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SystemSpecs Releases Remita Mobile App

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SystemSpecs, a financial technology company in Nigeria and owner of Remita, has announced the release of the Beta version of Remita Mobile Application, to empower individuals to view multiple bank balances on one screen, make payments from and to various bank accounts including microfinance banks, settle various bills to Federal and State Government agencies as well as other billers, easily manage their expenses, and other key capabilities that allow users stay in firm control of their finance.

“Remita Mobile App will provide individuals with a much easier way to manage their finance,” said John Obaro, SystemSpecs’ Managing Director at a ceremony held recently in Lagos where a new Remita logo was also unveiled.

“Now, with Remita App, customers of various banks will experience increased convenience, as they would be able to access their various accounts, seamlessly settle bills, and stay in firm control of their finance, anytime, from anywhere, on a single app.”

With this app, individuals will be able to send and receive money from the comfort of their phones, without needing any other mobile app or visiting any bank branch. Also with the app, payers can respond to payment requests from restaurants, shopping outlets, schools, family, friends or other billers by quickly snapping a QR code from their smartphone or tapping their device against the biller’s to complete transactions.

“We are optimistic that this solution will contribute significantly to transforming the financial culture in Nigeria,” said Adédèjì Olówè, Executive Director at SystemSpecs.

“Not only will users be able to effortlessly settle utility bills using their mobile phones, Remita App’s exciting expense management feature will enable them make more financially intelligent decisions as it provides easy-to-understand colourful charts which analyse and display expense patterns.”

 Also on the occasion, the winners of the Remita Seed Fund for startups received financial support to tune of one million naira each. They had emerged winners after successfully pitching at the fifth edition of StartUP Friday organised by the Office for ICT Innovation and Entrepreneurship (OIIE), a subsidiary of National Information Technology Development Agency (NITDA).

The beneficiaries are Temie Giwa-Tubosun of LifeBank Technology and Logistics Limited, Damilare Ogunleye of Lasiko Ltd, and Taiwo Ayanleye of Stutern Limited.

Speaking on the gesture, John Obaro said: “We are always glad to support innovative tech-driven startups to grow and scale their businesses. Remita Seed Fund is one of our contributions to the advancement of Nigeria’s technology ecosystem. It is our belief and desire that it will help these three tech startups to take their ideas to the next level.”

Commenting on the rebranding of Remita, David Okeme, SystemSpecs’ Chief Marketing Officer, said: “The new Remita logo signifies our entry into a new phase in the history of the brand and represents our strong desire to consistently remain top of our customers’ mind.”

Speaking further, Okeme added: “We expect that the new Remita identity will affectionately resonate with existing and potential users, especially at this time we are introducing another innovation to them with the release of Remita Mobile App.”

With Remita Mobile App, payments can be requested in the most convenient manner. Whether from customers for services rendered, from family and friends for various purposes like weddings, birthdays, for ‘aso-ebi’ payment contributions, or any other need.

Funds or payment request can also be made by generating QR codes and sharing with customers and friends via email or other social media channels. Asides the standard industry security measures which have been built into the app,

Remita has specific security layers that guarantee the integrity of all access and transactions, including Personal Security Number, fingerprint authentication, One-Time Password Verification, among others. Olówè however added that, “Currently, six Nigerian banks—Zenith, UBA, Access, Wema, FCMB, and Providus—have been fully integrated on the mobile application, with more banks already lined up to be introduced in the coming days when we take the solution out of the Beta phase.”

Not only individual bank accounts can be accessed on Remita Mobile App, as individuals who play various roles on their corporate bank accounts will be able to play such roles on the App in addition to being able to conveniently manage their various personal bank accounts.

 The app is the mobile version of the multiple award-winning Remita payment solution, which has revolutionalised the payment processes of various individuals and organisations in Nigeria for more than a decade. The Beta version of Remita Mobile App is available for download on Android Play Store

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E-Financial

Customers to Sue Banks over Stamp Duty Collections

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Stakeholders have called on the Central Bank of Nigeria (CBN) to withdraw its circular mandating banks to collect stamp duties from customers’ bank accounts, stressing that such directive and practice is unconstitutional, according to the Tribune.

According to them, if the practice of deducting stamp duties from customers’ bank accounts is not suspended, it is expected that other stakeholders would challenge the banks in court, on a case by case basis.

Thus, the impending legal suits that would emanate as a result are likely to disrupt the activities of banks and result to additional legal costs, they warned.

Stakeholders at various occasions have also charged deposit money banks to suspend the practice of collecting stamp duties on receipts for deposits and transfers by customers.

