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Remita hits $30bn transactions mark annually, gets mobile app

Annual transactions on Remita have reached $30bn in the country, SystemSpecs has said, adding that it will release the mobile version of the Remita e-payment and e-collection platform before the end of the year.

The group noted that Remita was at the forefront of driving the national financial inclusion policy, “as about 500 microfinance banks use it to meet the needs of many Nigerians who do not have access to commercial banking services.”

The Executive Director, SystemSpecs, ‘DeRemi Atanda, said, “These microfinance banks also use it to extend financial services to a large number of unbanked Nigerians.

 “It also currently serves over 1,000 merchants, billers, multinationals, Small and Medium Enterprises (SMEs), and governments at various levels, and processes about $30bn worth of payment transactions every year.”

Atanda spoke at the ongoing Gulf Information Technology Exhibition in Dubai, the United Arab Emirates, which has participants from over 157 countries.

 “The Remita mobile app will enable any individual or organisation to see in real-time the balance in accounts held across different banks on a single app. Apart from this first-of-its-kind feature on a mobile app, users will also be able to make payments using the latest scan-to-pay and tap-to-pay technologies,” he said.

Speaking further at the event, which also had other successful Nigerian technology companies showcasing their offerings, Atanda said, “Remita is conceived as a one-stop payment app that will easily address the diverse needs of customers who currently have to download and use many payment apps at the same time.”