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Tag: SystemSpecs

  • How Fintech promotes economic development, by SystemSpecs

    Nigeria has been described as a leading country in the Financial Technology (Fintech) space, which is key in promoting economic development.

    The Executive Director, Systemspecs Limited,  Aderemi Atanda, stated this at the Centre for Financial Journalism (CFJ)-Association of Corporate Affairs of Managers of Banks’ (ACAMB) Business Forum held in Lagos.

    According to him, many things have happened in the Fintech landscape in Nigeria that have not happened elsewhere in the world.

    However, he lamented that the success stories in this area has not been adequately captured and celebrated. This, he said, is because “we are not schooled in value narratives”.

    He advised that we should “understand the paradigm that shape narratives”. This way, we can capture the successes achieved so far in the Fintech landscape.

    He said despite the successes achieved so far, even well acknowledged by advanced countries, there is still a lot of room for improvement.

    Atanda said that Fintech is part of the digital age which evolved partly as a result of revolution in mobile telecommunications. Dwelling on the theme of the Business Forum Fintech and Financial Services Delivery in the Digital Age, he said that Fintech which is driven by data, is transforming the ways financial and business transactions are now carried out.

    He noted that pay-tech is just one aspect of Fintech, and virtually the only aspect that we are still dealing with now as there are many other aspects that are yet to be integrated into the entire architecture of Fintech. According to him, it is not only the banking sector that requires the services of Fintech providers. He said that insurance, pension schemes, medical services, oil and gas and even agriculture require Fintech to drive them. “There is huge potential yet untapped that can help to move the entire system forward to new stage of development”, he said.

    He optimistically said that indeed Nigeria can really lead the entire world by being at the forefront of Fintech, providing veritable model for others to follow.

  • Technology’ll pull down barriers to SMEs, says SystemSpecs

    The Managing Director, Systemspecs, Mr John Obaro at the weekend in Lagos, said the deployment of technology will help pull down the barriers inhibiting the growth of small medium enterprises (SMEs) and reduce their high mortality rate in the country.

    Speaking when he received members of the House of Representatives Committee on Information Communication Technology (ICT) at the firm’s head office in Obalende, Lagos, he said the success recorded by Remita, the software that is driving the Treasury Single Account (TSA) of the Federal Government, is an example of how technology could help drive efficiency, enthrone transparency and plug leakages in the system.

    According to him, the firm is working towards extending the solution to SMEs so that they could seamlessly pay and collect cash, adding that they could also do pay roll with the solution.

    He recalled that after enrolling over 400,000 government employees on the  Integrated Personnel and Payroll Information System (IPPIS) project, SystemSpecs expected that by now, the project would have rolled out completely to cover the entire projected 1.2 million Federal Government employees.

    “We are now extending Remita to assist the SMEs in their payroll, payments, and services to their customers,” Obaro said.

    Responding, the House of Committee chairman, Hon Mohammed Ogochi Onawo said the FinTech firm has given the country an insight into how ICT could improve lives across all the sectors of the economy.

    “I am thanking SystemSpecs for what the company has done,  not just for Nigeria, but also beyond the country,” he said.

    Welcoming the lawmakers, Executive Director at SystemSpecs, Deremi Atanda, highlighted some of the landmark products  the firm has unveiled to the market and some of the milestones it has recorded.

    These, according to Atanda,  include the IPPIS deal with the Federal Government in 2006, which was able to enroll over 250,000 government employees by 2008; the pension scheme solution which tackles employers’ remittance challenges and was introduced during the regime of former President Olusegun Obasanjo; and the Human Manager 4.0, an upgraded efficient human resources solution released in 2002.

    Atanda said SystemSpecs has been busy over the years churning out innovative solutions for Nigerians, and there are results to show for it.

    “For instance, the Human Manager 4.0 software has a special functionality called Self-Service, which is a pioneering achievement but there was no platform to project it as a landmark achievement coming from Nigeria,” he said.

  • SystemSpecs: MSMEs need technology to thrive

    Micro, Small and Medium Scale Enterprises (MSMEs) need to explore opportunities in technology to grow and meet customers’ needs, Managing Director of SystemSpecs, John Obaro, has said.

    He spoke yesterday at the Vanguard Economic Forum on MSMEs, in Lagos. Represented by the firm’s Head of Strategy, Seun Adesanya, he  spoke on : The Role of Technology Adoption for Driving Growth and Innovation for MSMEs.

