SystemSpecs’ Remita platform to deepen CBN cashless policy

July 09, 2014  |   In The News  

SystemSpecs Nigeria, an indigenous and wholly-Nigerian firm, has introduced Remita, a one-stop multi-bank shared services platform for processing e-payments, e-collections, e-payroll, and e-schedules by organisations and individuals.

Developed by SystemSpecs, Nigeria’s foremost software provider, Remita has been adopted by the Central Bank of Nigeria (CBN) as the e-payment and e-collections platform of the Federal Government, a sign of government’s commitment to the patronage and promotion of the local ICT industry, according to John Obaro, CEO, SystemSpecs Nigeria, at a press briefing to introduce the product, in Lagos.

Currently, the volume of transaction through the Remita platform has exceeded N500 billion monthly, and the cost per transaction – N250 monthly for payroll, N100 monthly for e-payments, and others 1.5 percent per volume of transaction monthly, Obaro disclosed.

With the use of Remita across sectors, it is like putting in the hand of the individual what only corporates used to enjoy, said Demola Igbalajobi, group head, Remita, saying the product provides the platform and infrastructure, the customer only need to subscribe to experience seamless transaction.

According to him, with the traffic of transactions going through the platform on a monthly basis, Remita is set o drive the nation’s economy. “If you transacts over N500 billion on a platform monthly, you are invariably driving the Nigerian economy,” he said.

A widely adopted shared services platform, Remita is in use by all commercial banks, all pension funds administrators (PFAs), over 400 microfinance and mortgage banks and thousands of public and private sector organisations as well as individuals.

To date, over N12 trillion worth of funds transfer, collections and payment of salaries, suppliers, subscriptions, standing orders, direct debit, donation, pension, and taxes have been securely processed on Remita.

It is regarded as an innovation leader in Nigeria’s payments and collections industry as the platform offers many distinctive features. Apart from providing e-payments, e-collections, e-payroll and e-schedules on a single platform, it offers users the ability to view balances across different bank accounts on just a single screen. It also empowers billers and collectors to receive payments from customers through seven different channels into a single account with zero need for reconciliation.

As part of contributions to the national e-payment initiative, it offers zero integration fees to SMEs who are billers or collectors.

Working with diverse stakeholders with a footprint across the 36 states and the FCT, the product has been and continues to be at the forefront of revolutionising the e-payment and e-collections industry in Nigeria, Obaro noted.

Source: Business Day Online

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