E-Financial
GITEX: SystemSpecs Releases Remita Mobile Version, Targets Expansion

SystemSpecs is to release the mobile version of Remita e-payment and e-collection platform before year-end, as it targets Pan-African expansion
From their smart and feature phones, millions of Nigerians will now be able to make payments from any of their commercial or micro-finance bank accounts or through any debit or credit card to thousands of merchants and billers in Nigeria when SystemSpecs, creators of the Remita e-payment platform, release the mobile version of the application by the end of this year.
Disclosing this at the on-going GITEX in Dubai which has participants from over 157 countries, ‘DeRemi Atanda, Executive Director SystemSpecs said, “Remita mobile app will enable any individual or organisation see in real-time the balance in accounts held across different banks on a single app. Apart from this first-of-its-kind feature on a mobile app, users will also be able to make payments using the latest scan-to-pay and tap-to-pay technologies.
Speaking further at the event which also had other successful Nigerian technology companies showcasing their offerings, ‘DeRemi said “Remita is conceived as a ONE-STOP payment app that will easily address the diverse needs of customers who currently have to download and use many payment apps at the same time. “
While welcoming Barister Adebayo Shittu, Nigeria’s minister of Communications, Dr. Isa Ali Ibrahim (Pantami), director General of National Information Technology Development Agency (NITDA), and Mohammed Onawo, chairman, House of Representatives Committee on ICT, and others to Remita’s stand within the Nigeria pavilion, Atanda said, “Remita has been around for about ten years and currently serves over 1,000 merchants, billers, multinationals, SMEs, and governments at various levels and processes about $30 billion worth of payment transactions every year. The uniqueness of Remita lies in its unique ability to serve as a ONE-STOP payment platform that offers organisations and individuals the most number of payment and collection channels available on any single platform”.
He explained that Remita is also at the forefront of driving the national financial inclusion policy as it is currently in use by about 500 micro-finance banks to meet the needs of many Nigerians who do not have access to commercial banking services and to also empower them to extend financial service to large number of unbanked Nigerians.
According to him, Remita’s vision is to empower every Nigerian to easily make payments for any product or service you can think of in the easiest way possible.
He said one of the areas of immediate impact of the Remita mobile app is that anyone will now be able to pay FRSC, CAC, DPR, all tertiary institutions and all other Federal MDAs without having to visit the bank as they will be able to easily generate RRR, make payment and generate payment receipt all on their mobile phone.
MDAs will also be able to verify payments in real time and provide services to payers without the need for customers to queue in banking halls to pay or carry bank tellers or paper receipts around as evidence of payment before service can be delivered.
Also speaking on the company’s plan to take the solution beyond Nigeria’s border, he assured the minister that Remita is ready to roll out to the whole world, starting from Africa. “Based on proven performance track record in the Nigerian market and especially on the national TSA project, we have been receiving great interest from other African countries to replicate the same model. While each country may have its own peculiarity, we believe we have developed a robust financial technology platform that can compete anywhere in the world. We are therefore very comfortable taking Remita out of Nigeria and become one of the indigenous organisations that can help our country become a net foreign exchange earner from technology,” he said.
The minister pledged the Federal Government’s support for SystemSpecs’ quest to roll out Remita across African countries and beyond. “We will continue to support all your endeavours to take our country to the next level”, the minister said.
Onawo explained that he is particularly excited that Nigerian software firms are showcasing their solutions at GITEX 2016. “With what I have seen, it has encouraged me to take a lot of things back home. We need to encourage our IT firms and technology start-ups so that more Nigerian companies can do what Remita is doing for the economy.”
E-Financial
Kuda Unveils New Wallet for Multiple Currencies

As the first currency supported by the functionality, Kuda launched an update for its app that allows users to send, receive, hold, and convert USD directly.

