A Review of Remita
What is Remita?
Remita is an electronic payments collection platform developed by SystemSpecs Limited.
Remita, which is a Central Bank of Nigeria (CBN) licensed platform, is developed in Nigeria and helps organizations and individuals to receive and make payments.
Remita is actually popular in the FinTech industry by all means and standards. But just in case it does not ring any bell, it might interest you to know that the software has made an enormous impact on the Nigerian economy in a very short time, and is giving Nigerians much global recognition as a cutting-edge indigenous financial technology.
In a report released by Remita, the global research firm McKinsey observed that digital payment platforms such as Remita are the key to the growth of modern economies and empower individuals, businesses, and also governments to carry out financial transactions more efficiently and cheaply. It projects that by 2025, these platforms will boost the Gross Domestic Product (GDP) of emerging economies by a whopping $3.7 trillion, and would drive financial inclusion.
What You Need to Know About Remita
Here are the important things you need to know about Remita.
Remita is not TSA
Contrary to what you may have read or heard, Remita is NOT the Treasury Single Account (TSA) which is the depository for all the funds that are generated by Ministries Departments and Agencies (MDAs) as taxes, levies, tariff plans, etc. Instead, it is the payment gateway that aids the remittance of these funds into the TSA. So if you are a public servant and your salary, or pension gets delayed, Remita is NOT to blame for that. It is only software and not in charge of the funds.
Remita is an e-Payment solution
Remita is a CBN-licensed payment system that attends to the payment needs of organizations and individuals. Developed by the FinTech giant SystemSpecs, Remita helps the public accept and make payments easily, also, their ZERO activation fee as a plus.
You Use Remita
You may have made use of Remita at some point without knowing. Remita is the payment gateway for both Federal Government funds that are generated from levies, taxes, and tariffs. If you have made one or more of these payments in the past one year, there is a very high chance that you have indirectly used Remita for your financial transactions, even if you do not have the software.
Remita has HR Functions
Remita is more than just a software for payments. It also has Human Relations(HR) and payroll functions that helps organizations manage and maintain a comprehensive, online employee personal and payroll data. With Remita, organizations can compute their staff allowances, pensions, loans, taxes, overtime allowances, and many more without any stress. What’s more, they can automate the payments of salaries, send out electronic payment notifications, payslips and tax analysis slips to their staff at the end of every pay run.
Remita is Secure
Unlike other payment platforms that leave you "out in the blue" guessing whether your transactions have been compromised, Remita is packed to the brim with advanced security features such as a combination of the hard token, soft token, biometric token, proprietary authentication protocols, etc. With these and other features, you can literally make your payments with your two eyes closed.
You can pay government directly with Remita
With Remita, you can pay your levies, taxes, and tariffs directly into the government account without fear of missing deadlines and attracting surcharges that max out your account when you least expected that. Holidays and weekends are no barriers to making payment, nor do you have to waste your man-hours in any banking halls or cyber cafes to get your payment done with Remita
Remita has won several awards
Remita is at the forefront of our financial technology, as reflected in their functional features. Small wonder, then, that the software has won several awards for its clearly distinctive user-friendly features in the saturated Nigerian FinTech industry.
In 2012, Remita was given the award of the most ‘Outstanding Public Service Product of the Year’ by Financial Technology Africa Magazine. It was acknowledged as the ‘Most Outstanding Software Solution at the NITMA awards in 2015.
In April 2016, it was declared the ‘Most Efficient e-Revenue Service’ at the CBN Cashless Card Expo. This list is nearly endless. But it is important to note that Remita has emerged the ‘Best Software Solution of the Year’ at the Nigeria Telecoms Awards and ‘Pan-African Software Solution of the Year’ at the Titans of Tech awards.
Remita processes $30 billion in transactions annually
Remita currently serves over 1,000 merchants, multinationals, billers, SMEs, and governments at various levels. It is also used by over 500 microfinance banks (MFBs) to reach up with the needs of the Nigerians who cannot access commercial banking services. So it is not much of a stretch to understand why the software processes about 30 billion dollars worth of payment transactions on a yearly basis.
Remita has government approval
Unlike other generic software out there in the market, you do not have to be worried while using Remita for your financial transactions. After all, it is used by the Federal Government of Nigeria, corporates and high-net-worth businesses to carry out financial transactions running into billions of Naira every year.
Here are other reasons to use Remita
1. View all your Balances, On One Screen.
Remita lets you view all your bank account balances, from any bank, on one screen.
2. Get Paid Easier
Easily get paid by simply generating and sharing payment requests with family, friends, and customers.
3. Experience True Work-Life Balance
Enjoy the convenience of easily switching from your personal to business accounts, and back again, whenever you need to do so.
4. Easier Payroll for All Businesses
Whether you are a 2 or 200,000 staffed organization, Remita can help manage your payroll and HR management needs effectively.
