Remita processes N60 trillion transactions, plans expansion

With a yearly transaction volume of over N60 trillion processed in Nigeria, Remita has revealed plans to extend its services to other African markets. Developed by SystemSpecs, which started as a payroll feature in an HR application, has become a robust ecosystem.

The Managing Director/CEO of Remita Payment Services, Deremi Atanda, who disclosed this, spoke about how indigenous innovation is making global strides.

“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. We are at the fringe of that,” he stated.

Narrating Remita’s early days, he said: “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.’ Even the company’s logo carries symbolism of that transformation.

“I do not know if you’ve seen our logo – it has three dots, in ascending size. There are many stories in that logo. It started as a feature, and then we brought it out as a product.”

According to him, yet the road was not without its bumps. “The first time we brought it out as a product was to bid for the National Pension Commission. This was in 2004, with the PenCom Act. 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.”

Join Our Channels