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Electronic transactions can reduce financial losses from disasters


John Obaro

• As TSA processes N20trillion yearly
A FinTech expert has said the adoption of electronic transactions could have helped mitigate the losses suffered by traders across Nigeria, on account of recent fire incidences in various locations, especially in Lagos.

In particular, such web businesses would have reduced not only the extent of physical properties and assets but also the hundreds of millions of cash stashed in the various shops and warehouses that were raised.


At an interaction with journalists in Lagos, Managing Director, SystemSpecs, John Obaro, while empathising with all those who suffered a loss during the incidents, noted that such disasters underscored the need for a cashless society. Obaro, who spoke at the company’s new headquarters, said it is for this reason that SystemSpecs, a leading provider of innovative financial technology and human capital management solutions, is exploring greater fields of business possibilities, to rapidly enhance the delivery of top-notch technology solutions and services to diverse market segments in Nigeria and across Africa.

Against this backdrop, he said the company is developing and will unveil in quick succession various financial solutions to promote the Federal Government’s financial inclusion drive.He noted that having done significantly well in the public sector through the adoption of the firm’s solutions by governments across Africa, and oversees the Federal Government of Nigeria’s
Treasury Single Account (TSA) by Remita in about 22 states nationwide, SystemSpecs wants to expand to the private sector.

He disclosed that despite all the controversies surrounding the platform, the company processes about N20trillion yearly on TSA, and had saved the government about N450million monthly with IPPIS at the pilot stage, before it was awarded to a different contractor.


Following these successes he said the company would move more into the private and corporate space to provide solutions that will bring succour to individuals.In particular, with the rising rate of cyberattacks, the importance of security of online/Internet transactions cannot be over-emphasised, adding that through its receiving platform, Paylink by Remita, criminal activities have been significantly reduced.

Obara explained that “Paylink is a new product, which empowers individuals, businesses, particularly the medium, small and micro enterprises (MSMEs), and non-profits, especially those that seek to optimise social media as a one-stop-shop, to receive payments by simply sharing a link.” 

He added that “The organisation’s new structure of operation reinforces its commitment to better serve our customers across different spectra, improve its visibility and cross-industry prominence, and free up its people for business and career growth.
“SystemSpecs also recently restructured its new business operation into four strategic business units (SBU) – Infrastructure and Payment Gateway; Applications and Vertical Markets; Human Capital Solutions and Services; and Public Sector and Special Projects.”


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John ObaroSystemspecs
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