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
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.
Finance
Flutterwave Activates American Express Payments for its Merchants in Nigeria


Flutterwave, Africa’s leading payments technology company, has announced today that its online merchants in Nigeria can now accept American Express payments.
American Express Card Members – with consumer, business, or corporate cards – will be able to make payments directly to e-commerce businesses using Flutterwave in Nigeria.
This service will also be available to Flutterwave merchants in other countries including Tanzania, Rwanda, Ghana and Uganda in the near future.
This collaboration facilitates online transactions and offers a range of benefits for both merchants and online shoppers:
- Flutterwave merchants can attract business from a new customer base of American Express Card Members in Africa and around the world. This includes consumers with personal cards and spenders with business or corporate products. Terms and conditions apply.
- For shoppers, there is more choice when it comes to being able to select their preferred method of payment when transacting with Flutterwave merchants. This collaboration strengthens the American Express global network and increases the number of locations across Africa that can be used by American Express Card Members to purchase a range of different goods and services.
Speaking on the development, Olugbenga ‘GB’ Agboola, Founder and CEO, Flutterwave, said:“At Flutterwave, we’re always looking for ways to connect the world to Africa through payments. This is one of our initiatives to ensure that more people across the world can pay using Flutterwave in Africa. We understand the value of providing shoppers with payment methods that work for them, as well as helping businesses to expand their customer bases. This collaboration also provides more options of where to shop and what to buy to American Express card holders across the globe. By offering American Express as a method of payment, Flutterwave will make the payment process faster and simpler for American Express card holders, and improve the experience for e-commerce businesses using Flutterwave, helping them to start locally and sell globally.”
On his part, Briana Wilsey, Vice President and General Manager of Global Network Services EMEA at American Express, said: “American Express continues to expand in Africa to enable greater payment choice for businesses and consumers. Through the agreement with Flutterwave, a trusted payment provider, we are giving e-commerce merchants in Nigeria the opportunity to reach American Express Card Members around the world. The collaboration is a win-win because it also increases the number of places where our Card Members can use their Cards in Nigeria.”
Flutterwave and American Express share similar visions; to enable businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables local and cross-border transactions via one Application Programming Interface (API).
Flutterwave has processed over 630M transactions in excess of USD $31B, serves global and African customers like Uber, Air Peace, Bamboo, PiggyVest, and across various industries. On the other hand, American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success.