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TSA & the Significance of Software Nigeria

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If the nation is still searching for the alibi of the audacity and professional ability of Software-Nigeria, to effectively deliver world class solutions for the economic advancement, constructive development, National security and global competitiveness of Nigeria, the search stops here – with TSA.

The one-year-old Treasury Single Account (TSA) national project initiative is a digital knowledge infrastructure powered by developed by Systemspec developers and solutions provider of the Remita IT Infrastructure.

Remita is a distinct technology know-how statement and signature of the potentials of Software Nigeria.

After one year of its deployment – in line with global quality standards and best practice, the TSA initiative has now been acknowledged around the world, as a monumental success.  

There are many similar Software Nigeria solutions yet to be discovered.

According to the recent pronouncement by the Accountant General of the Federal – Mallam Idris Ahmed in Abuja, the Treasury Single Account (TSA) has N5.224 trillion as at February 2017 – after its successful deployment in September, 2015. 

Therefore, it is safe within the context of evaluating development methods for national Software, to state that the Remita Solutions is a Super Financial Banking Consolidation Application.

This success clearly validates the long-held and recognized fact, evidence and professional perception of the Institute of Software Practitioners of Nigeria (ISPON), that Software Nigeria Applications comply with major characteristics of global software trustworthiness.

Also, the advent of TSA represents a quality index to measure the capability, functionality and eminence of software Nigeria in general.  Then, what is responsible for the continued myopic crazy for foreign software in Nigeria?

Policy Makers must understand the is acute danger (leading to digital enslavement) in allowing the unregulated deployment of foreign software in key Federal Government institutions, functions and operations domain to foreign applications software. The goal of this write-up is to encourage and promote the establishment of a National Software Development Strategies as a Policy Framework and encourage the mandatory inclusion of the patronage and protection of indigenous software empowered by concrete legislation –IT Bill to enact a National Software adoption Act.

This will serve to improve the level of the nation’s computer knowledge maturity levels, innovation, creative content competitiveness, as well as promote and spread the development, relevance and use of indigenous applications software and services in governance, education, health, business and industry, agriculture, transportation, public administration, law and justice, entertainment and national security.

Recognizing Software Development as a new productive knowledge frontier and potential instrument for economic empowerment and creation of wealth, Government in 2005, decided to launch a nation-wide awareness campaign – based on the technical report submitted to it by the Inter-Ministerial Committee on National Software Development Initiative (NSDI) with Jim Ovia as Chairman.

Currently, our knowledge-base and technology environment of the “new economy” is greatly influenced, undermined and controlled by foreign information system, Application Software and Databases. Software plays a fundamental roll and globally viewed as the backbone and ultimate currency for modern wealth creation, national prosperity and security.

Setting a national software development strategy, policy and awareness agenda therefore, is also against the backdrop that consciously building  and systematically developing huge software capacities presents immense economic opportunities for sustainable nation building.

Suffice to state that Nigeria can earn a minimum of $10billion USD in foreign exchange annually from the local content-centric software industry. 

Indeed, a strategic national software strategic policy and related legislation should ensure that within the next 3 years, a major knowledge and wealth creation movement should happen by compelling all the Banks in Nigeria to migrate to indigenous banking application software.

Before that line of thought is crucified and for the records, Indigenous Banking Application Software in the 90s had an installed base of over 80 Bank branches before the Bank mergers policy by Professor Chukwuma Soludo – former Governor of Central Bank of Nigeria.

This policy, as much as it is commendable, grossly overlooked the local content technology maturity implications. The aftermath is that it virtually killed indigenous software companies who were getting ready to deepen innovation of their solutions.

The resultant effect is that is created a floodgate to the ubiquitous spread of foreign banking application software in Nigeria banking system. To date, there is still no level playing field for indigenous application software to fairly compete in the Banking and Finance Ecosystem.

What indeed is Indigenous Software? Indigenous Software (Software Nigeria) is hereby defined as “All Types and versions of Software developed in Nigeria by a company(ies) and its Intellectual Property Rights (IPRs) owned by Nigerians, in Nigeria, where funds repatriation out of Nigeria is not required” Why Indigenous Software? First, the secret and future of all national development progress lies in the mastery of information systems, where software is the heart and oxygen! However, with a very poor Research, Design and Development (RD&D) platform and un-structured technology incubation and development culture, Nigeria is at best, described as light years away from mastering heavy industries, as experiences in the Industrial Revolution has portrayed – making us currently incapable of manufacturing such common technology products as an automobile, Airplane/ or even a simple motorbike or bicycle!  Above all, importation of foreign software currently costs Nigeria more than $5billion USD (five billion dollars) in foreign exchange, some of which constitute a colossal waste and national security issues.