    According to Obaro, SystemSpecs is not a financial institution but a facilitator. “What we do through Remita is that we help you move your money from where it is to where you want it to be.”

    He said a lot of opportunities exist in the country and described how technology caould help small businesses start, grow, and succeed, using the example of Remita which has been instrumental to the success of some small businesses in the country.

    He highlighted six things needed for businesses to be successful and how technology can provide them. These include funding, innovation, infrastructure, accountability, cost optimisation and market expansion/growth.

    Obaro said innovation should be the first priority for a business owner. “Our first priority should be creation of value; innovation. What could be unique in what you are bringing to the table? Innovation does not just come by sitting down; it comes from thinking, research, gathering intelligence, analysing reports, asking questions. As an MSME, the first thing to think of is what innovation am I bringing? Technology gives you access to information; where it has been done before, where it is currently being done, what are the challenges and what can I do differently? Technology helps in finding out what exists in the market,” he said.

    He said although there is infrastructural deficit in the country, technology could provide an alternative, simplifying processes for entrepreneurs. For instance, technology has revolutionised financial transactions with digital banking. Today, people don’t even need to go to bank to do any financial transaction, with the example of Remita, which has made it possible to pay any government agency at the comfort of your room.

  • Systemspecs says Remita is right choice for digital payment

     

    With so many payment solutions out there, pundits already fear cash may soon be dethroned as ‘king’. Digital payment systems are now so ubiquitous. It is becoming increasingly difficult for consumers—businesses and individuals—to make the right choice. Ideally, this right choice is based on payment needs.

    Irrespective, it should be one that is seamless, easy to use, efficient, fast and secure. A few brands that have been able to deliver these qualities are leading globally. By now, almost everyone in Nigeria, who is averagely financially literate, can mention one or two of such payment providers, mostly foreign (If you can’t we are working on you, never mind). What many do not know is this- from Nigeria, developed at the very heart of Lagos, is one payment solution on its way to becoming a global brand. It is called Remita.

    What makes Remita tick would not only be that it is taking the lead in helping individuals and corporates redefine their financial transaction experience, it is the fact that it was developed by an indigenous company, SystemSpecs, one of the country’s longest-standing fintech firms.

    There is a good chance you have used Remita without realising, especially if you have ever paid to a federal government ministry or parastatal. Yes, Remita has made a name for itself having been tested and trusted by the Nigerian government in its drive towards transparency in the public sector, but it is important to note that Remita is everywhere, not just in the public sector as often misconstrued.

    SystemSpecs have been in the software business for over 26 years, delivering superior human resource and payment solutions across the country. And unlike newer types of payment solutions developed by most startups, SystemSpecs’ Remita has worked so well for users. It has won several national and international awards for the innovativeness it brings to the diverse payment processing needs of Governments, Organisations, SMEs or Individuals. Remita has the most robust payment facilitation options in Nigeria and has become a one-stop financial shop for all payment needs.

    Those very familiar with Fintech products emanating from Nigeria and the rest of Africa have described Remita as one of the most remarkable yet. It’s developers, SystemSpecs is a company that has always been ahead of the curve in the Nigeria’s payments industry. Remita boasts of a large clientele and it processes over $30 billion worth of transactions annually. With Remita, anyone can start receiving payments on their website in less than 48 hours with ZERO activation fee.

    It also makes it easy for customers and service users to pay you using any of the following channels: Online Banking site, Remita (on app, mobile & web), Debit/Credit cards (Visa, Verve, MasterCard, UnionPay); Branches of any commercial bank nationwide; Microfinance Banks; POS, Direct Debit and Digital Wallets. What’s more? Remita has a full suite of comprehensive payment solutions to meet different business or personal transactions needs. Here are some of the packages of this leading brand:

    Remita Payment Application (Mobile and Web)

    Remita online and mobile payment application enables Governments, Businesses, NGOs & Individuals to manage bill payments, funds transfers, invoicing & real time tracking of all transactions on a single platform.

    The mobile app version of Remita, which is available on Android and iOS, is loaded with a lot of features to have consumers experience the best of transactions with their phones. The mobile app helps users aggregate all their bank accounts across different banks on a single screen and make payments seamlessly.

    This app is perfect for you if you are tired of overburdening your phones with many bank apps, each eating up storage space and slowing down processes. Also, if you have a hard-time remembering a thousand and one passwords and usernames from your many bank accounts, you can easily download a Remita app and connect all your bank accounts on a single screen. It is as simple as it sounds.

