E-Financial
TSA & the Significance of Software Nigeria

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.
E-Financial
Kuda Unveils New Wallet for Multiple Currencies

As the first currency supported by the functionality, Kuda launched an update for its app that allows users to send, receive, hold, and convert USD directly.

Babs Ogundeyi, MD, Kuda
The action comes in response to growing consumer demand for currency-neutral spending, savings, and income management.
As part of its expansion strategy, digital bank Kuda has introduced a multicurrency wallet to assist Africans who live, work, and travel internationally.
Users may keep, fund, and convert between five main currencies—the US dollar, British pound, euro, Nigerian naira, and Canadian dollar—all within a single wallet on the Kuda app with this application, which is still undergoing testing.
“The new wallet is designed to simplify the fragmented experience Africans face when managing money across different countries and currencies,” said Nosa Oyegun, senior vice president, Business Banking, Kuda, during a media parley in Lagos.
“People no longer reside in a single nation. Due to their global reach, Africans should be able to transfer their money with ease, Oyegun stated.
He claims that eligible customers outside of Nigeria may already access the wallet on Android smartphones, and an iOS deployment is planned.
He clarified that Kuda purposefully decided against developing a distinct wallet app.
Customers will be able to log in as normal, open foreign currency balances, convert money when needed, and send or spend money without switching platforms because it will be integrated into the core Kuda experience.
More than N100 billion entered Kuda accounts from LemFi in 2024 alone.
“This wallet is just our first step in acknowledging and supporting the fact that our customers are already living this cross-border reality,” Oyegun stated.
Kuda wants to give people a smooth financial tool that suits their lifestyle, not only currency exchange.
By removing the bottlenecks involved in the need to switch between various apps or financial services, the wallet will enable users from overseas to send money home, exchange currencies, and continue spending from the same account when they visit Nigeria.
Oyegun emphasized throughout the event that the wallet also takes client retention into account.
Kuda plans to keep helping people who move overseas as they adjust to life in other nations rather than losing them.
He further claimed that these users had not churned. “They simply switched nations. We wish to continue servicing them.
Kuda is now one of many African fintech companies developing products for cross-border use cases as a result of the move.
Oyegun pointed out that Kuda’s goal is to become a financial partner for Africans wherever they may be, going beyond simply exchanging currencies.
The bank’s growth trajectory is reflected in Kuda’s first-quarter 2025 performance, which was disclosed during the briefing. Customer confidence in the company’s digital-first strategy was strengthened when it recorded N453 billion in savings deposits and processed N8.4 trillion in total transaction volume.
With the new feature being introduced on the app, Kuda Microfinance Bank hopes to assist online business owners, freelancers, and remote workers who make money in USD with the recently added feature, which is currently undergoing testing.
Users can choose to accept USD payments directly or convert naira into USD using the Spend tab.
In the near future, GBP and EUR will be recognized as alternative currencies, according to the financial institution.
Additionally, in Nigeria, where inflation is severe, having USD on hand might be advantageous and convenient for people.
More Nigerians have recently begun to use digital platforms to improve the stability of their financial status.
For the majority of them, managing multiple currencies—whether via remote work, cryptocurrency, or international trade—has become the standard. Kuda Bank aims to meet these demands and grow its business to meet the demands of the market.
The financial institution’s continued dedication to providing solutions that give its users the best possible experience which is demonstrated by the multicurrency wallet feature.
Speaking about the project, Kuda representatives emphasized that the new wallet was created to make it easier for Africans to manage their money across various nations and currencies.
Customers can log in as normal, open foreign currency balances, convert funds, and spend or send money without switching platforms thanks to the integration of this feature within Kuda.
Along with currency conversion, Kuda plans to provide a financial tool that eliminates the need for users to switch between apps or financial services by enabling users from other countries to send money to Nigeria, convert currencies, and spend from the same account when they visit.
E-Financial
Reps Investigate 25 Insurance Firms for Financial Infractions

