Finance
SystemSpecs’ Remita, Ahead of the Curve in Nigeria’s Digital Payment Industry
With so many payment solutions out there, pundits already fear cash may soon be dethroned as ‘king’. Digital payment systems are now so ubiquitous.
It is becoming increasingly difficult for consumers—businesses and individuals—to make the right choice.
Ideally, this right choice is based on payment needs. Irrespective, it should be one that is seamless, easy to use, efficient, fast and secure.
A few brands that have been able to deliver these qualities are leading globally. By now, almost everyone in Nigeria, who is averagely financially literate, can mention one or two of such payment providers, mostly foreign (If you can’t we are working on you, never mind).
What many do not know is this- from Nigeria, developed at the very heart of Lagos, is one payment solution on its way to becoming a global brand. It is called Remita.
What makes Remita tick would not only be that it is taking the lead in helping individuals and corporates redefine their financial transaction experience, it is the fact that it was developed by an indigenous company, SystemSpecs, one of the country’s longest-standing fintech firms.
There is a good chance you have used Remita without realising, especially if you have ever paid to a federal government ministry or parastatal.
Yes, Remita has made a name for itself having been tested and trusted by the Nigerian government in its drive towards transparency in the public sector, but it is important to note that Remita is everywhere, not just in the public sector as often misconstrued.
SystemSpecs have been in the software business for over 26 years, delivering superior human resource and payment solutions across the country. And unlike newer types of payment solutions developed by most startups, SystemSpecs’ Remita has worked so well for users.
It has won several national and international awards for the innovativeness it brings to the diverse payment processing needs of Governments, Organisations, SMEs or Individuals.
Remita has the most robust payment facilitation options in Nigeria and has become a one-stop financial shop for all payment needs.
Those very familiar with Fintech products emanating from Nigeria and the rest of Africa have described Remita as one of the most remarkable yet. It’s developers, SystemSpecs is a company that has always been ahead of the curve in the Nigeria’s payments industry.
Remita boasts of a large clientele and it processes over $30 billion worth of transactions annually. With Remita, anyone can start receiving payments on their website in less than 48 hours with ZERO activation fee.
It also makes it easy for customers and service users to pay you using any of the following channels: Online Banking site, Remita (on app, mobile & web), Debit/Credit cards (Visa, Verve, MasterCard, UnionPay); Branches of any commercial bank nationwide; Microfinance Banks; POS, Direct Debit and Digital Wallets. What’s more? Remita has a full suite of comprehensive payment solutions to meet different business or personal transactions needs. Here are some of the packages of this leading brand:
Remita Payment Application (Mobile and Web)
Remita online and mobile payment application enables Governments, Businesses, NGOs & Individuals to manage bill payments, funds transfers, invoicing & real time tracking of all transactions on a single platform.
The mobile app version of Remita, which is available on Android and iOS, is loaded with a lot of features to have consumers experience the best of transactions with their phones.
The mobile app helps users aggregate all their bank accounts across different banks on a single screen and make payments seamlessly.
This app is perfect for you if you are tired of overburdening your phones with many bank apps, each eating up storage space and slowing down processes.
Also, if you have a hard-time remembering a thousand and one passwords and usernames from your many bank accounts, you can easily download a Remita app and connect all your bank accounts on a single screen. It is as simple as it sounds.
Thousands of public and private sector organisations, as well as individuals, consider the Remita Online and Mobile Payments and Collections App as one of the best that has ever happened to them.
Apart from being able to pay almost any biller in Nigeria’s private and public sector, the mobile and web platforms also incorporate an integrated payroll processing solution. More interesting features include scan/tap to pay, standing orders, e-invoicing and comprehensive expenses and transactions reporting.
Remita Payment Gateway
Remita provides payers with a wide range of payment channels on a SINGLE platform, including Debit/Credit Cards, Bank Branches, POS Terminals, Micro-Finance Banks, Internet Banking, Collection Agents, Mobile Wallets, Account Payment and Direct Debit. lt can be used by Billers, Merchants, e-Commerce sites etc.
The Federal Government of Nigeria adopted the Remita integrated multichannel Payment Gateway as a one-stop solution for the collection of all revenue types through different transaction channels under its national Treasury Single Account (TSA) initiative.
The Remita Payment Gateway that drives the TSA is integrated with other payment technology solutions at the core of its design. This has always been one of the very unique and verifiable features that has distinguished the Remita solution in the marketplace.
Remita Payment Infrastructure
For clients who need more than just a payment gateway, SystemSpecs deploy Remita as a complete end-to-end payment infrastructure that facilitates seamless funds transfer, settlement and reporting between financial scheme operators (Central Bank, Commercial Banks, Mobile Money Operators, Micro-Finance Banks, etc.). It also provides visibility over the entire payment ecosystem.
Remita Payroll
Remita payroll is ideal for any organisation with 2-200,000 employees. It is a powerful and comprehensive Payroll and Human Resource Management solution, which has been effectively deployed across private companies, and governments in Nigeria.
Remita Payroll & HR is based on SystemSpecs’ highly successful HumanManager solution that has been a market leader for more than 20 years.
