Top 10 Fact About Remita

 Remita is quite popular in the FinTech industry by all standards. But
just in case it doesn’t ring any bells, it might interest you to know that the
software has made enormous impact on the Nigerian economy in a relatively short
time, and is giving us much global recognition as a cutting-edge indigenous
financial technology.
In its September 2016 Report, global research firm McKinsey observed
that digital payment platforms such as Remita are key to the growth of modern
economies and empower individuals, businesses and governments to carry out
financial transactions more cheaply and efficiently. It projects that by 2025,
these platforms will boost the Gross Domestic Product (GDP) of emerging
economies by a whopping $3.7 trillion, and drive financial inclusion.
Remita is a little over a year old as the payment gateway adopted by
the Federal Government for its Treasury Single Account (TSA) policy, but is
already living up to McKinsey’s projections. So far, it has made a huge impact
on public finance in Nigeria by helping the government recover N4.3 trillion of
its cash assets lying idle in Deposit Money Banks (DMBs).

Here are 10 other things about Remita you probably didn’t know.

Remita is not TSA Contrary to what you have heard,

Remita is NOT the Treasury Single Account (TSA) which is the depository
for all the funds generated by Ministries Departments and Agencies (MDAs) as
taxes, levies, tariffs, etc. Rather, it is the payment gateway that facilitates
the remittance of these funds into the TSA. So if you are a public servant and
your salary, subvention or pension gets delayed, Remita is NOT to blame. It is
only a software.

Remita is an e-Payment solution

Remita is a CBN-licensed solution that addresses the payment needs of
individuals and organisations. Developed by FinTech giant SystemSpecs, it helps
the public receive and make payments easily with ZERO activation fee as a plus.

You use Remita You may have used Remita at some point without knowing.

Remita is the payment gateway for Federal Government funds generated
from levies, taxes and tariffs. If you have made one or more of these payments
in the past one year, there is a good chance you have indirectly used Remita
for your financial transactions, even if you don’t have the software.

Remita has HR functions

Remita is more than just a payment software. It also has HR and payroll
functions which help businesses maintain a comprehensive, online employee
personal and payroll data. With Remita, organisations can compute staff
allowances, loans, pensions, taxes, overtime allowances and more without
hassle. What’s more, they can automate salary payments, send electronic payment
notifications, pay slips and tax analysis slips to staff at the end of every
pay run.

Remita is secure

Unlike other payment platforms that leave you guessing whether your
transactions have been compromised, Remita is packed with advanced security
features such as a combination of hard token, soft token, biometric token,
proprietary authentication protocols, etc. With these and other features, you
can literally make payments with your two eyes closed.

You can’t pay government without Remita

Gone are the days when you could pay the Federal Government in whatever
way you chose. Currently, over 900 Ministries, Departments and Agencies (MDAs)
make daily remittances to the Federal Government account through Remita
indirectly. Here’s how it works: they transfer whatever funds they generate to
DMBs, who in turn transfer to the Consolidated Revenue Fund (CRF) at the close
of every working day. But the catch is, Remita is a key part of the process
since it is the ONLY electronic payment gateway that executes the transfer.

Remita has won multiple awards

Remita is at the forefront of financial technology, as reflected in its
functional features. Small wonder, then, that the software has won multiple
awards for its distinctive user-friendly features in the saturated Nigerian
FinTech industry. In 2012, Remita was awarded the ‘Outstanding Public Service
Product of the Year’ by Financial Technology Africa Magazine. It was recognised
as the ‘Most Outstanding Software Solution at the NITMA awards in 2015. In
April 2016, it was declared the ‘Most Efficient e-Revenue Service’ at the CBN
Cashless Card Expo. The list is almost endless. But note that Remita emerged
the ‘Best Software Solution of the Year’ at the Nigeria Telecoms Awards and
‘Pan-African Software Solution of the Year’ at the Titans of Tech awards
earlier this year.

Remita processes $30 billion transactions annually

Remita currently serves over 1,000 merchants, billers, multinationals,
SMEs and governments at various levels. It is also used by over 500
microfinance banks (MFBs) to meet the needs of Nigerians who cannot access
commercial banking services. So it’s not much of a stretch to understand why
the software processes about $30billion worth of payment transactions on a
yearly basis.

Remita has government approval Unlike other generic software in the

you don’t have to be jittery using Remita for your financial
transactions. After all, it is used by the Federal Government, corporates and
high-net worth individuals to process financial transactions running into
billions of Naira every year. Remita mobile will soon hit the market

Remita is currently web-based, but its mobile variant is set to hit the
FinTech market soon. 

At the recent Gulf Technology Exhibition (GITEX) in Dubai,
SystemSpecs Executive Director Deremi Atanda disclosed that the Remita mobile
app will enable any individual or organisation to see in real-time account
balances held across different banks on a single app, using the latest
scan-to-pay and tap-to-pay technologies

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