Senate Finds Nothing Wrong With SystemSpecs Handling The TSA, Through Remita

SystemSpecs - cfamedia

After so much back and forth, on the planned breaking of SystemSpecs monopoly, the Nigerian Senate has, finally, halted its move, on the fintech platform, as it has found nothing wrong with its operation of it, for the collection of governments revenues.

SystemSpecs, through its Remita platform, designed the payment process that unified government payments, into one central pool, known as the Treasury Single Account, TSA.

The Senate Committee on Banking, Insurance and other Financial Institutions, led by Senator Uba Sani, had in November 2019, invited the management of SystemSpecs to appear before it.

This was, as a result of some petitions the committee received on some risks that were thought could, adversely, affect government revenues, through SystemSpecs management of the collections, through the TSA.

John Obaro, the Managing Director/Chief Executive Officer, SystemSpecs, however, responded to the Senates summons, via a letter, putting to rest, the fears of the Senate and other Nigerians, on the risks highlighted against the firms’ collection of the governments’ revenues, through the TSA.

Also read, Remita: The Journey To Solving A National Problem

In the letter, Obaro re-stated that, the firms’ management of the country’s TSA, through the Remita platform, does not, in any conceivable way, stand as, perceived threat, or, risk, to the nation’s economy.

Recently, fillers from a member of the Senate Committee on Banking, Insurance and other Financial Institutions, to a reputable media outfit, indicates that, the investigations, carried out, on the issues raised, showed no great concerns, as feared by the petitioners.

“We are, already, in touch with the Federal Ministry of Finance and the management of SystemSpecs and from all indications, the current arrangement, seems to be working for the country”, the said member, was reported to have stressed.

“We were acting, on petitions from certain people, who drew the Senate’s attention, to the dangers inherent, in the current monopoly, by SystemSpecs, but a careful investigation, revealed that it wasn’t as serious, as being projected”, he further stated.

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