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Tag: SystemSpecs

  • SystemSpecs wins ‘Software Company of the Year’ award

    The Nation can report that fin-tech company, SystemSpecs Limited has again emerged ‘Software Company of the Year’ for the third consecutive year.

    The success was recently clinched with an award at the 2018 Beacon of ICT (BoICT) ceremony in Lagos.

    The company’s founder and Managing Director, John Obaro was also feted as ‘ICT Man of the Year,’ having recorded more votes to surpass his contemporaries from other top-notch ICT firms.

    The prestigious event is held yearly to appraise Nigeria’s information and communication technologies space, as well as reward outstanding contributions to the growth of the sector. The theme for this year’s awards was “Leveraging ICT Value for Building Institutions.”

    SystemSpecs clinched the most coveted award of the night in recognition of the impact its innovative software solution, Remita has made in institutions, especially the public sector where it serves as main gateway to the country’s Treasury Single Account.

    Obaro was also described as a pacesetter and exemplary leader, whose extended contributions to the financial services, technology and human resource management industries remain invaluable.

    Speaking to journalists after the event, David Okeme, Chief Commercial Officer of SystemSpecs Limited, who represented John Obaro, said it is exciting for the company and its founder to win laurels again for the second time within the space of three years.

    Okeme added that, “the theme of this year is about technology driving the growth of institutions and that is exactly what SystemSpecs has achieved in Nigeria through the Remita platform powering the Treasury Single Account. Remita has created a new way of public financial management and has helped the country and the government to structure its receipts in such a way that control is guaranteed”.

    He also noted that the country’s capacity for financial planning and management has been enhanced through the Remita-powered TSA. He described it as a practical example of how technology has been deployed to give a very firm structural support for managing the treasury of a country.

    Femi Adeoti, the Managing Director /CEO Africa Operations for Inlaks Computers Ltd, commended SytemSpecs for the role of Remita in the implementation of TSA. In his Keynote address he also spoke extensively on impacting the youth through technology.

    The event was well attended by icons of the ICT sector including Dr. Ernest Ndukwe, the former executive vice chairman, Nigeria Communications Commission (NCC) and chairman, Open Media Group.

    Beacon of ICT Awards Distinguished Lecture series and awards ceremony is organized by Ken Nwogbo, the founder and Editor-in-Chief of NigeriaCommunicationsWeek, a leading Nigerian ICT newspaper published in Lagos State, Nigeria.

  • SystemSpecs: technology has blocked financial haemorrhage

    SystemSpecs Executive Director/Chief Technology Officer Dr. Emmanuel Eze has said the application of technology to the collection of Federal Government revenue has stopped leakages and further haemorrhaging of the economy.

    Eze, who spoke on the sideline of the president’s dinner of the Institute of Software Practitioners of Nigeria (ISPON) in Lagos, said the software, Remitta, on which the Treasury Single Account (TSA) of the Federal Government has engendered transparency within the government space.

    He said: “Definitely, it’s been widely acclaimed that TSA has really helped the country in terms of managing leakages and all the things that happen when you don’t have that kind of software; it has equally helped to engender transparency within the government space especially with regard to payments and what goes on with payment generally within government. And in recognition of that, a number of other countries within Africa are trying to do something similar; so they are trying to learn from Nigeria so we’ve really done great here in Nigeria by implementing TSA.”

    Speaking on how the youth could be encouraged early in life to embrace coding and software writing, Eze said education is key, adding that the youths must be exposed to coding early enough.

    He said: “Education is key; they need to learn how to code and I’m happy with what Lagos State government is doing with CODELagos and we equally support that as a company as well. The whole idea these days is to catch them young and get the ones to start learning early enough and the moment they learn, software is what rules the world. You talk about technology, but without software which is the real thing that powers these devices, you don’t have anything so if you have the young ones learning early enough, starting off young by the time they get to their teenage or in their early 20s, they will begin to do wonders and that’s my wish for most of the young ones.”

