John Obaro, the founder of SystemSpecs a leading indigenous software technology company has recently been conferred with an honorary fellowship of the Chartered Institute of Bankers of Nigeria (CIBN).
The fellowship is in recognition of hos immense contribution in Nigeria’s banking industry. Obaro who resigned from a bank job 29 years ago was conferred with the honorary award alongside other prominent Nigerians, including Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO); Mr Hassan Bello, Managing Director of Nigeria Deposit Insurance Corporation (NDIC); Dr Kingsley Obiora, Central Bank of Nigeria (CBN) Deputy Governor and other six top bank exxecutives,
One of the most innovative products developed by SystemSpecs, Remita has played a significant role in powering the Treasury Single Account (TSA), a solution that was recommended by the International Monetary Fund (IMF) to serve as a unified bank account for Nigeria’s federal government.
According to Mrs. Zainab Ahmed, Minister of Finance, Budget and National Planning, Remita has been saving the federal government about N45 billion monthly.
Other notable solutions by the indigenous software company include Human Manager and Paylink.
“I left banking to start off SystemSpecs some twenty-nine years ago and now, at the end of the day our paths are crossing again because most of what we have done is related to the financial industry,”
“Through SystemSpecs and other fintech innovators, electronic payment has become a thing in Nigeria, and we are privileged that we are one of the earliest players in that segment.”, said John Obaro.
“To increase our revenue base and manage our debt better, we need to get more efficient, and technology offers us a leverage,” added Obaro.
The SystemSpecs founder urged the federal government to embrace the increased usage of technology in managing public finance.
Dr. Okonjo-Iweala, while speaking to the audience virtually commended CIBN on its unending commitment in bringing stability to Nigeria’s banking sector.
“The theme of your deliberation regarding Nigeria’s debt profile and its implications for sustainable development is a very important one. If there is a group that has the necessary professional insight on issues of debt and debt sustainability, be it at the individual, institutional or national level, it is you,” Okonjo-Iweala said.
Featured Image: From left Dr Ken Okpara, 1st Vice President/Chairman, Board of Fellows & Practice Licence, Chartered Institute of Bankers CIBN; Dr Bayo Olugbemi, President/Chairman of Council, CIBN; Mr John Obaro, MD/CEO, SystemSpecs Nig Ltd/Awardee, Honorary Fellow, CIBN and Dr Shamsudeen Usman, Special Guest of Honour at the 2021 CIBN Fellowship Award ceremony held in Lagos.
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