SystemSpecs Limited has reaffirmed its full support for the implementation of the Treasury Single Account (TSA) which has recouped over N3 trillion for federal government, explaining that the support was fuelled by its belief in the enormous benefits of the Remita software to the implementation of the initiative.
SystemSpecs Limited is one of Nigeria’s leading software houses and owner of Remita, the software powering the implementation of the Federal Government’s TSA. Remita is a wholly indigenous e-payment and e-collection software that harmonises inflows, remittances and expenditure for enhanced transparency and increased efficiency.
Remita has the capacity to send and receive funds from all the 24 commercial banks, over 400 microfinance banks, and other payment channels such as debit cards, mobile wallets and e-wallets to name a few, adding that the software has enabled government recoup over N3 trillion from about 17,000 accounts of MDAs, and instilled much needed fiscal discipline that allows the Ministry of Finance to have effective control over budget allocations, whilst providing multiple entry points for collections.
The implementation of TSA by Remita has significantly reduced the government’s debt servicing costs; lowered liquidity reserve needs; and aided effective use of surplus cash, the statement further noted.
Responding to the growing inquisitions from the general public over its continued performance of the TSA service terms of contract with the Central Bank of Nigeria (CBN), despite being owed all of their legally earned fees on e-collections since March 2015, the company recalled that in 2011, SystemSpecs signed an agreement with the CBN to deploy its wholly home-grown Remita software for the implementation of the Treasury Single Account (TSA) policy.
It would also be recalled that on October 27, 2015, the CBN Governor directed SystemSpecs to return the earned fees on e-collections into TSA from March 2015, due to the spike created by the Presidential directive for all Ministries, Departments and Agencies (MDAs) to comply with the TSA policy, which led to a huge flux of funds through the Remita/TSA platform and in deference to the office of Governor of the CBN, SystemSpecs complied.
SystemSpecs also noted that the global rate of commission on e-transactions varies between 1.5 per cent to 3.5 per cent but the three parties – Deposit Money Banks (40 per cent), the CBN (10 per cent) and SystemSpecs (50 per cent) – agreed to a one per cent only commission with the CBN for the TSA e-collection services.