  • SystemSpecs to Govt: Invest More in FinTech for Nigerians Prosperity

    SystemSpecs to Govt: Invest More in FinTech for Nigerians Prosperity

    For Nigerian economy to move forward, government needs to invest in the businesses of the future which are technology dependent and entrepreneurs must also be disruptive for Financial Technology (FinTech) economic prosperity of the nation.

    Executive Director, SystemSpecs, Deremi Atanda, made this assertion on the sideline at the Africa FinTech Foundry Disrupt Conference yesterday in Lagos.

    According to Atanda government has to focus on technology to lead Nigeria to the desired economy that will create jobs and improve socio-economy prosperity of the nation.

    Atanda who also joined panel of discussion on the sub-theme; From Growth to Sustainability- How FinTechs Can Survive and Thrive, at the forum, urged government to see FinTech as a unique opportunity and catalyst for a new economy supported by innovation and digital technology.

    The Executive Director further enjoined government to create anbling framework and investors friendly business envinronment for FinTech sector to strive. He said, “There should be people who can see FinTech as a unique opportunity in government. To use FinTech to led Nigeria to the new economy it is just going to be beyond talk and if the citizen are going to make a demand for that, the citizen need to demand that government need not to miss this opportunity.

    “We missed it with oil and now the younger people need to make an advocacy that government needs to look in the space of technology disruption, and this is going to create jobs as well.

    He added, “It should be less about regulation. See, government see investment in this space as seed and not in times of investment they as going to expect return from. See,  Government need to create that initial capacity for businesses to strive but today, you see government even expecting taxes from FinTechs and things which devalue even the systems and that is heart breaking, and those are the really issues that we really need to speak to moving forward.”

    However, Obaro said Systemspec recognizes that technology is a major enabler of any thriving economy, and acknowledged the importance of building capacity in that area.

    “Our firm will continue to partner with the government as part of our commitment on empowerment of the next generation of innovators who will drive the future of the nation’s economy. We know that

    “Our vision is to lead efforts to develop the next generation of innovators and ensure that Nigeria becomes a net exporter of software technology solutions and services in the next few years,”

    The inaugural edition of the Africa Fintech Foundry (AFF) Fintech conference had in attendance the best startups building products and solutions in the Financial Technology (FinTech) space, alongside investors, financial and technology partners, and a global audience of delegates from disparate industries to showcase next generation technologies and innovative solutions relevant to the financial services industry. Sessions on the day also included a keynote address, fireside chats, masterclasses, partner exhibitions and panel discussions.

    Speakers at the event included former Minister of Communication Technology and Senior Partner at TLcom Capital, Mrs. Omobola Johnson; CEO, SystemLogic Group, South Africa, Audrey Mothupi; Founder, SASWARE Nigeria, Collins Onuegbu; Chief Technology Officer, Microsoft Nigeria, Hakeem Adeniji-Adele; Investment Officer, West Africa at Accion Nigeria, Ashley Lewis; Co-Founder/Managing Partner, Trans-Sahara Investment Corporation Nigeria, Kyari Bukar.

    Other are Managing Director, SystemSpecs Nigeria, John Obaro; Managing Director/CEO, InfoGraphics Nigeria, Chinenye Mba-Uzoukwu; Chief Investment Officer, Coronation Capital, Ahovi Kponou; Managing Director, Accenture Financial Services, Toluwaleke Adenmosun, among many others.

  • Lagos, SystemSpecs invest in capacity development

    Lagos State government and SystemSpecs are expanding the frontiers of technology by empowering young Lagosians to significantly contribute to the advancements of the future, through CodeLagos.

    CodeLagos—an initiative of the Lagos State Ministry of Education, is aimed at teaching youths code writing and creative problems solving techniques—has been extended to out-of-school centres in order to further broaden access to coding education residents.

    In its first phase, the project trained more than 5000 students from 65 schools, including public and privately-owned primary as well as secondary schools across the state. The programme has now been expanded and will run in about 150 schools in the State.