Babs Ogundeyi, MD, Kuda
The action comes in response to growing consumer demand for currency-neutral spending, savings, and income management.
As part of its expansion strategy, digital bank Kuda has introduced a multicurrency wallet to assist Africans who live, work, and travel internationally.
Users may keep, fund, and convert between five main currencies—the US dollar, British pound, euro, Nigerian naira, and Canadian dollar—all within a single wallet on the Kuda app with this application, which is still undergoing testing.
“The new wallet is designed to simplify the fragmented experience Africans face when managing money across different countries and currencies,” said Nosa Oyegun, senior vice president, Business Banking, Kuda, during a media parley in Lagos.
“People no longer reside in a single nation. Due to their global reach, Africans should be able to transfer their money with ease, Oyegun stated.
He claims that eligible customers outside of Nigeria may already access the wallet on Android smartphones, and an iOS deployment is planned.
He clarified that Kuda purposefully decided against developing a distinct wallet app.
Customers will be able to log in as normal, open foreign currency balances, convert money when needed, and send or spend money without switching platforms because it will be integrated into the core Kuda experience.
More than N100 billion entered Kuda accounts from LemFi in 2024 alone.
“This wallet is just our first step in acknowledging and supporting the fact that our customers are already living this cross-border reality,” Oyegun stated.
Kuda wants to give people a smooth financial tool that suits their lifestyle, not only currency exchange.
By removing the bottlenecks involved in the need to switch between various apps or financial services, the wallet will enable users from overseas to send money home, exchange currencies, and continue spending from the same account when they visit Nigeria.
Oyegun emphasized throughout the event that the wallet also takes client retention into account.
Kuda plans to keep helping people who move overseas as they adjust to life in other nations rather than losing them.
He further claimed that these users had not churned. “They simply switched nations. We wish to continue servicing them.
Kuda is now one of many African fintech companies developing products for cross-border use cases as a result of the move.
Oyegun pointed out that Kuda’s goal is to become a financial partner for Africans wherever they may be, going beyond simply exchanging currencies.
The bank’s growth trajectory is reflected in Kuda’s first-quarter 2025 performance, which was disclosed during the briefing. Customer confidence in the company’s digital-first strategy was strengthened when it recorded N453 billion in savings deposits and processed N8.4 trillion in total transaction volume.
With the new feature being introduced on the app, Kuda Microfinance Bank hopes to assist online business owners, freelancers, and remote workers who make money in USD with the recently added feature, which is currently undergoing testing.
Users can choose to accept USD payments directly or convert naira into USD using the Spend tab.
In the near future, GBP and EUR will be recognized as alternative currencies, according to the financial institution.
Additionally, in Nigeria, where inflation is severe, having USD on hand might be advantageous and convenient for people.
More Nigerians have recently begun to use digital platforms to improve the stability of their financial status.
For the majority of them, managing multiple currencies—whether via remote work, cryptocurrency, or international trade—has become the standard. Kuda Bank aims to meet these demands and grow its business to meet the demands of the market.
The financial institution’s continued dedication to providing solutions that give its users the best possible experience which is demonstrated by the multicurrency wallet feature.
Speaking about the project, Kuda representatives emphasized that the new wallet was created to make it easier for Africans to manage their money across various nations and currencies.
Customers can log in as normal, open foreign currency balances, convert funds, and spend or send money without switching platforms thanks to the integration of this feature within Kuda.
Along with currency conversion, Kuda plans to provide a financial tool that eliminates the need for users to switch between apps or financial services by enabling users from other countries to send money to Nigeria, convert currencies, and spend from the same account when they visit.
E-Financial
Reps Investigate 25 Insurance Firms for Financial Infractions

The House of Representatives has launched an investigation into 25 insurance companies over alleged financial infractions that have reportedly led to the loss of hundreds of billions of naira in government revenue.
Chairman of the House Sub-Committee on Capital Market and Institutions, Hon. Kwamoti Laori, made the disclosure on Monday during a meeting with representatives of the affected companies at the National Assembly Complex in Abuja.
Laori said the probe was prompted by petitions accusing the companies of violating statutory provisions in their operations, thereby shortchanging the federal government.
“This committee is saddled with the responsibility of addressing a petition based on infractions by these insurance companies regarding their operations and non-compliance with certain statutory provisions,” he said.
“These infractions have led to the federal government losing hundreds of billions of naira in revenue. That is why the companies were invited—to either confirm or refute the liabilities ascribed to them.”
According to the lawmaker, each of the 25 companies had been formally notified of their respective liabilities and summoned to explain their financial dealings.
“The essence of this engagement is to ensure that what is due to the federal government from these private entities is fully remitted,” Laori added.
He emphasized that it is within the constitutional mandate of the National Assembly to track government revenue and block leakages, particularly in sectors involving private sector collaboration.
The committee also frowned at some of the companies’ attempt to stall the investigation by resorting to legal action.
“Some of the companies have gone to court and served the House with court processes. It is now up to us and the House leadership to examine those court papers,” Laori said. “If the court action does not affect the core of our mandate, we will proceed. If it does, we’ll await the court’s decision.”
He criticized what he described as a strategy aimed at obstructing parliamentary oversight.
“Going to court appears to be a deliberate attempt to throw a spanner in the works of the National Assembly,” he stated.
Laori also expressed dissatisfaction with the failure of some company heads to appear in person, instead sending representatives who were unable to respond to critical questions.
“We have insisted that Chief Operating Officers (COOs) must appear in person. One of the COOs sent someone who couldn’t answer any of the allegations—this is unacceptable,” he said. “It is the same people that will later accuse the National Assembly of not doing its job.”
The committee chairman did not spare the industry’s regulator—the National Insurance Commission (NAICOM)—which he accused of negligence.
“NAICOM has a supervisory role, and if they were doing their job effectively, we wouldn’t be here conducting this investigation. They need to sit up,” Laori said.
Meanwhile, 17 of the companies currently in court sent a legal representative, Mr. Abimbola Kayode, to the hearing on Monday.
E-Financial
Naira Slides Again, Hits ₦1,532.34/$ Despite CBN’s Dollar Push

