Remita epayment Platform Processes N1 trillion a Month - Sundiata Tech

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Friday, July 21, 2017

Remita epayment Platform Processes N1 trillion a Month

Remita Net, the payment platform, made popular for the success of the Treasury Single Account (TSA) program of the President Muhammadu Buhari’s administration, processes N1 trillion per month.

Deji Olowe, executive director, SystemSpecs disclosed this in a Tweet chat with BusinessDay on Wednesday, 19 July.

He noted that the financial technology (fintech) ecosystem in Nigeria has grown given increased adoption of internet from 22 percent to 41 percent and mobile banking from 20 percent to 48 percent in the space of two years.

As a platform that has been providing epayment services for over twelve years, Remita according to Olowe, have onboarded thousands of merchants on the platform. Millions of players have remitted money to the government and others using Remita.

“The volume we currently process has a fair share from both government and government payers and stakeholders,” said Olowe.

He commended the role played so far by the Central Bank of Nigeria (CBN), ministry departments and agencies (MDAs) and others for the role they have played in the success of the remittances.

Nevertheless, the mobile payment version has not lived up to expectation. This is because the federal and state governments are yet to fully adopt mobile payment.

“TSA would not exist without them. There are great efforts in place by MDAs to ensure full compliance,” Olowe said.

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