    Thousands of public and private sector organisations, as well as individuals, consider the Remita Online and Mobile Payments and Collections App as one of the best that has ever happened to them. Apart from being able to pay almost any biller in Nigeria’s private and public sector, the mobile and web platforms also incorporate an integrated payroll processing solution. More interesting features include scan/tap to pay, standing orders, e-invoicing and comprehensive expenses and transactions reporting.

    Remita Payment Gateway

    Remita provides payers with a wide range of payment channels on a SINGLE platform, including Debit/Credit Cards, Bank Branches, POS Terminals, Micro-Finance Banks, Internet Banking, Collection Agents, Mobile Wallets, Account Payment and Direct Debit. lt can be used by Billers, Merchants, e-Commerce sites etc.

    The Federal Government of Nigeria adopted the Remita integrated multichannel Payment Gateway as a one-stop solution for the collection of all revenue types through different transaction channels under its national Treasury Single Account (TSA) initiative.

    The Remita Payment Gateway that drives the TSA is integrated with other payment technology solutions at the core of its design. This has always been one of the very unique and verifiable features that has distinguished the Remita solution in the marketplace.

    Remita Payment Infrastructure

    For clients who need more than just a payment gateway, SystemSpecs deploy Remita as a complete end-to-end payment infrastructure that facilitates seamless funds transfer, settlement and reporting between financial scheme operators (Central Bank, Commercial Banks, Mobile Money Operators, Micro-Finance Banks, etc.).  It also provides visibility over the entire payment ecosystem.

    Remita Payroll

    Remita payroll is ideal for any organisation with 2-200,000 employees. It is a powerful and comprehensive Payroll and Human Resource Management solution, which has been effectively deployed across private companies, and governments in Nigeria.

    Remita Payroll & HR is based on SystemSpecs’ highly successful HumanManager solution that has been a market leader for more than 20 years.

    Among other things, it allows organisations to save costs, detect ghost workers, compute all staff allowances and deductions, and automatically send electronic Payment Notification, Payslips and Tax analysis slips to each staff at the end of every pay run. It also allows them to pay salaries without the need to upload salary schedules from a separate software to the e-Payment platform.

    Although the need to automate payroll processes end-to-end inspired the birth of Remita, it has grown beyond just salary payroll to include payment of taxes, loans, pensions, cooperative deductions, among others. Today, Remita does beyond salaries and vendor payments system; it does financial collections.

    Recently, SystemSpecs formed a strategic collaboration with Access Bank to offer salary earners ‘PayDay’ loans, without human interaction, the need for collateral or guarantor, or the need to visit a bank. This has been made possible through Remita’s robust database.

  • SystemSpecs seeks special fund to drive financial inclusion

    Indigenous tech firm, SystemSpecs Limited, has called on the Central Bank of Nigeria (CBN) to establish a special fund to deepen its financial inclusion goals.

    Its Executive Director, Deremi Atanda, who spoke on the sidelines of Digital Pay Expo in Lagos at the weekend, said there are many issues around the push for financial inclusion, adding that literacy is one of them.

    He stressed the imperative for a special fund to drive financial inclusion, adding that the Universal Service Provision Fund (USPF) is an example of the intervention the Federal Government could make to ease the drive on the lenders.

    “I think the banks are committed to financial literacy but it won’t happen in one year. It is a commitment for 2020, which didn’t start yesterday. I have been part of the commitment since 2007. We need to evaluate where we are, so we don’t get derailed, and where we want to be. These are the kind of things we must do. When those targets were set, we have the financial implication of what it will cost, which is not the same now. So, who is going to plug that gap for 2020 dream to be realised? Along the way, there have been many disruptions they didn’t factor in, both the economic aspect and technology.

    “The honest truth is that the pervasiveness of technology is going to make the realisation of these things a lot easier, faster but someone needs to be committed to facilitating it. USPF for example (in the telecoms sector), is there (to ensure that the unserved and underserved rural communities are reached through service subsidy). There is need for a commitment in terms of funding to make sure financial inclusion happen. It might interest you that majority of people investing in that are foreign institutions such as the Bill Melinda Foundation and you ask yourself where the counterpart funding is coming from local institutions. The bank has just committed itself to SINEF, which is rolling out about 500, 000 agents, which CBN is also part of.