The naira closed the past week weaker than the previous one, as it depreciated by 0.14 per cent week-on-week to settle at 1,532.34/$ at the Nigerian Foreign Exchange Market.
This weakening came despite the naira rebounding to a four-month high on the first trading day to close at 1,518.88/$. After that, it weakened to 1,530.25/$, then lower to 1,533.11/$ before gaining some strength to close the week at 1,532.34/$ at the official market.
During the past week, the highest amount that the naira traded for was 1,538/$, and the lowest was 1,515/$ on the NFEM.
At the parallel market, the currency closed trading within the band of 1,535.00/$ and 1,544.00/$1.
Analysts have maintained that the intervention of the Central Bank of Nigeria and improvement in the foreign exchange liquidity were essential to stabilising the naira at the FX market.
Cowry Assets Management Limited, in its weekly market report, averred that the naira had recorded mixed trading across the markets as it appreciated slightly by 0.06 per cent week-on-week to close at 1,544.00/$1 at the parallel market while closing in the red zone at the official market.
“The divergent movements reflect ongoing supply-demand imbalances and the evolving FX liquidity landscape,” stated the analysts, who, however, maintained that the naira looks to record further gains as improved oil output and elevated prices drive higher dollar inflows, which could sustain the current pace of reserve accretion.
“The positive oil earnings outlook, combined with steady capital inflows, should offer continued support for the naira and enhance near-term FX market stability,” the report added.
Recent data from the Nigerian Upstream Petroleum Regulatory Commission shows that the average daily crude oil production (excluding condensates) rose by 3.6 per cent to 1.51 million barrels per day in June 2025 from 1.45 mbpd in May. This marks the first time in five months that Nigeria has met its OPEC production quota, reflecting improvements in operational efficiencies and security around key oil-producing assets.
AIICO Capital Limited, in its weekly report, noted that the CBN had intervened intermittently in the FX market in the past week.
It stated, “Dollar sales early and late in the week helped maintain relative stability. The naira closed at 1,532.34/$, down 13.6 bps w/w. Reserves rose by $422m to $37.85bn” as of Thursday from $37.43bn in the previous week.
It is expected that the naira will likely hold its current range amid better liquidity, while markets weigh potential FX impacts from the Monetary Policy Committee’s decision starting Monday (today).
Analysts are split on what the decision of the MPC should be regarding the benchmark. On one side, doves are calling for a modest rate cut, pointing to cooling inflation, a more stable naira, and signs of reform traction. On the other hand, hawks are warning that premature easing could undo all the gains of FX reforms and decelerating inflation, especially with food supply shocks and global risk still very much in the picture.
“For now, traders are positioning around the edges, but the real signal will come from the tone of the communique,” Comercio Partners asserted.
- E-Financial3 days ago
UBA’s LEO Becomes Africa’s First Chatbot to Enable Cross-Border Payments
- News3 days ago
UN Appoints Sa’id, Nigerian to Nuclear Panel
- E-Business3 days ago
NIMC Enrolls 122m for NIN, Cuts Extortion by 40 Percent
- Telecom2 days ago
MTN Nigeria Rewards 1,500+ Winners with ₦290m in Mega Billion Promo
- Telecom3 days ago
MTN Urges Nigerian to Regards Telecom Infrastructure as National Assets
- General News3 days ago
Appeal Court Nullifies Registration of ‘KPMG Professional Services’
- E-Financial2 days ago
Naira Slides Again, Hits ₦1,532.34/$ Despite CBN’s Dollar Push
- Telecom3 days ago
Bitget Launches $6M Global Crypto Trading Contest with New Competitive Segments