One of the most historic changes Africa has experienced in the past decade is digital transformation. Through prevalent poverty, collapsing health system, antiquated infrastructure, and weak governance, the twenty-first century has seen African business thriving through brilliant innovation enabled by digital technology.
Before the use of technology became almost commonplace as it is today, several African companies had been silently laying the groundwork for innovation across the continent. One of such groundbreaking enterprises is SystemSpecs.
From its humble beginning in the early ’90s, the 29-year-old fintech company has spread its influence across Nigeria, Africa, and beyond.
Although many know SystemSpecs as it is today, let’s briefly walk down memory lane as we consider the growth, changes, and refinement that have taken place within the organization over time.
Founded by ex-banker, John Obaro, SystemSpecs began its operations as a value-added reseller of American software solution, SunSystems.
About 3 years later, it launched its own human capital solution, SpecMan which was followed by SpecPen which was for pensions processing, and then SpecPay which was for payments. In 2000, all three were merged into a solution known as HumanManager.
In 2000, this innovative platform was developed by SystemSpecs, to handle human relations and payroll management.
The first of its kind in Africa, and even beyond, HumanManager is an intuitive, ground-breaking, and easy-to-use human capital management solution trusted by many small, medium, and large-scale organizations across Africa.
In 2005, SystemSpecs developed Remita, an electronic platform that facilitates easy and seamless financial transactions for individuals and corporates.
Remita has the most robust payment facilitation options in Nigeria and has become the go-to platform for all payment needs.
Remita was later approved as the payment gateway into the Treasury Single Account (TSA) of the federal government over other competitors, including those in the international space.
The platform is perhaps one of SystemSpecs contribution to Nigeria is the role it played in driving transparency and accountability in the public sector.
To date, it also has a strong presence in the private sector as the platform of choice for all kinds of payments, funds collection, and payroll management.
With the outstanding success of leading products such as Human Manager and Remita, SystemSpecs launched Paylink.ng, an instant, payment solution targeted at the consumer market.
With it, individuals and SMEs receive funds directly to their bank accounts without exposing their bank details.
The rationale behind this innovative solution is due to the growth of SMEs in Nigeria. Considering the rapid development of the business landscape in Nigeria, Paylink effectively levels the playing field for SMEs who are enabled to process payment easily, serve their customers efficiently and scale in the process.
Organizational restructuring within SystemSpecs
In February 2020, Founder of SystemSpecs, John Obaro revealed that SystemSpecs had undergone a restructuring to deepen its presence in more segments of the economy as well as maximize its potentials in the African market.
This not only rebranded the company’s image from a software company to a world-class technology giant with its operations across different business spaces including HR and Fintech.
Currently, SystemSpecs’ operations are hinged upon four Strategic Business Units (SBUs); each of its solutions is embedded within a different SBU.
The first is Infrastructure and Payment Gateway, tasked with providing critical financial processing connectivity with institutions such as banks, payment processors, and other service providers, as a solution delivered directly to the market.
The second is the Payment Applications and Vertical Markets which is charged with the duty of offering customer-oriented solutions like Paylink and Remita to a huge and expanding market.
While the third SBU is a Human Capital Solutions provider, the fourth caters to the
Public Sector and Special Projects Division including the use of the Remita software for the TSA.
The not so secret reason behind SystemSpecs’ success is its relentless drive towards innovation. With its continuous evolution and adaptation to new technologies, it positions itself to overcome challenges that may come as times change. No doubt, the efforts demonstrated by SystemSpecs under the leadership of John Obara is laudable!
Featured Image: John Obaro, Founder, SystemSpecs
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