With the rise of fintech across Africa, never have transactions been easier and seamless.
Whether you are trying to register for the Joint Admission Matriculations Board (JAMB), make school fees payment as an undergraduate, register your new company, pay Customs Duty, and so on, there are numerous e-platforms ready to cater to your needs.
SystemSpecs, one of the most successful and renowned indigenous Fintech giants in Nigeria, is ensuring that corporate and individual payments take place without glitches with its innovative software, Remita.
Considering its status as the payment channel of choice to all government Ministries, Agencies, and Departments and the services it renders to over 500 banks as well as other financial institutions, there are some misconceptions about the platform.
A number of people view Remita as a financial institution. Some, on the other hand, have held the platform responsible for increment in fees. Still, others have claimed that it is a foreign software.
To set the record straight, especially in a bid to simplify the process through which Remita operates, the Executive Director of SystemSpecs, Mr Deremi Atanda explained:
“We have been a payment facilitator for over 15 years. What we do through Remita is that we help you move your money from where it is to where you want it to be.”
In addition, financial experts have tirelessly argued that Remita is not The Treasury Single Account (TSA)-a financial policy initiated by the federal government of Nigeria. Neither is it affiliated with any government.
To illustrate the clear difference between both concepts: Remita is an application used to execute payment transactions. On the other hand, TSA is an IMF initiative proposed in 2012 under President Goodluck Jonathan’s administration and executed by the present administration.
The rationale behind this is to consolidate all cash inflows from all governmental agencies into a single account under the watchful care of the Central Bank of Nigeria(CBN).
Clearing up misconceptions about the platform, the Founder and Managing Director of SystemSpecs, John Obaro had this to say:
“Remita has become a very big project and we believe one of the reasons people think we are all about government is because they cannot readily relate with some of the features Remita offers.
We are now de-layering some of the features of Remita to make them easily identifiable. The unique selling propositions of some fintech companies today are already just subsets of Remita.
Hence, we are decoupling features and strategically positioning them for target markets.”
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