Remita: The Journey to Solving a National Problem

Remita - cfamedia
Credit: busuinessdayonline

Who says we cannot solve our own problems? Yes, the country is facing tons of challenges, but that does not, in anyway, reduce the income potentials of Africa’s largest market.

What we need, is for more entrepreneurs to find more ways of solving persisting national problems.

This is indeed the case of Remita. A locally designed and developed solution, designed to make payments for Governments, businesses and individuals a breeze, globally.

What is Remita?
Remita is a multi-device platform that allows you to view all your bank balances, from different banks, on a single screen, easily transfer money to one, or, more beneficiaries, pay bills, view detailed transaction reports on-the-go, and much more.

It also allows businesses to conveniently receive payments from customers, in a faster manner, through nine different channels, which include; the Remita Mobile App and Website, Internet Banking, Point of Sales, (PoS), Terminals, Debit/Credit Cards, Merchant’s Website, Bank Branches, Mobile Wallets and Standing Order/Direct Debit.

Remita and the Problem of Government Collections
We all know that corruption is a big issue in the country and it is largely due to the fact that, a lot of things does happen outside the official channels.

A few steps, such as, the implementation of the Treasury Single Account, (TSA), policy; introduction of Bank Verification Number, etc., has made corruption a lot more difficult, but granted, a lot more still needs to be done.

It may interest you to know that, Remita was originally designed and is still targeted at helping, to make payments and collections easier, for businesses.

The solution is pretty robust, hence, it qualified as the primary gateway for all Government collections into a single account, in line with the TSA policy.

Today, all government’s funds are collected and managed, from a single banking account, maintained at the Central Bank of Nigeria.

The benefits that, the Nigerian economy has gained from this, include; the elimination of 20,000 accounts that were, in some cases, outside Government control; designated Government officials can see the financial status of the country.

it has also enabled the government to reduce borrowing costs, extend credit facilities, improve fiscal policies and enhance financial accountability, among various institutions and MDAs.

Increased International Expansion
It is good to know that, Remita is already playing, in various international markets, but it is important that we see an increased influence, which is where Government comes into play.

The US, or, even, the Chinese Government, will do everything, diplomatically possible, to protect and support the international expansion of their homegrown solutions. We must do well, to learn from them.

A solution like Remita that has been proven locally, should increasingly power more economies. Recently, a delegation from the Gambian Ministry of Finance and Economic Affairs, led by the Permanent Secretary, Ministry of Finance and Economic Affairs, Ada Gaye and its Accountant General, Momodou Lamin Bah, visited Nigeria, to understudy the Treasury Single Account implementation, based on the IMF’s recommendation.

Prior to that, SystemSpecs had signed an agreement that will create about $93.7m value, in South Sudan, through the deployment of Remita Solutions and Services, in partnership with Trinity Technologies, for the processing of payroll for organisations, payments and revenue collection.

Well, like John Obaro, Managing Director, SystemSpecs asked, during an interview I had with him, “if your country does not take you seriously, or, treats you unprofessionally, why should other countries respect you?”

Please, Nigeria and Nigerians, it is high time we did away with colonial mentality and truly support our own.

Nigerians can build world class solutions, whether it is building software, or, solutions, to run critical National programs, such as, Accounting, National Identity, BVN, Immigration, Central Bank of Nigeria and many more areas that we are currently spending billions annually, renewing licences and providing jobs for other economies.

Kudos to the Remita team, for blazing the trail in payments.

Featured Image: John Obaro, Managing Director, SystemSpecs (Remita)