E-Financial
SystemSpecs @ 30, Announces Dr. Ndukwe as Chairman
SystemSpecs, Africa’s software and financial technology giant, is commemorating its 30th anniversary and has expanded its operations through the establishment of two subsidiaries – SystemSpecs Technology Services Limited (STSL) and Remita Payment Services Limited (RPSL).
John Obaro, group managing director, SystemSpecs, middle, flanked by other officials at the press conference recently.
The organisation also announced the appointment of Dr. Ernest Ndukwe, former executive vice chairman of Nigerian Communications Commission and chairman of MTN Nigeria, as chairman who takes over from Dr. Christopher Kolade , Nigeria’s former Ambassador to the United Kingdom. Kolade has retired after 15 years of leading the company through exceptional growth.
To mark this milestone, SystemSpecs also unveiled a series of year-long initiatives which include the 30th Founders’ Day commemoration, the SystemSpecs Graduate Internship Programme, awareness health walk, anniversary gala, a special Children’s Day essay competition, and a summer coding boot camp
These disclosures were made at a recent event to flag off the company’s 30th year of serving individuals, organisations and governments in Nigeria and other parts of Africa.
The firm will now operate as three distinct entities: a holding company, SystemSpecs Holdings Limited and two subsidiaries – Remita Payment Services Limited (RPSL) which focuses on payment and affiliated services and SystemSpecs Technology Services Limited (STSL) which focuses on a wide array of technology solutions and services.
Demola Igbalajobi has been appointed as the Managing Director of SystemSpecs Technology Services Limited while ‘Deremi Atanda has been appointed as the Managing Director of Remita Payment Services Limited.
John Obaro, group managing director, SystemSpecs, said the expansion is in alignment with the organisation’s vision of deepening its capacity to meet the technology needs of a broader market.
“We are glad about how much we have been able to contribute to the transformation of the financial and human capital technology ecosystems in Africa, especially with Remita, our integrated payment and collections solution; HumanManager, our comprehensive payroll and HR management solution; and Paylink, our ecommerce platform.
“In these thirty years, we have created solutions that have impacted lives and put Nigeria on the global technology map. We have raised a new generation of Nigerian software talents and empowered private and public sector organisations of all sizes to effectively manage their people, finances, payments and collections.”
He expressed gratitude to every stakeholder that had helped the firm in its journey so far, especially its employees and customers.
After 30 years of operating from Lagos and Abuja Nigeria, SystemSpecs is positioned to extend its reach further on the African continent and beyond, introduce new solutions, and expand the scope of the operations of the group.
Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
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