When SystemSpecs launched its Remita Application recently, the fintech giant sent a strong signal that Nigeria has what it takes to produce cutting-edge financial technology exportable to the rest of the world in the short run. First, the launch underscored the ingenuity and capacity of Nigerians, based in Nigeria, to deliver top-notch IT solutions that are positively disruptive.
Secondly, the launch points to the possibilities of the future. With technologies like the one SystemSpecs unveiled, there is the strong feeling that Nigeria could earn a handsome fee in foreign exchange from exporting technology in no distant time (Of course, that is if the government plays its role in encouraging tech companies operating within its shores).
But more importantly, by launching the app, SystemSpecs puts a certain set of possibilities in the hands of all Nigerians. These possibilities cut across users that operate big as well as small businesses.
The Remita app makes life easier for human resource managers, company fund managers, as well as SMEs, corporate organisations, multinationals, state governments, government agencies, NGOs, religious organisations, resident associations, schools and educational institutions, hospitals and health institutions, utility companies, individuals and households. It has the potential of better organising the spending, budgeting and financial management capacity of big corporations and individuals.
The reason is this: it is a brilliant idea that a single application can synchronise into one portal over multiple bank accounts scattered across different banks so, users can manage all his accounts from one interface.
This is refreshing for a country where, because of paucity of technology and poor service, people carry more than one phone line at a time and have multiple bank accounts, just in case one does not meet their expectation at any point in time.
What was done during the formal launch of the app was to make Nigerians know that the Remita app is open to Nigerians living within and outside the country as well as expatriates. And that there is room for large-scale transactions as the system has the capacity to manage transactions in excess of US$30billion annually and cater to millions of users and transactions daily.
At present, several banks are operational on the app, just as there are plans to bring on-board other major banking heavy weights including Guarantee Trust Bank, United Bank for Africa, Stanbic IBTC and all other commercial banks that Nigerians typically transact with .
Before now, the mention of Remita evoked a feeling of payment of some tax or levy to the government. But the Remita mobile app does much more than that for SMEs. It helps small businesses and entrepreneurs better organise their finances. Among other things, it can be used to send invoices to customers, request payments from customers, monitor all bank accounts, view transaction receipts, and generate transaction reports on the go.
Businesses can also make payments into any account in any commercial bank, mortgage bank, microfinance bank, mobile wallet or prepaid card without having to worry about reconciliation as all transactions are uniquely tagged irrespective of payment channels used.
Besides providing a platform that gives a cursory view of an individual’s states of finances at any point in time, the platform serves as a financial management tool for individuals.
With the app, an individual can view all his balances from all bank accounts in Nigeria, fund any of his accounts directly through the app and access instant analytics of all his expenses.
Individuals can also easily request funds from friends and loved ones, make payments and share bills electronically.
“If a number of individuals need to pay for a commodity or service collectively, the App can help them pool their individual contributions together from different sources (of their accounts) and make payment,” says Deremi Atanda, Executive Director of Systemspecs.
SystemSpecs’ Remita app is a technology that can be exported to other African countries since their economic and developmental experiences are similar.
The launch is something that Nigeria as a country should be proud of. Like Chairman of SystemSpecs Dr. Christopher Kolade rightly said at the launch: “What you hear from Nigeria every day is news that is not really palatable. But with this launch, we have something to be glad about.
“Remita app places so much power in the hands of users by making it much easier and faster for them to manage their accounts across various banks and settle bills, on-the-go.”