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
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.
…Posts N3.3trn Net Profit, Declares N2.1trn Dividend
…Targets 2mbpd Crude Oil Production by December 2024
The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700billion (28%) when compared to the 2022 profit of N2.548trillion.
In a world press conference held at the NNPC Towers in Abuja on Monday, the Chief Financial Officer of the Company, Mr. Umar Ajiya said the release of the AFS is a testament to the Company’s commitment to transparency and accountability.
“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated.
Ajiya added that posting such impressive returns demonstrates NNPC Ltd’s commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the Petroleum Industry Act (PIA) 2021, and by extension, as expected by the Company’s shareholders.
Explaining that the NNPC Ltd will announce Initial Public offer (IPO) once the shareholders and Board make a decision, Ajiya also debunked claims on subsidy payment, saying the Company was only taking care of the shortfall on PMS importation between it and the Federation.
Speaking earlier at the press conference, the Chairman of the NNPC Ltd Board, Chief Pius Akinyelure said that the excellent performance came as the fruit of the PIA 2021, the commitment of the Board, Management and staff of the company.
Akinyelure added that the shareholders of the company have since approved a final dividend of N2.1trn in line with PIA 2021 provisions.
In her remarks at the briefing, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd is targeting 2million barrels per day crude oil production by the the end of the year.
On the current fuel queues in parts of Lagos and the FCT, the Executive Vice President, Downstream, Mr. Dapo Segun appealed for understanding from Nigerians, saying that the the Company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges.
It would be recalled that in 2021, NNPC declared profit in its operations for the first time. From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019.
However, in 2020, it posted its ‘first ever’ profit of N287 billion, then in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance. The N3.297 trillion profit declared for 2023 is the highest since the Company’s inception, 46 years ago.
The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to start charging 0.5% cybersecurity levy on some transactions done by their customers.
The apex bank gave the directive in a circular dated May 6, 2024 and sent to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service providers.
“Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provision of Section 44 (2) (a) of the Act, ‘a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the Second Schedule of the Act’, is to be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA),” the circular partly read.
The apex bank said that the implementation of the levy would start two weeks from the date of the circular.
“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’. Deductions shall commence within two weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month,” the circular said
The apex bank added that this new levy will not be applied on transactions such as loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank.
Also exempted from the levy were inter-branch transfers within a bank, cheque clearing and settlements, Letters of Credits, Banks’ recapitalisation-related funding only bulk funds movement from collection accounts, savings and deposits including transactions involving long-term investments, among others.
This current implementation however is not sitting well with some netizens as they reacted to the new development.
Here were some of their reactions from X.
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