit before tax, of N25.1bn, and total earnings of N66.5bn for the first six months of its operations this financial year.

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