    “But don’t forget that the interface of business with the realisation of national policy, money will go after money. If the agents are just to work to achieve a national policy that will not be economically beneficiary to them, somebody must incentive it so that national objection is realise. It is just a matter of time, when that business is worthwhile and there is a plug in from the right agencies of the government, sooner than you think that will happen,” he said.

  • SystemSpecs seeks special fund to drive financial inclusion

    Indigenous tech firm, SystemSpecs Limited, has called on the Central Bank of Nigeria (CBN) to establish a special fund to deepen its financial inclusion goals.

    Its Executive Director, Deremi Atanda, who spoke on the sidelines of Digital Pay Expo in Lagos at the weekend, said there are many issues around the push for financial inclusion, adding that literacy is one of them.

    He stressed the imperative for a special fund to drive financial inclusion, adding that the Universal Service Provision Fund (USPF) is an example of the intervention the Federal Government could make to ease the drive on the lenders.

    “I think the banks are committed to financial literacy but it won’t happen in one year. It is a commitment for 2020, which didn’t start yesterday. I have been part of the commitment since 2007. We need to evaluate where we are, so we don’t get derailed, and where we want to be. These are the kind of things we must do. When those targets were set, we have the financial implication of what it will cost, which is not the same now. So, who is going to plug that gap for 2020 dream to be realised? Along the way, there have been many disruptions they didn’t factor in, both the economic aspect and technology.

    “The honest truth is that the pervasiveness of technology is going to make the realisation of these things a lot easier, faster but someone needs to be committed to facilitating it. USPF for example (in the telecoms sector), is there (to ensure that the unserved and underserved rural communities are reached through service subsidy). There is need for a commitment in terms of funding to make sure financial inclusion happen. It might interest you that majority of people investing in that are foreign institutions such as the Bill Melinda Foundation and you ask yourself where the counterpart funding is coming from local institutions. The bank has just committed itself to SINEF, which is rolling out about 500, 000 agents, which CBN is also part of.

    “But don’t forget that the interface of business with the realisation of national policy, money will go after money. If the agents are just to work to achieve a national policy that will not be economically beneficiary to them, somebody must incentive it so that national objection is realise. It is just a matter of time, when that business is worthwhile and there is a plug in from the right agencies of the government, sooner than you think that will happen,” he said.

  • From Payroll to Remita: The Story of Nigeria’s FinTech Giant

    Till Financial Technology, FinTech, became a buzzword a few years ago, it was all about Information and Communications Technology (ICT). And in the Nigeria of the 1990s, everything could be linked to ICT, even the remotest of things. Indeed, ICT was the miracle worker and at the root of some of humanity’s greatest achievements. Every era has its own “ICT”.

    FinTech, as an expression that describes how technology is transforming the financial world, has been traced to as far back as the 1950s when the world knew and experienced its first credit cards. From then till present-day, one element has remained constant about FinTech in all its manifestations: it is a breakaway from the norm, a’la disruption. This disruption is not unto chaos but onto the advancement of services across the value chain.

    And that is the very root of SystemSpecs, one of Nigeria’s leading financial technology firms. Founded in 1991, the Nigerian firm has moved from merely being an ICT player to becoming a game-changer in FinTech. But till 2006, SystemSpecs was known only as a frontline payroll firm and developer of HumanManager, the human capital and payroll management solution that set the standard and remains a reference point globally for other players.

    The firm always sought to meet market yearnings for software that reflect the realities of Nigerian employment, incentives and taxation systems. “I must say we were not conscious of the impact we were going to make, especially with HumanManager. We were just concerned with developing an application that works. Now, we find it having a strong impact on organisations and society,” says John Obaro, the Managing Director of SystemSpecs.

    HumanManager undeniably launched the firm onto a new pedestal. The solution has successfully managed the payroll and human capital processes of more than 300 organisations in Nigeria and across the African continent for more than two decades.

    “The big break for us came with payroll, when we had the opportunity of working with the World Bank, to manage payroll for the federal government. It was a pilot study on about 50,000 workers,” Obaro adds.

    2006 was defining in the history of the company. Remita, a name that has become even better known than SystemSpecs, was launched to the world. It was the first time ever that a single solution would allow anyone access their account balances across different banks on a single screen. It was significant marker of SystemSpecs’ entry into FinTech.

    But Remita isn’t just about the ability to view account balances across different banks, it also enables its users—whether individuals, businesses or governments—to make payments through nine channels including the business’ website, internet banking, PoS, credit/debit cards, and any bank branch.

