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SystemSpecs Says Remita App is Leveraging FinTech to Empower Nigerians

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With the release of the full version of Remita app on Android, iOS, the innovators and Nigeria’s leading financial technology company, SystemSpecs, said that the focus remains to deepen its penetration in Nigeria’s burgeoning Fintech market.

According to the Company, the release of its Remita Mobile Application on Android and iOS broadens the payment options available to consumers.

Remita App is designed to help individuals and businesses manage their accounts across multiple banks, settle bills of various kinds and generally stay in control of their finances seamlessly. It also comes with advanced features which are designed to protect users from fraud. It is the mobile version of the award-winning Remita payment solution which has for more than a decade helped many individuals and organisations to make and receive payments easily.

The release of the full version of the app is coming after its beta version was released on the Android platform in March 2017.

With the full release of Remita Mobile App on Google playstore and Apple app store, millions of Nigerians with accounts in any commercial bank can easily access their account balances on one screen, conveniently make and receive payments across various bank accounts, and settle bills to several merchants within the private and public sectors from their mobile phone.

In addition to the features earlier made available on the app during its beta release, users of Remita Mobile App will now enjoy a number of new features which would enable them to seamlessly make payments for others, view their payslip, and manage their business and personal accounts.

An exciting distinction of the new App is that it allows users, whether individuals or businesses, to request payments from anyone in style.

At a click, they can simply share a QR code via email, WhatsApp and other social media platforms.

All the payer would need to do is to snap the QR code from their smartphone or tap their device against the biller’s to complete transactions.

The security of access and transactions on the platform has been prioritised through standard industry security measures as well as specific security layers built into the app. Such measures include Personal Security Number, fingerprint authentication and One-Time Password (OTP) verification.

SME owners can easily switch between their business and personal profiles on the platform. They can also translate their existing physical process flows into a virtual form.

As a result individuals, who for instance play different roles in various organisations as transaction approvers, would be able to play such roles using Remita Mobile App from their mobile phone – without needing to make physical appearances at work.

“Remita App places so much power in the hands of users by making it much easier and faster for them to manage their accounts across various banks and settle bills, on-the-go,” said John Obaro, Managing Director of SystemSpecs.

“It is particularly exciting that so much can be done from the comfort of their mobile device, without needing any other mobile app, any token, or visiting any bank branch.”

“The fintech market is saturated with apps performing related functions. As part of our brand strategy, we continually innovate to achieve product differentiation for the benefit of our consumers. Remita is the end product of this longstanding effort,” said Adédèjì Olówè, executive director, Products and Services, at SystemSpecs.

Remita Mobile App is available for download on Android Playstore and App Store.


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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