Today, the range of ICT-related concerns facing policy makers has increased dramatically in recent years: communications infrastructure, procurement for government automation and e-government programs, intellectual property, government-sponsored research programs, incubators and technology parks, engineering education, foreign investment and, of course, the potential for export revenue. Software is a relatively low-investment, environmentally friendly, high-growth global industry – a good target growth industry for many countries.

But it has also become the most critical and expensive element of the government and business systems that every nation must build for itself. As Stanford Professor Edward Feigenbaum put  it while serving as Chief Scientist for the US Air Force, we now live in a “software-first world” (Clark et al., 1998). The increase in global demand that makes software exports a growth industry is driven by the continued consumption of software at home and then by other countries and business enterprises.

What Nigeria Must Do? Good strategic planning about government automation projects and investment incentives to domestic Software Developers can have a positive impact on the growth of a country’s software exports compared to relying on market forces alone. Establishment of massive Software-Knowledge Academies requires urgent attention.

Above all, retooling of the national workforce is imperative. Creation of a National Software Board and establishment of Regional Software Engineering Institutes as well as Software Development Bank are now mandatory.

Furthermore, creating certain types of software exports requires coherent long-term planning and investment strategies to complement and augment market-driven activity. Every country software-development Ecosystem has evolved a unique industry, shaped by its own resources and situation and by the particular local opportunities presented at the time. That indeed was the case of Microsoft.

The current shape and dynamics of the software industry should, therefore, inform ICT strategy, planning and policy, no matter the country’s stage of economic development. With TSA, the Software Case for Nigeria dictates that Nigerians are very capable in engineering and developing global standard software.

The Institute of Software Practitioners of Nigeria (ISPON) has over the years advocated for the need to establish a progressive national strategy and responsive policy for software acquisition, development, application and use, due to its very complex nature.

Systemspec is a dignified member of the Institute of Software Practitioners of Nigeria (ISPON) and deserves a national honour for its technology assiduousness and leadership through Remita.    


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E-Financial

Fidelity Bank “Basking in Approval” under Onyeali-Ikpe, CEO

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Fidelity Bank Plc is basking in endless and stakeholders are happy.

Fidelity Bank "Basking in Approval" under Onyeali-Ikpe, CEO

Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc

With nearly 10 million customers, Fidelity Bank is demonstrating excellent market traction.

This a crucial evidence for investors that the bank is solution driven.

For instance, at the capital market, the bank was the toast of investors as  its market value surged amid bargain hunting on the Nigerian Exchange, with investors gaining more than 11 percent after few days of tradings last week only.

Fidelity Bank’s share price increased to N22.30 at the close of the market last Friday, as 11.227 million units valued at N251.523 million.

Investors are simply reacting positively to strong earnings, technology-driven growth, and strategic expansions.

Fidelity Bank, emerged a more robust financial institution after the Central Bank of Nigeria (CBN) and  the Securities and Exchange Commission (SEC) ordered massive banking recapitalization exercise.

Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc, is being credited for driving these exceptional shareholder value, operational performance, and sustainable growth.

Despite the immense responsibility and intense pressure, especially during turbulent times,  Onyeali-Ikpe, has been strutting her stuff by strategic vision and exemplary leadership.

Onyeali-Ikpe has built Fidelity Bank as beacon in the banking industry underpinning the bank with trust, innovative technology, strategic growth, and strong leadership as well as  reputation.

She has broken every glass ceilings delivering milestones and solid imprints in the annals of banking.

The bank only recently completed CBN-verified share allotment, hitting N532 billion capital.

This heavy chest now guarantees the bank long-term stability, and enabling it operate with speed.

Since appointment on January 1, 2021, Onyeali-Ikpe, has-anchored the bank on bespoke digital, financial, and technology-driven tools designed to enhance customer experience.

By integrating AI, automation, and advanced data analytics, Fidelity Bank is today delivering solution banking.

Under Onyeali-Ikpe’s leadership, the bank has significantly improved brand equity.

Fidelity Bank also announced the completion of the acquisition of a 100 per cent stake in Union Bank UK, under the CEO.

A recent Brand Finance report ranked Fidelity Bank as the fastest-growing Nigerian brand, with its brand value more than tripling.

Onyeali-Ikpe was also named among the 2024 Most Influential Global Top 100 Export and International Trade Leaders, recognizing her contribution to expanding Nigeria’s trade and export financing capabilities.

Under her, Fidelity Bank has received multiple awards, including Export Finance Bank of the Year (2023 BAFI Awards), Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 (Global Banking and Finance Awards).

The bank was also recognized by Euromoney for Best Bank for SMEs (2023) and Best Domestic Private Bank in Nigeria (2023).

