Remita aims for Pan-African expansion after processing N60 trillion in Nigeria

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Remita, a payment platform developed by SystemSpecs, has revealed plans to extend its services to other African markets after processing over N60 trillion in transactions in Nigeria annually. According to Deremi Atanda, managing director/CEO of Remita Payment Services, the platform has evolved into a robust ecosystem.

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“We have become an ecosystem of rails, products, and robust services. Layering all of that with the many different customers we’ve had, typically every year we process more than N60 trillion in transactions in Nigerian Naira. And this can only grow, especially as we begin to think of a vibrant Pan-African expansion,” Atanda stated.

Remita’s journey began as a payroll feature in an HR application, with its name derived from “remittance.” Atanda explained, “What many people know today as Remita started as a feature within our HR/payroll application. You process salaries, and you just want to pay, so just remit salaries. And by the way, that’s where the name ‘Remita’ came from: remittance. We just took out one ‘T’ and left it at ‘A.'”

Despite facing challenges, including losing a bid for the National Pension Commission in 2004, Remita has continued to grow. Atanda noted, “The first time we brought it out as a product was to bid for the National Pension Commission… We packaged this into a product in less than two weeks to take care of end-to-end pensions as it was conceived. Trust me, that vision is still viable today. But we lost that bid.”

Remita’s logo, featuring three dots in ascending size, symbolises its transformation from a feature to a product. With its sights set on Pan-African expansion, Remita is poised to make a significant impact on the continent’s payment landscape

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