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GITEX: SystemSpecs Releases Remita Mobile Version, Targets Expansion

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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.”

 

 


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E-Financial

FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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Stanbic IBTC, Standard Bank, Listed Among Top African Corporate Brands

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Stanbic IBTC Holdings PLC and its parent company, Standard Bank, have emerged amongst the top winners of the 2020 Tech Times’ Africa LinkedIn Corporate Brand Awards.

The Stanbic IBTC Group emerged the second position in the category, with total votes of 3,515, out of 24 firms nominated for the award. Standard Bank placed the fourth 2,494 votes.

Nominations for this award opened to the public on July 1, 2020 and closed on July 14.

Shortlisted nominees were announced on August 24 while voting commenced immediately and voting ended on September 8, 2020.

The Corporate Brand Awards was instituted by Tech Times’ Africa, an online platform for leading technology, innovation, and startup stories.

Expressing his delight on the awards, Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said that both Stanbic IBTC Holdings PLC and Standard Bank had been deliberate and consistent in making a remarkable impact in Africa’s financial sector.

“Our sincere appreciation goes to the organisers of the Africa Corporate Brands Awards and to every member of the public who voted. This is a reflection of the high level of trust and confidence that the public has reposed on us,” he added.

Dr Sogunle further said that Stanbic IBTC Holdings PLC would remain relentless in portraying the organisation as one of the most influential corporate brands in Africa.

He stated: “Stanbic IBTC Holdings PLC and Standard Bank have relentlessly contributed to driving the growth and development of the African financial ecosystem. These awards affirm our efforts, and we are encouraged to raise the bar continually.”

The Africa Corporate Brand Award is designed to identify and recognise outstanding companies. It also projects their achievements and impacts on African society and the world at large.


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