E-Financial
Remita Triggers N500Bn Transactions Monthly-Obaro
As a leading one-stop, multi bank, modular e-Payment, e-Collections, e-Payroll and e-Schedules platform, transactions done through Remita are valued at over N500 billion monthly, said Mr. John Obaro, managing director of SystemSpecs, owners of the solution.
Obaro disclosed this during SystemSpecs’ media parley in Lagos to unveil the premium platform-Remita, adding that the platform presents individuals and organizations with a simply and intuitive user interface.
He added that, already, individuals, public and private sector organizations have processed over N12 trillion worth of transactions on Remita.
Remita, which has been adopted by the Central Bank of Nigeria as the e-Payment and e-Collection platform of the Federal Government, is currently used by all 22 commercial banks and over 400 microfinance banks across the country.
He said that Remita has significantly assisted the to revolutionize the e-payment industry in Nigeria, stressing that the platform has been designed to enable more transactions even as the CBN’s cashless policy commenced nationwide yesterday.
“Remita has become an e-Payment, e-Collection, e-Payroll and e-Scheduling enabler. It is indeed a success story from Nigeria and a pride of Africa through which individuals manage their personal finances.
“Also, Remita has enabled public and private sector organizations of any size, structure and complexity to structure their financial transactions for seamless operations. CBN’s acceptance of the platform is another testimony to its ingenuity,” he said.
On his part, Demola Igbalajobi, group head, Remita Services, said the application was borne out of the need to address challenges faced by individuals who make use of their bank’s internet banking sites, but faced with limitations.
“For instance, individuals with multiple bank accounts have to log into the internet banking site of each bank, one at a time. At that point, users are even permitted to make, normally, payment to a beneficiary at a time and payers can only select commercial banks as beneficiary accounts.
“Remita Personal helps individual users address all the issues above and offers even much more. With a multi-bank feature, it empowers individuals to carry out seamless activities, such as viewing one’s account balance across all banks on a single screen through a single log in; they can make fund transactions from any of their accounts to any bank and make payments to single or multiple beneficiaries at the same time,” he said.
Igbalajobi added that users can make payments to beneficiaries in commercial, microfinance and mortgage banks and mobile wallets.
Remita for Corporate is another feature of the application that address issues such as operating accounts in multiple banks with each having multiple signatories, which tends to create difficulty in knowing the true position of their finances at any given time.
Likewise, corporate institutions fine it difficult in managing high transaction volumes of various types that need to be processed at the same time such as salaries, vendor payments, taxes, pensions and expense claims that many times require attaching vouchers and invoices, among other identified challenges.
“The good news is that Remita provides a single platform for them to collect payment or subscriptions, fees, premiums, utility bills, et cetera, from customers through multiple channels; manage employee data and process payroll, including managing statutory and other documents, and also send automated, electronic pay-slips to employees after each payroll processing.
“Through the Platform they can also send payments to tax authorities, pension administrators, health management organizations, cooperatives, unions, among others, with matching electronic schedules.
Remita, a world class electronic courier service that rides on secured e-Payment highways to deliver funds to bank accounts and associated schedules to relevant bodies in their pre-specified formats, is developed by SystemSpecs and has been voted many times Nigeria’s software of the year.
Sofri, Powered by Links Microfinance Bank plans a massive rollout of Point of Sale, PoS terminals for merchants and agency banking in the third quarter of this year.
This is coming against the backdrop of the banks revamp of its digital platforms to support better customer experience.
Paul Adebayo, managing director, Sofri, said the bank is technology and purpose-driven, with focus on financial inclusion and sustainability. As well with the determination of making banking simpler, inclusive, and impactful.
He said that the revamped mobile app features, faster onboarding, cleaner interface, real-time alerts, enhanced security and seamless loan applications.
“Our corporate internet banking Launched for SMEs and institutional clients features, secure payments, transfers, account management and enhances business banking experience.
“Laying the groundwork for greater reliability, product innovation and operational efficiency is our new core banking infrastructure. This change enables us to scale faster and serve customers better.
“Our Terminal Management System (TMS) improves the performance, uptime, and remote monitoring of our POS terminals. This ensures merchants and field agents enjoy better stability, quicker settlements, and stronger support,” he added.
On sustainability impact, Adebayo, added that Sofri is embedding ESG principles into its lending and operational models — from offering green financing options, to supporting waste-to-wealth entrepreneurs, and making inclusive finance part of Nigeria’s circular economy.