    With Remita, anyone anywhere can make payments easily and businesses can expand their marketing reach, knowing that getting paid is no longer a thing to worry about. They could also track every transaction real-time and benefit from comprehensive reporting across multiple platforms and formats. That goes without mentioning the capability of the solution to bring unparalleled ease to the HR needs of organisations.

    Speaking about the impact of Remita on government payments, Obaro adds that with solution, “people are now conscious that for whatever they do, there are footprints that can easily be traced. This has brought some discipline to the society and we’re delighted to be part of that change process.”

    Now in its 26th year, SystemSpecs has been able to stand the test of time, despite the turbulence along the way. Perhaps that is attributable to the premium place its customers occupy and the visionary management it has in place. Whatever it is, SystemSpecs, Nigeria’s leading FinTech, seems to have a winning formula.

  • SystemSpecs chief urges lawyers to brace for competition

    With the increasing rate of technology adoption sweeping across the globe, non-lawyers, aided by technology, would begin to offer services hitherto reserved for learned men, an indigenous software powerhouse, SystemsSpecs, has warned.

    Its founder and Chief Executive Officer, John Obaro, who spoke at a panel discussion on: Technology and Innovation during the Nigerian Bar Association (NBA), Lagos Branch Annual Law Week, said some of the things lawyers do could be automated, adding that competition in the legal profession has moved from the local to the international arena.

    SystemSpecs is the firm that produced Remita, the software that is driving Federal Government’s Treasury Single Account (TSA) initiative that has helped mopped up trillions of naira from Federal Government ministries, agencies and departments (MDAs).

    Obaro said robots are increasingly gaining traction, adding that what is seen as disruption today would not be so in the foreseeable future.

    He recalled that 10 years ago, there was no financial technology (FinTch). He said today, FinTech is now assuming a full life of its own, making financial transactions, both payments and receipts, easy. He added that it was practically impossible for bank account owners to check their balances without first going into a physical banking hall, joining the queue and taking ‘tally number’ before doing so. Today, he said things have changed as people that could be done on the go via the mobile phone any time within the comforts of people’s homes.

    Obaro lamented that the policy environment was stultifying the growth of the industry, stressing that regulations and policies would always lag behind technology.  This, he blamed on ignorance. For instance, he said the needless controversy that greeted the full implementation of TSA was largely borne out of ignorance, adding that a lot of things would be happening soon in the FinTech space.

    Also speaking on the panel, President Fintech Association of Nigeria, Dr. Segun Aina, said technology is an enabler and not necessarily a disruptor. According to him, the rise of the internet has fundamentally changed the way business is run, adding that the association wants to make Nigeria the hub of financial technology.

    According to Aia, banking would required while banks will not, adding that lawyers will no longer be needed in future.

    He said lawyers in the United States are jobless because of the rise and adoption of technology. He therefore urged lawyers to see themselves as people offering services with the use of technology.

     

  • How a Nigerian FinTech Firm Achieved Many Global Feats & Firsts

    It is true that there are many positive stories about Nigeria, which have either not been told at all or have not been told well enough. One of such stories is of Nigeria’s burgeoning tech space where innovation is now almost second nature and more FinTechs are birthing regularly. Our Yaba in Lagos is now otherwise known as Nigeria’s version of the United States’ Silicon Valley. That much we have heard – maybe we still need to blow our trumpet even louder.

    While at it, there is yet another story of innovation that has not been told well. This story is not from Victoria Island, Banana Island, Ikoyi or any lush part of Lagos or Nigeria. This story of innovation is from the heart of Lagos Island, Obalende to be precise, surrounded by the lives and activities of the average Lagosian, the Nigerian. It is the story of how a Nigerian firm founded 26 years ago pioneered many firsts, ahead of some of the biggest corporate entities on the globe. It is a story of visionary leadership.

    Until early 1990s, John Obaro was a high flying techie in the Computer Department (as it was then known) of International Merchant Bank (IMB), which by many standards was the leading bank of the period. If anyone knew and experienced comfort firsthand at the time, it was Obaro. So good was life to him that when he told his friends and colleagues he was about to resign and would found his own firm, they thought he had lost his mind. They may not have been wrong – or who else would leave such comfort for the uncertainty of entrepreneurship?

