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TSA: Why FG should take Remita solution to the World

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In 2011, when the federal government of Nigeria, under the leadership of Goodluck Jonathan nursed the execution of the Treasury Single Account (TSA) recommended by the International Monetary Fund (IMF), a lot of factors stood in the way of full implementation but very importantly, there was a struggle with a technology that could help drive the policy.

A few years down the line, Nigeria is now at a point where it can proudly market the success of its TSA to other countries. SystemSpecs, through the deployment of Remita has proven that technology can be used in more and more innovative ways. In Nigeria’s history, never has there been a time, where the government has been in good control of its revenue inflows as now. And it can only get better.

Technology is pervasive in centralised treasury, and the only thing that has made Nigeria achieve so much success since 2015 when TSA was fully ordered by Muhammadu Buhari, is the right choice of technology to help transition the country from a highly fragmented banking system to a single system. After a series of evaluations, Remita came through and has been able to do this seamlessly. Today, the Treasury Single Account (TSA) and its success is the most talked about by the current administration.

TSA is just a policy, it doesn’t run itself. It is run by a technology developed by ingenious Nigerians- a bigger story we should be proud to tell the world. Even though Nigerian business and governance sphere is dominated by foreign payment solutions to the tune of 80 per cent, we have been able to make so much progress in mastering and handling our resources. SystemSpecs, the constantly innovating fintech company has been in existence for over 26 years. To consolidate Remita’s success, it is time that Nigerians led by the federal government learnt to celebrate their own ingenuity and pushed it to the global stage.

Remita, for the first time in the history of Nigeria has made it possible for relevant officials in about 2,000 Ministries Departments and Agencies and other relevant government and regulatory officials to monitor and track every single line of payment and collection. The Remita system has also provided veritable data to support the ongoing VAIDS initiative of the Nigerian Government.

Remita has become so integrated with the TSA, that a lot of people now think it is owned by the government, even though it is also used largely in the private sector. The MD of SystemSpecs, John Obaro revealed in an interview with BusinessDay recently that Remita’s design philosophy from inception about 15 years ago bore in mind the needs of public and private sector organisations and individuals for an easy-to-use payments system that effectively gives full visibility into all payments and collections transactions without breaking any sweat.

The TSA project was complex and challenging and foreign software proved ineffective. “The Government sought a SINGLE solution from a SINGLE solution provider to provide the TSA Technology platform after a rigorous consideration of different solution options way back in 2011,” Obaro said, adding that “SystemSpecs from Day 1 fully understood the technology and operational requirements of the different aspects of TSA way beyond the electronic collection component and demonstrated this all through the evaluation process.

“Our Remita Payment Technology Platform that drives the TSA has integration 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 market place.

“We are the first and probably the only e-payment provider that has opened our system to competitors all in the spirit of providing services to customers from a SINGLE point”.

Obaro further said that before the eventual introduction of Remita into the operations of the Federal Government, No Accountant General of the Federation, CBN Governor, Minister of Finance or any other top government official could determine account balances across thousands of accounts, affirm the consolidated cash balance of the government in real time or generate electronic statements of all government accounts online.

TSA with Remita has yielded impressive result and it is important that the government continues to boast of this result as much as it hails the TSA policy.

No doubt, the Vice President has been very active in the promotion of technology, but there has never been a mention of Remita anywhere, despite the integral role it plays giving life to the TSA. A product that has been so significant to the economic stability of the country should get the first mention everywhere and should be a poster child for other technological innovations coming out of Nigeria.

The TSA’s success is an opportunity to let the world know that a made-in-Nigeria software solution is making a big impact, helping the government save trillions of naira that could have otherwise been untraceable.

The post TSA: Why FG should take Remita solution to the World appeared first on BusinessDay : News you can trust.

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