Sofri is a trademark of Links Microfinance Limited (Links Mfb). Links Mfb is licensed and regulated by Central Bank of Nigeria (CBN) and deposits insured by the Nigeria Deposit Insurance Corporation (NDIC). Links Mfb is a member of DLM Capital Group, owners of DLM Asset Management as regulated by the Securities and Exchange Commission (SEC).
Current market research has confirmed that buyside investors are increasingly focused on high-growth sectors such as small businesses and consumer lending— sectors that fuel both the demand and supply sides of the economy.
However, capital allocation to these areas requires robust risk mitigation frameworks to preserve principal and ensure returns that are not just economically viable but outpace inflation.
Against the backdrop that DLM Capital Group has developed an innovative solution – the Sovereign Bond Backed Composite Notes (SBCNs) to meet this critical economy needs.
According to Sonnie Babatunde Ayere, the Group CEO of DLM Capital Group, “We believe that the consistent issuance of SBCNs by qualified entities will play a key role in de-risking corporate bond portfolios.
“By blending sovereign-backed security with enhanced yield exposure, portfolio managers gain a rare opportunity to simultaneously increase portfolio safety and performance”.
The first of its kind fixed income product combines the security of direct sovereign bond-backed principal protection, such as FGN Bonds, with the enhanced yield potential of corporate and consumer lending cash flows. This hybrid structure, the first of its kind in the local market, merges public-sector credit safety with private-sector income generation.
The instrument is designed as such that the private sector credit tranche will be secured by the FGN-bonds, which will be the senior tranche.
The N30 billion Sovereign Bond Backed Composite Notes issued by DLM Funding SPV Plc is being packaged as a AAA-rated note. With a held-to-maturity yield of 49.9 percent, the notes are designed to be attractive to institutional investors seeking a balance between capital preservation and superior returns.
Sonnie Babatunde Ayere, noted about the SBCN, “For asset managers, it enhances portfolio quality, improves credit profiles, supports diversification, and delivers competitive returns.
In a media parley describing the instrument, Ayere highlighted the role of the instrument in driving credit expansion to the underserved private sector. He highlighted how the note could help drive institutional capital into sectors that were previously considered too risky.
“By channeling domestic capital into these critical but underserved sectors without exposing investors to excessive risk, it becomes possible to mobilize funding for parts of the economy that have long been neglected.” He added.
E-Financial
Fidelity MD,Onyeali-Ikpe Champions Lifelong Learning and Sisterhood for Women’s Career Growth
Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, has encouraged women professionals to embrace continuous learning, courage, and collaboration as key habits for achieving long-term career success and breaking through professional barriers.
Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, OON, (Middle) flanked by participants of a Women’s Roundtable themed, “Mentorship with Dr. Nneka Onyeali-Ikpe” hosted by the bank over the weekend at the Fidelity SME Hub, Gbagada, Lagos recently.
She gave the charge during a Women’s Roundtable hosted by the bank over the weekend at the Fidelity SME Hub in Gbagada, Lagos. Themed “Mentorship with Dr. Nneka Onyeali-Ikpe”, the event drew female professionals from various sectors and was held under the Recognition and Networking arm of the bank’s HerFidelity Proposition—a flagship initiative designed to empower women entrepreneurs and professionals across Nigeria.
Explaining the vision behind HerFidelity, Dr. Onyeali-Ikpe noted that the initiative was born out of a strong need to provide women with holistic support beyond access to finance.
“In my engagements with women across different industries, I’ve seen first-hand that while talent and ambition abound, many still lack access to capital, skills development, health support, and networks,” she said.
“HerFidelity was created to bridge that gap by focusing on four key pillars: access to capital, capacity building, wellness for work-life balance, and entrepreneurship support. It’s one of the initiatives I’m most proud of, because when women thrive, communities prosper and economies flourish.”
The interactive mentorship session, held in a Q&A format, offered participants an opportunity to learn directly from the trailblazing CEO, who shared personal experiences and career insights.
Advising young women aspiring to leadership, she said: “Believe in yourself, be ready to work hard, and never shy away from taking smart risks. Seek out mentors, invest in meaningful relationships, and above all, collaborate—because no one truly succeeds alone.”
The event also featured fun competitions and giveaways, with attendees winning exciting gifts courtesy of Fidelity Bank.
Dr. Onyeali-Ikpe’s session left participants inspired, reinforcing Fidelity Bank’s position as a champion for gender empowerment and a leading supporter of women’s advancement in business and leadership.
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