News Column

E-Payment Firm Records N12 Trillion Transactions

July 2, 2014

Nume Ekeghe

A Lagos-based electronic payment firm, Remita yesterday announced that it has recorded over N12 trillion transactions through its multibank shared services products since its creation about 10 years ago.

The firm which is licenced by the Central Bank of Nigeria (CBN) as an e-payment and e-collection platform for the federal government revealed this at a media briefing in Lagos.

Speaking at the event, the Managing Director, Remita Mr. John Obaro said over N12 trillion worth of funds transfer, collection and payment of salaries, suppliers, subscription, standing orders, direct debit, donations, pension and taxes had been securely processed through system.

He also put the monthly flow of funds through the firm's electronic payment system at over N500 billion.

According to him, apart from providing e-payment, e- collections, e-payroll and e-schedules on a single platform, Remita offers users the ability to view balances across different bank accounts on a single screen.

The firm also empowers billers and collectors to receive payments from customers through seven different channels into a single account with zero need for reconciliation.

On what aided the growth of the firm, Obaro said: "In 2008 the late YarAdua mandated government agencies to begin to use electronic payments that lifted us up and create more awareness for us and it has also helped this economy.

"We also do a lot with the state governments and we cover different segments of government businesses. Of course we have the corporate, small and medium scale enterprises (SMEs) and individual payments. I would say more come from the state government put together and then of course the federal government."

Asides from its core areas, the managing director noted that the firm is looking to attract operators in the SMEs sub-sectors, corporate and individual clients.

Speaking on the advantages of the firm's products, he said: "All the banks have payment platforms but what we offer is convenience. With this you can keep track across all the banks for individuals with different bank account and what we have done is to create an interface that cost through all the banks."

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Source: AllAfrica

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