Onyeali-Ikpe will be leaving as head of the bank this year but her record of placing the institution  upward trajectory will be indelible.

She may be leaving “big shoes to fill” because of her high-energy, infectious positivity which made her successful in everything she does.

 

 

 

 


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FCMB, BHM Champion New Revenue Models for Media Sustainability

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First City Monument Bank (FCMB), in partnership with BHM, hosted the pilot edition of The Monetised Content Masterclass, bringing together reporters, content creators and editors to address growing pressure on the sustainability of newsrooms and media platforms.

FCMB, BHM Champion New Revenue Models for Media Sustainability

L-R: Adeola Adejokun, Head, Communications, First City Monument Bank; Chris Ihidero, Award-winning Director and Producer; and Diran Olojo, Divisional Head, Corporate Affairs, First City Monument Bank, during the Monetised Content: A Media Masterclass Presented by FCMB and BHM, in Victoria Island. Lagos on Monday, April 20, 2206.

The session comes at a time when traditional advertising revenues are declining for news publishers, even as Nigeria’s entertainment and digital media market continues to grow and is projected to reach $4.9 billion by 2026.

Against this backdrop, the masterclass focused on practical ways for media organisations, independent content creators, and digital platform owners to diversify income, build financial resilience, and sustain editorial independence and integrity.

Participants explored revenue opportunities beyond traditional advertising, including brand partnerships, digital content monetisation, and audience-led models. The one-day session featured panel discussions, Q&A sessions, and peer exchanges designed to translate industry trends into practical action.

Speaking at the event, Divisional Head, Corporate Affairs, FCMB Group, Diran Olojo, said: “Traditional models are under pressure, and attention is more fragmented than ever. The focus now is on building structured, sustainable platforms that can deliver both impact and long-term value.”

Also speaking, CEO and Founder of BHM, Ayeni Adekunle, said: “The economics of media have changed. For journalism to remain independent, it must also become financially resilient. That shift requires new thinking and deliberate action.”

The session was moderated by Fatu Ogwuche, Founder and CEO of Big Tech This Week, and featured speakers including investigative journalist Fisayo Soyombo, storyteller and producer Chris Ihidero, executive and storytelling expert Jennifer Mairo, and digital media entrepreneur Peter Oluka.

The initiative reflects a shared commitment by FCMB and BHM to support the long-term sustainability of the Nigerian media ecosystem through capacity building and industry collaboration.


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CRMI Backs CBN’s New Measures to Curb Fraud

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Chartered Risk Management Institute of Nigeria (CRMI) has backed recent regulatory measures by the Central Bank of Nigeria (CBN) aimed at strengthening the security of the country’s digital financial ecosystem, while urging stricter compliance across the banking industry.

CRMI Backs CBN’s New Measures to Curb Fraud

Kevin Ugwuoke, president and chairman of Council,  in a statement, described the new framework as a timely and proactive response to rising risks such as fraud, identity theft, and unauthorised access within the instant payment system.

He noted that key safeguards introduced by the apex bank including a N20,000 transaction limit on newly activated mobile banking applications within the first 24 hours, mandatory device binding, and real-time enterprise fraud monitoring are designed to reduce vulnerabilities associated with account takeovers, especially during the early stages of account activation.

“By limiting transaction exposure during the high-risk activation window, the framework significantly reduces the opportunity for fraudsters to exploit newly onboarded or compromised accounts,” Ugwuoke said.

The institute, however, stressed that the success of the measures would depend largely on effective implementation.

It called on banks, fintech firms and payment service providers to strengthen cybersecurity infrastructure, invest in fraud analytics and prioritise staff training as well as customer awareness.

CRMI also welcomed the introduction of the Nigerian Overnight Financing Rate (NOFR), describing it as a major step toward standardising overnight funding rates, deepening financial markets and improving monetary policy transmission in line with global best practices.

The endorsement comes as the CBN unveiled a draft revised Guide to Charges for Banks and Other Financial Institutions, 2026, signalling a broader shift toward transparency, consumer protection and efficiency in the financial system.

The revised guide introduces caps on key banking charges and mandates stricter disclosure requirements.

Under the framework, interbank transfers between N5,000 and N50,000 are capped at N10, while transactions above N50,000 attract a maximum of N50, with transfers below N5,000 remaining free.

The apex bank also standardised ATM withdrawal charges, pegging fees at N100 per N20,000 for on-site withdrawals from other banks’ machines, while off-site transactions may attract an additional surcharge of up to N500, subject to disclosure at the point of use.

In a bid to protect borrowers, the regulator directed that all lending rates be presented as Annual Percentage Rates (APR), ensuring full disclosure of interest and associated fees.

 


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