    Speaking on the development, Special Adviser to the Governor on Education, Obafela Bank-Olemoh, said: “By January 2018, the programme would have expanded to a minimum of 500 schools across the State, while the Out-of-School programme will expand to all the public libraries and selected community centres.”

    Executive Director,  SystemSpecs, DeRemi Atanda said the firm has partnered with the Lagos as part of its commitment to empower the next generation of innovators who will drive the future of work.

    “We know that technology is a major enabler of any thriving economy, and acknowledge the importance of building capacity in that area.

    “Our vision is to lead efforts to develop the next generation of innovators and ensure that Nigeria becomes a net exporter of software technology solutions and services in the next few years,” Atanda said.

  • SystemSpecs unveils Remita Mobile App

    SystemSpecs has announced the unveiling of the Beta version of Remita Mobile Application to empower people to view their bank balances on one screen. The product also allows users make payments from and to their various bank accounts including microfinance banks.

    The product is also meant to settle various bills to Federal and State Government agencies as well as other billers and allow users stay in firm control of their finance.

    “Remita Mobile App will provide individuals with a much easier way to manage their finance,” said SystemSpecs’ Managing Director, John Obaro said at a ceremony held at the weekend in Lagos.

    ”Now, with Remita App, customers of various banks will experience increased convenience, as they would be able to access their various accounts, seamlessly settle bills, and stay in firm control of their finance, anytime, from anywhere, on a single app,” he said.

    “With this app, individuals will be able to send and receive money from the comfort of their phones, without needing any other mobile app or visiting any bank branch. Also with the app, payers can respond to payment requests from restaurants, shopping outlets, schools, family, friends or other billers by quickly snapping a QR code from their smartphone or tapping their device against the biller’s to complete transactions”.

    Executive Director at SystemSpecs, Adédèjì Olówè said: “We are optimistic that this solution will contribute significantly to transforming the financial culture in Nigeria. Not only will users be able to effortlessly settle utility bills using their mobile phones, Remita App’s exciting expense management feature will enable them make more financially intelligent decisions as it provides easy-to-understand colourful charts which analyse and display expense patterns.”

    Also on the occasion, the winners of the Remita Seed Fund for startups received financial support to tune of one million naira each. They had emerged winners after successfully pitching at the fifth edition of StartUP Friday organised by the Office for ICT Innovation and Entrepreneurship (OIIE), a subsidiary of National Information Technology Development Agency (NITDA).

    The beneficiaries are Temie Giwa-Tubosun of LifeBank Technology and Logistics Limited, Damilare Ogunleye of Lasiko Ltd, and Taiwo Ayanleye of Stutern Limited.

    Speaking on the gesture, Obaro said: “We are always glad to support innovative tech-driven startups to grow and scale their businesses. Remita Seed Fund is one of our contributions to the advancement of Nigeria’s technology ecosystem.

  • SystemSpecs appoints new ED

    SystemSpecs, owner of electronic payment solution Remita, has announced the appointment of  Adedeji Olowe as its new Executive Director. The appointment is expected  to enhance the firm’s drive to attain greater innovation in financial technology industry.

    Adedeji is tasked with further growing the organisation’s portfolio across the nation and endearing its brands to end users. In this role, he would be responsible for transforming the organisation’s emergence as a key player in retail payment, working with key stakeholders to ensure improved user experience.

    “Adedeji has joined us as we herald our entry into newer terrains in the payment industry. We believe he will produce exceptional results capable of transforming our organisation, and by extension, the entire African payment landscape,” SystemSpecs Managing Director John Obaro said.

    Reacting to his appointment, Adedeji said: “This is yet another opportunity to contribute to making a difference in payment experience. It is such an auspicious time to join System-Specs – just as Remita App is about to be launched and is set to transform electronic payments in Nigeria and the rest of Africa.”

    Adedeji comes with a wealth of experience spanning about two decades across the payment industry in and outside Nigeria, where he led many transforma-tive initiatives.