Among other things, it allows organisations to save costs, detect ghost workers, compute all staff allowances and deductions, and automatically send electronic Payment Notification, Payslips and Tax analysis slips to each staff at the end of every pay run. It also allows them to pay salaries without the need to upload salary schedules from a separate software to the e-Payment platform.
Although the need to automate payroll processes end-to-end inspired the birth of Remita, it has grown beyond just salary payroll to include payment of taxes, loans, pensions, cooperative deductions, among others. Today, Remita does beyond salaries and vendor payments system; it does financial collections.
Recently, SystemSpecs formed a strategic collaboration with Access Bank to offer salary earners ‘PayDay’ loans, without human interaction, the need for collateral or guarantor, or the need to visit a bank. This has been made possible through Remita’s robust database.
Source: TechEconomy.ng
Improved efforts at collaboration among financial service providers, telecommunication operators, and tech Startups, with conscious effort geared at consumer awareness, have been proffered as key remedies to the challenge of financial inclusion in the country.
This is the viewpoint of stakeholders that gathered for the second edition of Payment Forum Nigeria (PAFON 2.0) held recently in Lagos.
Delivering a keynote address on the theme, “Bridging the Customer Experience Gap for Financial Inclusion Using AI”, Ebehijie Momoh (Mrs.), the managing director and chief executive officer of AfriGoPay Financial Services Limited, said that with 64% of Nigerian adults being financial included the country has made immense progress in that regards.
She said that between 2012 till date, the country has recorded robust regulatory reforms, especially the launch of the Bank Verification Number (BVN) in 2014 making it easier to identify and track customers across different banks.
“This initiative enhanced the credibility of the financial sector and increased confidence in formal banking systems.
The growth in adoption of smartphones has also helped the financial sector to leapfrog financial inclusion. Nigeria has 142.16 mobile internet subscriptions with an average consumption of ~7.04GB / month as of January 2025. If you juxtapose it to the 15.9% decline in shipments of feature phones to 18.8 million units in Africa as at Q1 2024, you will understand that the uptake in smartphones has helped us a great deal.
Mrs. Momoh who spoke through Mr. Munachi Duru, the head of Innovation and Strategic Partnership at AfriGoPay, said the adoption of artificial intelligence banking gave birth to solutions like smile identity, a leading KYC verification provider launches facial recognition capabilities in Nigeria as neobanks and commercial banks are deploying AI-based KYC verification tools, enabling cheaper and efficient customer acquisition and servicing.
In her goodwill message, Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited said that with progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, SANEF has leveraged Artificial Intelligence (AI) as the next step to advancement in financial services in the country.
She noted that as technology evolves rapidly within the financial ecosystem, Financial Inclusion must continue to be at the center of the nation’s progress.
According to her, agent banking has been a game-changer in expanding financial inclusion across Nigeria. “By deploying agents in underserved areas, we have brought financial services and banking products such as account opening, cash in, cash out, bill payment, transfers and other services closer to the unbanked and underserved.”
Speaking during a panel session, Mr. Ibirogba Oluwagunwa, chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN), spoke of lack of collaboration and slow institutional drive towards AI as key barriers hindering digital inclusion.
He harped on the need for information sharing among fintech operators, and improved free flow of information to consumers. “The human barrier angle needs to be addressed. Fintechs need to be pushed to move forward, AI cannot operate itself.”
In his contribution, Mr. Chika Nwosu, managing director of PalmPay, reiterated the need to reach the consumers with simple format communication and education style.
He said operators should create awareness and design consumer-centric approach in developing any products. This will not only draw the consumers towards the product, but also generate trust and ease the use of such products.
Focusing on the use of AI to ensure reach, inclusion and security, Azure Application and AI Specialist at Microsoft UK, Olusoji Solomon Adeyemo, spoke on the need for AI and Blockchain in the bid to extend services to rural communities and the unbanked.
According to him, “AI, Blockchain and CBDs are shaping the future of payment, and there is a serious need for education. We need to align with global trends in new tech adoption.”
While noting that AI can ensure reach, Adeyomo said blockchain will also create digital identity that is exclusive and will promote digital financial inclusion.
In her position, Oluwabunmi Ogunyemi, the customer support lead at Moniepoint MFB, proffered physical and digital meet with customers, even in rural areas, as a viable means of inclusivity.
Also speaking, Olusegun Afolabi, the co-founder of Face Technologies UK Ltd., called for improved collaborations among stakeholders in the financial sector.
According to him, the fintech companies must also embrace effective identification solutions, focusing on biometrics and card technologies to ensure topnotch security for users.
Earlier in his opening remarks, Mr. Peter Oluka, co-Convener of the Forum, noted that the financial inclusion journey in the country has come to a crucial juncture where over 30 million adults are still financially excluded, many of whom reside in rural areas or belong to vulnerable demographics.
He noted that despite 12% growth in access to formal financial services between 2020 and 2023, as recorded by the EFInA Access to Financial Services Survey 2023, challenges still exist that hinders the unlocking of the potentials of digital payments to drive inclusive growth in Nigeria.
