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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

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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