The House of Representatives has launched an investigation into 25 insurance companies over alleged financial infractions that have reportedly led to the loss of hundreds of billions of naira in government revenue.
Chairman of the House Sub-Committee on Capital Market and Institutions, Hon. Kwamoti Laori, made the disclosure on Monday during a meeting with representatives of the affected companies at the National Assembly Complex in Abuja.
Laori said the probe was prompted by petitions accusing the companies of violating statutory provisions in their operations, thereby shortchanging the federal government.
“This committee is saddled with the responsibility of addressing a petition based on infractions by these insurance companies regarding their operations and non-compliance with certain statutory provisions,” he said.
“These infractions have led to the federal government losing hundreds of billions of naira in revenue. That is why the companies were invited—to either confirm or refute the liabilities ascribed to them.”
According to the lawmaker, each of the 25 companies had been formally notified of their respective liabilities and summoned to explain their financial dealings.
“The essence of this engagement is to ensure that what is due to the federal government from these private entities is fully remitted,” Laori added.
He emphasized that it is within the constitutional mandate of the National Assembly to track government revenue and block leakages, particularly in sectors involving private sector collaboration.
The committee also frowned at some of the companies’ attempt to stall the investigation by resorting to legal action.
“Some of the companies have gone to court and served the House with court processes. It is now up to us and the House leadership to examine those court papers,” Laori said. “If the court action does not affect the core of our mandate, we will proceed. If it does, we’ll await the court’s decision.”
He criticized what he described as a strategy aimed at obstructing parliamentary oversight.
“Going to court appears to be a deliberate attempt to throw a spanner in the works of the National Assembly,” he stated.
Laori also expressed dissatisfaction with the failure of some company heads to appear in person, instead sending representatives who were unable to respond to critical questions.
“We have insisted that Chief Operating Officers (COOs) must appear in person. One of the COOs sent someone who couldn’t answer any of the allegations—this is unacceptable,” he said. “It is the same people that will later accuse the National Assembly of not doing its job.”
The committee chairman did not spare the industry’s regulator—the National Insurance Commission (NAICOM)—which he accused of negligence.
“NAICOM has a supervisory role, and if they were doing their job effectively, we wouldn’t be here conducting this investigation. They need to sit up,” Laori said.
Meanwhile, 17 of the companies currently in court sent a legal representative, Mr. Abimbola Kayode, to the hearing on Monday.
E-Financial
Naira Slides Again, Hits ₦1,532.34/$ Despite CBN’s Dollar Push

The naira closed the past week weaker than the previous one, as it depreciated by 0.14 per cent week-on-week to settle at 1,532.34/$ at the Nigerian Foreign Exchange Market.
This weakening came despite the naira rebounding to a four-month high on the first trading day to close at 1,518.88/$. After that, it weakened to 1,530.25/$, then lower to 1,533.11/$ before gaining some strength to close the week at 1,532.34/$ at the official market.
During the past week, the highest amount that the naira traded for was 1,538/$, and the lowest was 1,515/$ on the NFEM.
At the parallel market, the currency closed trading within the band of 1,535.00/$ and 1,544.00/$1.
Analysts have maintained that the intervention of the Central Bank of Nigeria and improvement in the foreign exchange liquidity were essential to stabilising the naira at the FX market.
Cowry Assets Management Limited, in its weekly market report, averred that the naira had recorded mixed trading across the markets as it appreciated slightly by 0.06 per cent week-on-week to close at 1,544.00/$1 at the parallel market while closing in the red zone at the official market.
“The divergent movements reflect ongoing supply-demand imbalances and the evolving FX liquidity landscape,” stated the analysts, who, however, maintained that the naira looks to record further gains as improved oil output and elevated prices drive higher dollar inflows, which could sustain the current pace of reserve accretion.
“The positive oil earnings outlook, combined with steady capital inflows, should offer continued support for the naira and enhance near-term FX market stability,” the report added.
Recent data from the Nigerian Upstream Petroleum Regulatory Commission shows that the average daily crude oil production (excluding condensates) rose by 3.6 per cent to 1.51 million barrels per day in June 2025 from 1.45 mbpd in May. This marks the first time in five months that Nigeria has met its OPEC production quota, reflecting improvements in operational efficiencies and security around key oil-producing assets.
AIICO Capital Limited, in its weekly report, noted that the CBN had intervened intermittently in the FX market in the past week.
It stated, “Dollar sales early and late in the week helped maintain relative stability. The naira closed at 1,532.34/$, down 13.6 bps w/w. Reserves rose by $422m to $37.85bn” as of Thursday from $37.43bn in the previous week.
It is expected that the naira will likely hold its current range amid better liquidity, while markets weigh potential FX impacts from the Monetary Policy Committee’s decision starting Monday (today).
Analysts are split on what the decision of the MPC should be regarding the benchmark. On one side, doves are calling for a modest rate cut, pointing to cooling inflation, a more stable naira, and signs of reform traction. On the other hand, hawks are warning that premature easing could undo all the gains of FX reforms and decelerating inflation, especially with food supply shocks and global risk still very much in the picture.
“For now, traders are positioning around the edges, but the real signal will come from the tone of the communique,” Comercio Partners asserted.
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