Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

The federal government announced in March 2025 that it had dumped Remita from being the official platform for the collection of payments over the years, and introducing a replacement.

This marked the official end of the use of Remita for payments made to the government, and the Accountant General of the Federation confirmed that the phasing would be complete by July 2025.

In a bold leap, SystemSpec, the owners of Remita have announced a new expansion move into markets across Africa.

Remita started as a payroll feature in Nigeria and has served as the official payment platform for the federal government and related institutions for over a decade.

As of 2024, the company was processing trillions of naira in annual transactions, but this could change once the federal government completes the phasing-out exercise.

Mr. Deremi Atanda, the Managing Director/CEO of Remita Payment Services Limited, disclosed in an interview with eGovernance Nigeria that the company is at the point of expanding operations to other African countries.

Atanda said;

“We’ve become an ecosystem of rails, products, and services—robust, layering all of that with the many different customers we’ve had.

"Typically every year we process in excess of maybe ₦60 trillion in transactions in Nigerian Naira. And this can only grow, especially as we begin to think of a vibrant Pan-African expansion. We’re at the fringe of that.”

Atanda narrated milestones in the product’s growth from being a payroll feature for HR teams, to an attempt to dabble into pensions, and eventually settling for a payment product named Remita (derived from Remittance), MSN news reports.

He disclosed that Remita has a Tier 1 license from the Central Bank of Nigeria (CBN) authorizing it to operate as a fintech among others. He said;

“We do switching, we do payment service provisioning, we do super agency, we do terminals—everything you can think about. We provide some basic services within the payment space, including payment service advisory.”

He explained that the Treasury Single Account (TSA) policy from the federal government had a huge on its operations as it was a case of preparation meeting opportunity.

It triggered massive growth for the company, allowing it to employ over 300 Nigerians. Now, SystemSpecs is poised to take financial inclusion, digital infrastructure, and innovative fintech solutions to new and underserved markets across Africa.

The House of Representatives has ordered Remita, a popular fintech used for handling the government's revenue collection, to refund N182 billion.

Following the results of a forensic audit commissioned by the House of Representatives Public Accounts Committee to investigate revenue leakages and funds, the lawmakers claimed the discovery of unremitted funds dating back to 2015.

The N182 billion comprised the unremitted funds and interest calculated by the lawmakers based on the current interest rate of 27.50% per annum.

In related news, the Nigeria Deposit Insurance Corporation (NDIC) announced that it had dumped Remita to adopt a new platform to pay Heritage Bank depositors.

The corporation said the Remita platform had a lot of hitches that clogged the payment processes.

NDIC announced that it had adopted the Nigeria Inter-Bank Settlement System (NIBBS) to pay depositors of the failed Heritage Bank.

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Source: Legit.ng