Remita mobile app, not a threat to banks – Obaro

John Obaro, CEO of Systemspecs, owner of the Remita mobile app, a platform that enables customers to access to all their bank accounts on the single platform, says the mobile application is in no way a threat to normal banking applications.
Obaro, who spoke with BusinessDay at the official launch of the mobile application, debunked earlier claims of possible competition with the banks, saying it was simply an online/mobile payment collection platform and not a banking app.
“Remita is not new and the banks have welcomed and accepted it for a while when federal government and corporate agencies started using the platform to pay taxes, salaries, remit pensions and so many other things. We are just launching it on mobile for use by individuals,” Obaro said.
Contrary to previous speculations that the financial technology solution which helps businesses and individuals, manage their accounts and make payments across multiple banks would disrupt bank apps which have been somewhat turned to e-commerce spaces, Remita currently has almost all the Nigerian banks on board its app.
“Banks are not resisting the use of Remita at all, in fact, we already have agreements with the banks on how to share charges on payments made through the app and the mobile app meet all financial security requirements,” Obaro said.
Speaking at the launch, Deji Olowe, executive director, Products and Services, Systemspecs, said, “There is nothing like too much when it comes to technology. Everybody just wants something that would make life and in this case, transactions much easier and that is what has driven us to bring this useful product to everybody. All but two banks are already on board the Remita platform.
“Banks today do not allow you combine your company account with your individual account but Remita allows you to manage them all on one platform. We would also be using artificial intelligence to handle your personal financial management which would tell you what you need to pay for and where you are spending too much money, depending on your usual spending pattern.”
Considering that online security is a major issue in FinTech, Tolu Oluyemi, product manager, Remita app, said, “the platform is fully secured to meet the requirements of every bank in Nigeria and is working to introduce even foreign banks, to enable customers use their app anywhere in the world without having to take their debit or credit cards along.”
In agreement, Obaro said further, “the thing about security is that you can have it in different layers apart from the technology itself where we have a lot of in-built advanced security and anti-fraud measures, we also have a lot of process put in place for both corporate and individuals.
“However, a profile is created for you once we verify identity. We also have the conventional password system called a dynamic authentication number, which is quite different from a regular fixed four digit PIN.
“In this particular case, we ask you to define some rules, which we would use to throw verification questions at the user, so your PIN changes each time. For example if you log in today if you and you’re asked for your date of birth, tomorrow you wouldn’t be asked the same question so your password would be different each time.”
Olamilakan Oluyoye, who has been using Remita web application in his organisation, said the platform had made payment much easier and had enabled reliable record keeping as money spent could now be well accounted for.“We have been using Remita, which is a gateway to the Treasury Single Account (TSA) for the last two years. In my organisation, we make use of it to pay our vendors, pay salaries, pay taxes and to make different transactions. I think it makes everything much easier rather than having to go to different banks to make different payments, especially in an organisation like mine where money is being paid out all the time with only a little charge of two percent,” Oluyoye told BusinessDay in an interview.

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