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.