The Stamp Duties Act (SDA), Chapter S8, Laws of the Federation of Nigeria (LFN) 2004 (SDA) provides the legal basis for the imposition and collection of stamp duties in Nigeria.

A tax audit and financial advisory services firm, Deloitte, in a document titled: “Stamp Duties on Bank Deposits and Transfers: Are There Unresolved Issues?” and obtained by Tribune stated that, stamp duties are chargeable on all instruments relating to matters executed between a company and individual, group or body of individuals and those executed between persons or individuals. The instruments the firm noted, upon which stamp duties are chargeable include bond, bill of exchange, promissory note, covenant, conveyance on sale, lease, mortgage, among others.

This general rule according to the tax experts did not include receipts for transfer to self, transfers from savings accounts and receipts in respect of salaries and wages, yet, further to a statement issued by CBN on 21 January 2016 banks have continued to deduct these duties.

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UBA Disrupts the Market, Delights Customers with Callback Technology

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It would appear that the United Bank for Africa Plc has carved a niche for itself and gone way above its peers with its deployment of Al-powered Callback Technology.

The Al-Powered Callback Technology is one that enables the bank to call back customers instantly when they contact the bank for one reason or the other.

The UBA Group seems to have taken advantage of this high-powered system that even western banks are yet to fully implement as it has gone beyond the legacy banking systems, to omni channel marketing and social media lead generation.

This largely involves meeting its customers where they are – on websites, email, social networks, and cross-device platforms.

It is interesting to note that customers calling the bank for various reasons now have the option of requesting a call back to get on demand information. This has been implemented by using web to phone callback technology developed by Lucep.

Basically, the way it works is that customers can see the website widget deployed on the bank’s website for several financial services and products, wherein they can enter in their name and number, and select the reason for which they want a call back.

Thereafter, the Lucep AI takes the callback request, and distributes it to the right team, ensuring it goes to an authorized member of the team who has the app on their smartphone. This member can then connect back to the customer through the app itself.

Such instant response systems have huge benefits especially when it’s about following up on new customers who are inquiring about banking services.

If for example, a potential client is searching for the best mortgage rates and calls several banks including UBA.

UBA being the only bank that has implemented this Al -powered technology with an instant lead response system, is able to give the customer a call-back within one or two minutes.

This activity will naturally give the bank an edge over its competition as it will probably be the first to reach the customer back. The bank is therefore able to engage customers and offer their services faster than any other bank.

It is this kind of attention to detail, personalized service, and deft use of the latest technologies that has helped UBA stay ahead of its competitors in Africa, and ahead of the trends in the global banking industry.

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Five ‘Must’ Know Before Putting Your Money in Bitcoin

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Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Bitcoin is now worth $4,317.

Due to this, many are encouraging others to invest in the cryptocurrency. Nigerians are slowly embracing Bitcoin.

In line with this, Jumia Travel, the leading online travel agency share things Nigerians must know before joining the Bitcoin train.

More People Are Using Bitcoin
Despite the fact that some Nigerians are struggling to accept Bitcoin, more people are embracing it after years of gradual growth.
Hence, whether we like it or not, Bitcoin is the future and we have no choice than to use it.

Retailers And Vendors Are Accepting Bitcoin
You can now pay for whatever you purchase online with Bitcoin as some retailers have made it possible to settle transactions with it. Some notable companies that accept Bitcoin include Expedia, Microsoft, Subway, Newegg, TigerDirect, Tesla and PayPal. So, do not be surprised when some Nigerian companies start to accept Bitcoin.

Bitcoin Transfers Are Fast And flexible
While many financial institutions charge you or take days to process transactions, Bitcoin allows transfers from one account to another almost for free. Of course, you must already have your money in Bitcoin form. There is no need for any middlemen. As a result, the transfer is seamless.

Extremely Volatile
Bitcoin is still growing like earlier mentioned and there are a number of market factors that influence it. It very dependent on the rules of demand and supply.
The more people are willing to buy Bitcoins, the more the Bitcoin value will increase. Conversely, if more people sell, the prices will decline.

Treat It As Speculating, Not An Investment
Cryptocurrencies have a bright future as a new way to conduct commerce and business. That is not the same thing as saying that their value right now is sustainable. It’s early days yet, and, while the number of businesses accepting cryptocurrencies are growing, it’s not big enough for most of the demand to be built on legitimate trade.
This means that buying cryptocurrencies is speculation, not investment. Hence, you should be willing to lose the money you invest in buying Bitcoin!

 

 

 

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