    Prior to joining SystemSpecs, Adedeji was the Head of Cards and Digital Payments at Atlas Mara Limited where he worked closely with FinTech firms, experts and customers to build the next generation of digital payment platforms and solutions across Africa.

  • Remita pays two million employees monthly, says SystemSpecs CEO

    The Managing Director, SystemSpecs, John Tani Obaro has said Remita, its e-payments and e-collections solution platform used by the Federal Government agencies for the Treasury Single Account (TSA) pays  two million employees monthly.

    Speaking at the Vantage Forum, a yearly entrepreneurial advancement initiative focused on empowering individuals to achieve the highest levels of distinction in their businesses and careers, he said TSA, which was consistently delayed for two years only took effect after Remita was deployed to drive the project.

    He said SystemSpecs does its business in line with global best practices keeping in mind the need to positively impact on the society.

    He said  entrepreneurship thrives when businesses keep in mind the principles of people, planet and profit. “If you want to build a successful business, focus on hard work, dedication and diligence,” he said.

    Remita is also at the forefront of driving the national financial inclusion policy, and is currently used by about 500 micro-finance banks to meet the needs of Nigerians who lack access to commercial banking services, empowering them to extend financial services to the unbanked.

    Vantage Forum is an annual entrepreneurial advancement initiative of The Elevation Church focused on empowering individuals to achieve the highest levels of distinction in their businesses and careers through provision of resources such as business seminars, workshops and mentorship programs.

    The quality of the discourse makes it an event more suited to senior business executives, owners of medium sized businesses and high net-worth individuals.

    Driven by the theme: ‘New Frontiers, New Possibilities’, Vantage Forum 2017 featured distinguished high calibre speakers such as the Honorable Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, Obaro and Mrs. Ndidi Nwuneli, Founder of LEAP Africa, Co-Founder of AACE Food Processing & Distribution, Partner at Sahel.

  • Remita processes $30b transactions yearly, says SystemSpecs

    SystemSpecs Executive Director Deremi Atanda has said that Remita, the technology driving the Treasury Single Account (TSA), processes over $30 billion transactions yearly within Nigeria alone.

    He spoke at the Gulf International Technology Exhibition (GITEX) in Dubai.

    Remita is the e-payments and e-collections solution platform developed by SystemSpecs Limited and used by Federal Government agencies for the TSA.

    “There’s also a roadmap to take Remita to Africa. So if you have a vision to be part of revolutionising payments in Africa at whatever level, driving financial inclusion at the national level, savings, micro-savings and micro-transactions, Remita is best placed to help you achieve that,” Atanda said.

    He explained that Remita is also at the forefront of driving the national financial inclusion policy, and is currently used by about 500 micro-finance banks to meet the needs of many Nigerians who lack access to commercial banking services, empowering them to extend financial services to unbanked Nigerians.

    SystemSpecs Limited, one of Nigeria’s leading software development and solutions companies, won the award for its use of Remita “as a tool of national and economic development”.

    The “leadership in technology” award was conferred on the company in Scotland on the April 22, hosted by the Africa Forum Scotland, according to a statement from the company.

    Beside the award in Scotland, John Obaro, SystemSpecs managing director, was also recognised as the software personality of the year at the Nigeria communications week’s Beacon of Information and Communications Technology (BoICT) Awards in Lagos on April 23.

    Speaking about the awards Obaro said: “We dedicate these awards to all the hardworking Nigerians that roll up their sleeves every day to devise innovative, home-grown solutions to the various challenges facing us as a nation, thereby contributing their respective quotas in making Nigeria great again in the ever watchful eye of the global community”.

  • TSA: Why SystemSpecs deserves a competitive service fee

    As the clock slowly ticks towards September 15, 2016 when the Treasury Single Account (TSA) policy will mark one year, debates are increasingly dominating the public space. Government officials seem to be playing tag teams praising the policy for instilling a measure of discipline and accountability in the nation’s public sector.

