REMITA Successfully Facilitates N34.311 Trillion Revenue into Federation Account

REMITA CEO/Managing Director Mr. Deremi Atanda, revealed startling figures regarding the platform’s contribution to the federation account from 2015 to 2022. According to Atanda, REMITA played a pivotal role in channeling a staggering total revenue of N34.311 trillion during this period. This revelation underscores the platform’s significance in revenue management within Nigeria.

The breakdown of revenue remitted through REMITA paints a picture of consistent growth over the years. In 2015, N1.5 trillion was remitted, followed by N2.8 trillion in 2016, N3.7 trillion in 2017, and N4.6 trillion in both 2018 and 2019. Despite the challenges posed by the COVID-19 pandemic in 2020, REMITA still managed to facilitate the remittance of N4.2 trillion. The upward trajectory continued with N6 trillion in 2021 and peaked at N6.8 trillion in 2022, showcasing REMITA’s resilience and efficacy amid fluctuating economic conditions.

Investigative Hearing Reveals Revenue Leakages and Non-Compliance

However, during an investigative hearing chaired by Hon. Bamidele Salam at the House Committee on Public Accounts, Mr. Atanda disclosed concerning issues regarding revenue leakages and non-compliance with standard operating procedures (SOP) and service agreements within the REMITA platform. These revelations have sparked concerns among stakeholders and regulatory bodies regarding the integrity and transparency of revenue collection processes.

One particular area of focus is the discrepancy between the contracted fee income and the actual amounts received by stakeholders. The agreement signed in 2015 stipulated a fee income of N343.109 billion at a flat rate of one percent. Shockingly, only N23.922 billion of the agreed amount was utilized, raising questions about the accuracy and fairness of the contract terms. This significant shortfall has prompted the committee to extend invitations to key figures, including Mr. Wale Edun, the Minister of Finance, and Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), to provide clarifications regarding their roles in the contract agreement.

Committee Seeks Accountability and Verification of Contract Agreement

In light of the revelations made during the investigative hearing, the House Committee on Public Accounts is steadfast in its pursuit of accountability and transparency. By summoning key stakeholders, including government officials and regulatory bodies, the committee aims to verify the accuracy of the contract agreement between the Central Bank and Systemspec/REMITA regarding revenue collection. The discrepancy between the contracted fee income and the actual amounts disbursed underscores the need for stringent oversight and adherence to established protocols to prevent revenue leakages and ensure equitable distribution of funds. The committee remains committed to upholding the public interest and safeguarding the integrity of Nigeria’s financial systems through thorough investigations and decisive actions.

Remita Addressing Challenges and Innovating Solutions

In Nigeria, the journey towards widespread digital payment adoption has been marked by numerous obstacles, ranging from poor network connectivity to low levels of literacy and inadequate infrastructure. Despite these challenges, Remita has emerged as a pivotal player in the country’s fintech industry, spearheading innovative solutions to overcome these barriers.

Remita, a leading financial technology company based in Nigeria, has distinguished itself by providing cutting-edge payment solutions to a diverse array of clients, including individuals, corporates, organizations of varying sizes, and both state and federal governments. Its robust platform has garnered recognition both locally and internationally, positioning it as a trailblazer in the realm of digital payments.

Empowering Government Agencies and Streamlining Operations

One notable aspect of Remita’s impact is its pivotal role in facilitating government revenue remittance through the Treasury Single Account (TSA). As an online payment service provider owned by SystemSpecs, a renowned financial services company, Remita has become the go-to platform for federal government agencies seeking to streamline their financial operations and adhere to regulatory mandates.

By leveraging Remita’s secure and efficient payment infrastructure, government entities have been able to seamlessly remit revenue into the Treasury Single Account, enhancing transparency, accountability, and overall fiscal management. This not only fosters trust and confidence in government financial systems but also contributes to broader economic stability and growth by optimizing revenue collection and allocation processes.

Remita’s transformative impact in Nigeria’s fintech landscape is emblematic of the power of innovation in overcoming systemic challenges. Through its pioneering solutions and strategic partnerships, Remita continues to drive the digital payment revolution forward, empowering individuals, businesses, and government agencies alike to embrace a more efficient and inclusive financial ecosystem.