    Maybe Obaro indeed lost it then, but several years on, one is certain he is glad he took that leap. It takes some guts to thrive as an entrepreneur in Nigeria! He went on to found SystemSpecs as a 5-man team with the aim of becoming a reference institution in the African technology space. Today, time has honoured that vision and SystemSpecs has emerged clearly as one of the biggest made-in-Nigeria financial technology (fintech) firms.

    At the beginning a merely Lagos-based firm, its software solutions were used in all sectors of the Nigerian economy and across Africa. Today, with a staff strength of over 250, SystemSpecs provides solutions to individuals, corporate organisations of all sizes, and government at state and federal levels in Nigeria and on the African continent.

    How TSA works: A chart showing the TSA framework

    But until about three years ago, not many had heard about the firm till—on the floor of the Red Chamber—a senator had given the firm an unpaid publicity by announcing to the world that Remita, SystemSpecs’ foremost solution, was the driver of the globally applauded Treasury Single Account (TSA) of the Federal Republic of Nigeria.

    According to recent data released by National Bureau of Statistics for Q1 2018, 16.4 percent of the total electronic payment transactions that happened in Nigeria during the period passed through Remita. This is a fully indigenous solution we are talking about here, with the potential of being a huge foreign currency earner for the country.

    But innovation is not new to SystemSpecs. For several years, the firm had been provided innovative made-in-Nigeria HR management and payment solutions to some of the biggest firms in Nigeria, including multinationals. Its HumanManager is a global trailblazer in the use of web technology for HR/Payroll Management. As a matter of fact, HumanManager pioneered the introduction of the employee self-service concept in HR/payroll management.

    So, when on Monday 14th May 2018, the London Metro published on its first page an advert announcing that, riding on UK’s Open Banking law, HSBC accountholders could now view account balances from different banks together on a single screen. It was not news to me. A Nigerian firm had seen far ahead of everyone and had developed Remita, a solution that delivers the one-solution-for-all-bank-accounts service to all its users. What the developers of Remita conceived way back in 2001 and implemented in 2006 was what one of the UK’s leading banks was just implementing in 2018!

    Since its establishment, SystemSpecs has clearly evolved from just being a developer of human capital management solutions to being also regarded as a FinTech firm. On a light note, the firm has paid its dues and certainly deserves some accolades. To crown it all, SystemSpecs seems to be a jack of many trades. But this trade I know them well for – FinTech.

  • SystemSpecs chief urges lawyers to brace for competition

    With the increasing rate of technology adoption sweeping across the globe, non-lawyers, aided by technology, would begin to offer services hitherto reserved for learned men, an indigenous software powerhouse, SystemsSpecs, has warned.

    Its founder and Chief Executive Officer, John Obaro, who spoke at a panel discussion on: Technology and Innovation during the Nigerian Bar Association (NBA), Lagos Branch Annual Law Week programme, said some of the things lawyers do could be automated, adding that competition in the legal profession has moved from the local to the international arena.

    SystemSpecs is the firm that produced Remita, the software that is driving Federal Government’s Treasury Single Account (TSA) initiative that has helped mopped up trillions of naira from Federal Government ministries, agencies and departments (MDAs).

    Obaro said robots are increasingly gaining traction, adding that what is seen as disruption today would not be so in the foreseeable future.

    He recalled that 10 years ago, there was no financial technology (FinTch). He said today, FinTech is now assuming a full life of its own, making financial transactions, both payments and receipts, easy. He added that it was practically impossible for bank account owners to check their balances without first going into a physical banking hall, joining the queue and taking ‘tally number’ before doing so. Today, he said things have changed as people that could be done on the go via the mobile phone any time within the comforts of people’s homes.

    Obaro lamented that the policy environment was stultifying the growth of the industry, stressing that regulations and policies would always lag behind technology.  This, he blamed on ignorance. For instance, he said the needless controversy that greeted the full implementation of TSA was largely borne out of ignorance, adding that a lot of things would be happening soon in the FinTech space.

    Also speaking on the panel, President Fintech Association of Nigeria, Dr. Segun Aina, said technology is an enabler and not necessarily a disruptor. According to him, the rise of the internet has fundamentally changed the way business is run, adding that the association wants to make Nigeria the hub of financial technology.

    According to Dr Aia, banking would required while banks will not, adding that lawyers will no longer be needed in future.

    He said lawyers in the United States are jobless because of the rise and adoption of technology. He therefore urged lawyers to see themselves as people offering services with the use of technology.