    Last Friday, Vice President Yemi Osibajo said the TSA had flushed out over 40,000 ghost workers from the Federal Ministries, Departments and Agencies (MDAs) since it was adopted last year. Before him, Minister of Information and Culture Lai Mohammed claimed the judicious management of the policy had helped advance the President Muhammadu Buhari administration’s fight against corruption and saved Nigeria from imminent collapse. The vaunted impact of the TSA was not lost on President Buhari, who disclosed that the policy had helped his administration take control of over N3 trillion of its cash assets as of the first quarter of 2016.

    But other reactions are not this one-sided. Many others praise the policy for its nationalistic vision, but fault the government for adopting it at this time when Nigerians are struggling to make ends meet. Commercial banks fall into this category because they have an axe to grind. Over the years they had hinged their profits on ill-managed MDA deposits, leaving the government virtually cash-strapped and unable to execute developmental projects. So they argue that the policy is not in their best interests at this time. I beg to differ. It is not financially healthy for banks to depend on MDA funds, nor would we be wise to deposit our investments with financial institutions virtually hopping on one foot. Last Tuesday, Deposit Insurance Corporation (NDIC) helmsman Umaru Ibrahim said the TSA has signalled the end of armchair banking. He stressed that over three years ago, banks had been warned to diversify their sources of deposit mobilisation to avoid overly relying on public funds. So government can hardly be blamed for the mass layoffs experienced in the banking sector, or imposing sanctions for their failure to remit a total of $2.334 billion belonging to the Nigerian National Petroleum Corporation (NNPC) to the TSA.

    What I take exception to is government’s sheer hypocrisy in the whole scheme of things. After all, he who comes to equity must come with clean hands. Policymakers have been in the news for praising the TSA over the past few months without giving due credit to SystemSpecs whose Remita software is responsible for its success. By turns, they have conveniently sidestepped the fact that government owes SystemSpecs its service charge dating back to March last year for providing this service. Is it not ironic that the same government is clamping down on commercial banks for not remitting NNPC funds to the TSA? And since commercial banks are entitled to 40% of SystemSpecs’ service charge, what moral justification does the government have to sanction them for the same offence it is guilty of?SystemSpecs is entitled to a 1% service charge for powering the TSA policy with its Remita software and has a valid contractual agreement with the government to this effect. The company is only entitled to 50% of this fee, while 40% and 10% are meant for commercial banks and the CBN respectively.  This contravenes the argument that made headlines in the recent past that the service fee was bloated and meant for SystemSpecs alone.

    Statistics show that companies abroad rendering the same service charge a much higher percentage than SystemSpecs. For instance, PayPal charges 2.75% for swiped card transactions, 3.5%+15cents for annually entered transactions and 2.9%+30cents for e-commerce integrations. Payfirma charges between 1.99% to 2.95 +25cents per transaction, Square 2.75% for swiped card transactions and Moneris between 2.65% and 2.85%. So without further argument, the President Buhari administration owes SystemSpecs a lot of credit for agreeing to a paltry 1% service charge, which in any case is to be shared with other stakeholders on the service chain.

    SystemSpecs has been denied its due service charge for 16 months and counting. This does not only question the validity of contracts that private entities sign with the Federal Government, but also the negligible recognition we accord our homegrown companies for inventions that turn around our country’s fortunes for the better.

    Recently, SystemSpecs Executive Director Deremi Atanda was on CNBC Africa’s mid-belt programme Power Lunch, where he argued that it was tough for SystemSpecs to continually render services to the government but remain unpaid indefinitely. “We have taken this challenge upon ourselves for the sake of other IT entrepreneurs. It’s not been easy going ahead without being paid for months. But we know that once this is sorted out, it charts the path for others coming into the market,” he said.

    In all of this, I hope government’s inaction does not stifle the TSA just when it is beginning to make some impact. In my opinion, the policy is President Muhammadu Buhari’s single most important achievement. If it fails, observers say the economy would virtually grind to a halt and we would return to the era of “business as usual” in public spending. I sincerely hope this does not happen.

    Oguma is a public affairs analyst