. Explains how Remita has delivered value to public
and private sectors
BY: Sandra Ani
Technology has become a major economic enabler; thus nations, businesses and individuals now depend on its assistance to leapfrog and compete favourably around the globe.
Its impact on the public sector cannot also be overemphasised hence no economy can develop beyond the competencies of her public sector, especially in the digital era.
The Managing Director of SystemSpecs, Mr. John Obaro; developers of Remita, made the remarks in his Lead Paper presentation at the 1st Accounting Technology Summit (AccountTeks) hosted by the Instituted of Chartered Accountants of Nigeria (ICAN) in Lagos on Monday.
For this reason, he said, there is urgent need to initiate Government-Private partnerships in technology to undertake significant national initiatives.
Mr. Obaro whose presentation dwelt on “Technology-Enabled Transformation of the Public Sector”, maintained that private sector will become more attuned to Federal Government e-governance initiatives when provided with incentives such as liberal tax laws for companies willing to invest in IT products.
He said, “The Public Sector is charged with the responsibility of formulating and executing government policies for the advancement of the country. So, whatever laws they put out there will either attract top home and foreign based talents who can do things to move our country forward or scare them away.
“A typical example is a small country of 2.8 million people called Estonia: less than 30 years ago, this was a painfully poor country, limited in modern technology penetration. The leaders decided to create a unique selling proposition. They decided to invest the scarce resources of the new independent state into building internet connection and equipping schools and public libraries with free internet. Repairing potholes or crumbling school buildings had to be forgone in order to invest in the new technology
Leaders must be willing to see and go beyond populism.
“In Estonia today, the digital authentication and signature system used by the whole population has been estimated to save up to 2% of GDP annually. The microeconomic effect of the well-developed ICT sector is even bigger.
“This comes at about 7%. The efficiency of these services has outweighed the cost of investment. Having a digital society has also fostered a culture of innovative technology companies.
“Today Estonia has the highest density of unicorns – roughly 1 per million citizens: Taxify, Skype, TransferWise. You reap what you sow.
How Remita has delivered value to public and private sectors
He added that it was commendable that Government now appreciates the need to harness indigenous solutions to solve national problems like leveraging Remita to drive the Treasury Single Account (TSA).
“There have been a number of initiatives to apply technology to public sector transformation in Nigeria – IPPIS, GIFMIS, ITAS, National ID, BVN, TSA, etc. These have involved both foreign and local players, including SystemSpecs.
“A key example of the application of technology to public sector transformation in Nigeria is the Federal Government’s Treasury Single Account (TSA) initiative. TSA Revenue/Receipts Collection implementation came into national limelight in September 2015 when His Excellency, President Muhammadu Buhari gave a firm directive to all MDAs to become TSA compliant in respect of all payments and collections.
“Remita manages an interbank platform which rests on a Straight Through Processing (STP) integration with all banks and over 400 microfinance banks”.
He said that this allows a hitch-free collection of funds for all government parastatals into the Treasury Single Account at CBN
“Funds are also disbursed to beneficiaries from the Treasury Single Account”, Mr. Obaro said.
Members of the panel also applauded SystemSpecs for the uniqueness of the Remita solution which has helped to entrench transparency, accountability, convenience and simplified approach to collect and make payments.
Source: TechEconomy.ng