E-Financial
SystemSpecs’ Remita Platform to Deepen CBN Cashless Policy
SystemSpecs Nigeria, an indigenous and wholly-Nigerian firm, has introduced Remita, a one-stop multi-bank shared services platform for processing e-payments, e-collections, e-payroll, and e-schedules by organisations and individuals.
Developed by SystemSpecs, Nigeria’s foremost software provider, Remita has been adopted by the Central Bank of Nigeria (CBN) as the e-payment and e-collections platform of the Federal Government, a sign of government’s commitment to the patronage and promotion of the local ICT industry, according to John Obaro, CEO, SystemSpecs Nigeria, at a press briefing to introduce the product, in Lagos.
Businessday reported that currently, the volume of transaction through the Remita platform has exceeded N500 billion monthly, and the cost per transaction – N250 monthly for payroll, N100 monthly for e-payments, and others 1.5 percent per volume of transaction monthly, Obaro disclosed.
With the use of Remita across sectors, it is like putting in the hand of the individual what only corporates used to enjoy, said Demola Igbalajobi, group head, Remita, saying the product provides the platform and infrastructure, the customer only need to subscribe to experience seamless transaction.
According to him, with the traffic of transactions going through the platform on a monthly basis, Remita is set o drive the nation’s economy. “If you transacts over N500 billion on a platform monthly, you are invariably driving the Nigerian economy,” he said.
A widely adopted shared services platform, Remita is in use by all commercial banks, all pension funds administrators (PFAs), over 400 microfinance and mortgage banks and thousands of public and private sector organisations as well as individuals.
To date, over N12 trillion worth of funds transfer, collections and payment of salaries, suppliers, subscriptions, standing orders, direct debit, donation, pension, and taxes have been securely processed on Remita.
It is regarded as an innovation leader in Nigeria’s payments and collections industry as the platform offers many distinctive features. Apart from providing e-payments, e-collections, e-payroll and e-schedules on a single platform, it offers users the ability to view balances across different bank accounts on just a single screen. It also empowers billers and collectors to receive payments from customers through seven different channels into a single account with zero need for reconciliation.
As part of contributions to the national e-payment initiative, it offers zero integration fees to SMEs who are billers or collectors.
Working with diverse stakeholders with a footprint across the 36 states and the FCT, the product has been and continues to be at the forefront of revolutionising the e-payment and e-collections industry in Nigeria, Obaro noted.
Securities and Exchange Commission (SEC) has unveiled a technology adoption assessment survey for registered capital market operators as part of efforts to deepen innovation and efficiency in the Nigerian capital market.
In a circular, the SEC stated that the exercise was designed to evaluate the level of adoption of advanced technologies among CMOs operating within the Nigerian capital market.
According to the notice, “The following technology adoption survey is designed by the Commission to assess the adoption of advanced technologies among registered Capital Market Operators.”
The SEC directed all registered operators to log into the e-portal at using their current access credentials to complete the survey. The exercise will run for two weeks, from 5 to 20 May 2025.
Speaking recently on the role of innovation in the capital market, Emomotimi Agama, director-general of the SEC, urged stakeholders to embrace technology as a catalyst for growth, improved transparency, operational efficiency, and market resilience.
He noted that the SEC recognises the emergence of new financial products and services driven by technological advancements, and remains committed to adapting its regulatory framework to meet the evolving needs of the market.
According to him, the commission’s approach to innovation is anchored on three pillars: investor safety, market deepening, and problem-solving aimed at building a robust and efficient capital market ecosystem.
Agama also highlighted the commission’s Regulatory Incubation Programme, which allows fintech startups to operate within a controlled environment for one year while appropriate rules are developed to govern their activities.
He said the programme is part of the SEC’s broader strategy to support innovation while safeguarding market integrity and investor interests.
International Monetary Fund (IMF) ,has confirmed that Nigeria has fully repaid about US$3.4 billion loan it got in April 2020 under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.
IMF said the loan has been repaid as of April 30, 2025 in a statement issued in Abuja, Nigeria’s capital on Thursday.
However, IMF said Nigeria is still expected to honour some additional payments in forms of Special Drawing Rights charges hat will amount to US$30 million annually.
“In line with the IMF’s Articles of Agreements, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria’s SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion)
“The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative allocation amount,” IMF said in the statement. Online fitness
Central Bank of Nigeria (CBN) has allotted N598.33 billion in Nigerian Treasury Bills across three different maturities, with the 365-day bill dominating the auction, accounting for 80 percent of total sales and subscriptions.
A total of N482.62 billion was sold in the 365-day tenor, highlighting strong investor interest in the longer-term security.
The 91-day bill saw the least demand, with subscriptions of N48.4 billion and actual sales amounting to just N38.4 billion. This latest issuance brings the total Treasury bill sales for the year to N7.248 trillion.
At the auction held on Wednesday, May 7, the CBN offered N550 billion across the three maturities, N50 billion for the 91-day, N100 billion for the 182-day, and N400 billion for the 364-day bills. Despite total subscriptions dipping to N1.08 trillion from N1.53 trillion recorded at the previous auction, the auction was still oversubscribed, reflecting continued high liquidity in the financial system.
This demand pressure kept yields largely stable. The 365-day bill saw a marginal increase in yield to 24.41 percent from 24.36 percent, while the 182-day and 91-day yields remained unchanged at 20.38 percent and 18.85 percent, respectively. Yields have maintained a consistent level over the last four auctions, indicating a stable interest rate environment despite fluctuations in demand.
As of May 6, 2025, system liquidity stood at N1.21 trillion. When combined with maturing bills worth N287.98 billion, the total available liquidity more than tripled the N550 billion offered at the auction, further underscoring the robust investor appetite for government securities amid high market liquidity.
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