Remita announces expansion to more African countries, as Nigerian government's phase-out nears completion

• Starting and increasing a sustainable concern successful Africa demands resilience, flexibility, and a willingness to pivot erstwhile it becomes necessary
• Remita has announced a large enlargement determination into different African countries, taking its fintech solutions beyond Nigeria's shores
• Recall that the national authorities of Nigeria dropped Remita from being the authoritative outgo level for the Treasury Single Account

Legit.ng writer Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful concern reporting crossed integer and mainstream media.

The national authorities announced successful March 2025 that it had dumped Remita from being the authoritative level for the postulation of payments implicit the years, and introducing a replacement.

This marked the authoritative extremity of the usage of Remita for payments made to the government, and the Accountant General of the Federation confirmed that the phasing would beryllium implicit by July 2025.

In a bold leap, SystemSpec, the owners of Remita person announced a caller enlargement determination into markets crossed Africa.

The Remita level worked with the national government's Treasury Single Account (TSA), collecting each revenues for FG since 2015. Photo credit: Boonchai Wedmakawand
Source: Getty Images

Remita acceptable to grow to different African countries

Remita started arsenic a payroll feature successful Nigeria and has served arsenic the authoritative outgo level for the national authorities and related institutions for implicit a decade.

As of 2024, the institution was processing trillions of naira successful yearly transactions, but this could alteration erstwhile the national authorities completes the phasing-out exercise.

Mr. Deremi Atanda, the Managing Director/CEO of Remita Payment Services Limited, disclosed successful an interrogation with eGovernance Nigeria that the institution is astatine the constituent of expanding operations to different African countries.

Atanda said;

“We’ve go an ecosystem of rails, products, and services—robust, layering each of that with the galore antithetic customers we’ve had."Typically each twelvemonth we process successful excess of possibly ₦60 trillion successful transactions successful Nigerian Naira. And this tin lone grow, particularly arsenic we statesman to deliberation of a vibrant Pan-African expansion. We’re astatine the fringe of that.”

Atanda narrated milestones successful the product’s maturation from being a payroll diagnostic for HR teams, to an effort to dabble into pensions, and yet settling for a outgo merchandise named Remita (derived from Remittance), MSN quality reports.

He disclosed that Remita has a Tier 1 licence from the Central Bank of Nigeria (CBN) authorizing it to run arsenic a fintech among others. He said;

“We bash switching, we bash outgo work provisioning, we bash ace agency, we bash terminals—everything you can deliberation about. We supply immoderate basal services wrong the outgo space, including outgo work advisory.”

He explained that the Treasury Single Account (TSA) argumentation from the national authorities had a immense connected its operations arsenic it was a lawsuit of mentation gathering opportunity.

It triggered monolithic maturation for the company, allowing it to employment implicit 300 Nigerians. Now, SystemSpecs is poised to instrumentality fiscal inclusion, integer infrastructure, and innovative fintech solutions to caller and underserved markets crossed Africa.

FG orders Remita to refund N182 billion

The House of Representatives has ordered Remita, a fashionable fintech utilized for handling the government's gross collection, to refund N182 billion.

Following the results of a forensic audit commissioned by the House of Representatives Public Accounts Committee to analyse gross leakages and funds, the lawmakers claimed the find of unremitted funds dating backmost to 2015.

Remita, arsenic the flagship merchandise of SystemSpecs, served arsenic the authoritative outgo level for the authorities and each its institutions for much than 10 years. Photo credit: Remita
Source: UGC

The N182 cardinal comprised the unremitted funds and involvement calculated by the lawmakers based connected the existent involvement complaint of 27.50% per annum.

NDIC dumps Remita, adopts NIBSS for outgo

In related news, the Nigeria Deposit Insurance Corporation (NDIC) announced that it had dumped Remita to follow a caller level to wage Heritage Bank depositors.

The corp said the Remita level had a batch of hitches that clogged the outgo processes.

NDIC announced that it had adopted the Nigeria Inter-Bank Settlement System (NIBBS) to wage depositors of the failed Heritage Bank.

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Source: Legit.ng