He further posited: “As digital infrastructure grows and fintech innovation accelerates, we must channel these advancements toward building a more inclusive, secure, and trusted financial ecosystem. This is not just about transactions — it’s about empowerment, opportunity, and economic participation for all.
Nodding in agreement, Mr. Chike Onwuegbuchi, co-Convener, PAFON, reiterated the need for all stakeholders in the financial payment industry, including regulators, to participate in forums as PAFON, to map out, growth strategies with consumers and other strata of the ecosystem.
He promised to invite security stakeholders, such as the EFCC and others in subsequent editions of the event. This will help give insight into security concerns in deployment of products and services in rural and unbanked communities.
Payments Forum Nigeria (PAFON) is a platform dedicated to shaping the future of digital payments and financial services in our country.
Finance
Flutterwave Powers Local Businesses in Ghana Through Pay With Bank Transfer
Reporter: Ikenna Ugwu
Flutterwave, a leading payments technology company in Africa, has broadened its reach in Ghana through the integration of Pay With Bank Transfer, done in partnership with Affinity Bank.
With over 115 million bank transfer payments recorded in Ghana in 2023, this move will ensure that Flutterwave businesses in Ghana can now receive payments seamlessly and securely through a rapidly growing payment method. While Mobile Money leads as the preferred payment type for everyday transactions in Ghana, the recent growth in transactions for Pay With Bank Transfer symbolizes the expanding payment options available for Ghanaian businesses.
Flutterwave has a track record of driving innovation in the African finance ecosystem, and this new development promises versatility, thereby expanding the pool of customers available to businesses. As a preferred payment method, it also promises faster payments while providing access to a more secure process of transacting which benefits both the sender and the receiver (business).
“We are excited to extend our services to the Ghanaian market” says Olugbenga Agboola, Flutterwave Founder & CEO“At Flutterwave, we are driven by the vision of building Africa’s economy. By making payment options like Pay With Bank Transfer available for everyday use, we are expanding access to payments and enabling local businesses to thrive in the economy”
By establishing this strategic partnership, Flutterwave aims to drive the adoption of the Pay With Bank Transfer option in Ghana, using virtual accounts to allow for secure and transparent payments. This will provide enterprises and small businesses with a simpler way to receive payments and give their customers a seamless process of making payments.
Geoffrey Fiador, Manager, Country Operations and Partnerships, at Flutterwave stated: “By delivering essential payment options like Pay With Bank Transfer for businesses in Ghana, we’re providing an easy way for them to increase their revenue opportunities to grow their businesses. ”
This announcement comes at the heels of Flutterwave’s recent approval by the Bank of Ghana to provide inward remittance services. With a track record of success across Africa, Flutterwave continues to be a trusted partner for businesses in over 34 countries, providing the tools and expertise necessary for success in the dynamic African market.
Finance
Stanbic IBTC Capital leads Presco PLC’s ₦82.9 Billion Bond Issuance to drive West African market growth
Reporter: SANDRA ANI
Presco PLC (Presco or the “Company”), has achieved a significant milestone with the successful issuance of its ₦82,896,000,000 7-year 23.75% senior unsecured fixed rate Series I Bonds under its ₦150 billion bond issuance programme (the “Transaction”) with the Securities and Exchange Commission (“SEC”). Stanbic IBTC Capital Limited (“Stanbic IBTC Capital”) acted as the Lead Issuing House on the Programme.
The proceeds from the Transaction will enable the Company fund its acquisition of a 100% equity stake in Ghana Oil Palm Development Company (GOPDC), further supporting its strategic expansion objectives.
Speaking on the transaction registration, Mr Reji George, Managing Director / CEO, Presco PLC commented:
“The successful completion of our Series 1 Bond issuance solidifies Presco’s foundation for continued growth and expansion. Aligned with our strategic objectives of increasing our planted area of palm oil and, to lead Africa in the fully integrated edible oil and fats business in the nearest future, the proceeds from this issuance will be primarily directed towards the acquisition of a majority equity stake in the Ghana Oil Palm Development Company (GOPDC).
This not only enhances our operational efficiencies, It also solidifies our market presence and competitive advantage in the palm oil sector beyond Nigeria. Most importantly, this will enable us to better serve our valued customers and deliver sustainable value to our shareholders. We extend our sincere gratitude to Stanbic IBTC Capital and all our advisors for their support throughout this process.”
Also speaking on the transaction registration, Oladele Sotubo, Chief Executive, Stanbic IBTC Capital, said:
“Stanbic IBTC Capital is proud to have advised Presco PLC on the successful issuance of its ₦82.9 billion Series 1 bond. As the largest local currency corporate bond issuance in the Nigerian market in recent years, this milestone underscores our deep expertise in capital markets and our commitment to delivering innovative, high-impact financial solutions.
Beyond reinforcing Presco’s strategic growth, this transaction enhances funding diversification within the agricultural sector, driving sustainable industry expansion. We appreciate Presco PLC’s trust in Stanbic IBTC Capital and the consortium of advisors who contributed to the successful execution of this landmark deal.
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