Never mind, you are not necessarily a dummy. You are just someone who is of the opinion that transferring money electronically is harder than making fire with wet matches.

Remita: Five Facts For Dummies


Never mind, you are not necessarily a dummy. You are just someone who thinks that transferring money electronically is harder than making fire with wet matches. But, you are not, entirely, wrong, too, especially when the dashboard of most payment solution companies gives the impression of a kitchen vacated in a hurry. Here are the five facts for you in question format.

1. What is Remita?

There are so many ways to answer this question. First, let us agree that Remita is an e-Payment solution licensed by CBN to help curb difficulties individuals and corporate organizations encounter when making transactions.   It is owned by tech giant SystemSpecs and the CEO is John Abaro.

Remita platform lets you view all your bank balances from different banks on a single screen, easily transfer money to one or more beneficiaries. Remita also makes it easier for businesses to receive payments from customers without visiting the banking hall through different channels, like the Remita Mobile App and Website, Internet Banking, Point of Sales (PoS) Terminals, Debit/Credit Cards

Remita services more than 5,000 merchants, billers, multinationals, SMEs in Africa. The Remita software processes over $50billion worth of payment transactions on a yearly basis. It’s HR and payroll functions help businesses maintain a cohesive, online employee personal and payroll data.

2. How Secure is Remitta?

Now comes your fear. Of course who is not wary when it comes to money especially when it’s slow to enter and quick to go. Well, Remita is more secure than the artless Ponzi scheme MMM or Ultimate Cycler. Remember this two Ponzi scheme that raised so much dust on the airwaves, smearing friendships and relationships of people who couldn’t sway their partners.  Remita is more secure than them. Remita is not a Ponzi scheme, you don’t need referrals to do transactions.  Also, Remita doesn’t give you doubts that your transaction has been compromised

Now you’re here see: ICAN Dummy Facts

Remita is packed with advanced security features that they even swayed Federal government to adopt it hence transacting with it. It’s security features guarantees a no heart attack transaction.

3. Is Remitta another name for TSA?

No. TSA is far different form Remita. See the two like distant cousins instead of siblings. The treasury single account is a public accounting system where government receipts, revenue, and Abacha loots are collected and collated into one single account. It enhances the management of cash flows   The Central bank of Nigeria is responsible for the maintenance and management of such an account.  While Remita is just a conduit of where these payments go through.  Remita only earns 1% transaction charges on any transaction done through the TSA.

4. Can I use Remita to pay for every single bill?

Yes, you can use Remita to pay bills. In fact, chances are that you have used Remita at some point without knowing. Most tertiary institutions make use of Remita to accept school fees and other payments.

Outside the school system, you can use Remita, to pay taxes and other levies directly to the government. You can use Remita to pay for your DSTV, light bills and any other domestic bills available on the Remita platform. Good thing is that you can use Remita 24/7 with holidays and weekends inclusive

5. How much does Remita charge users?

All the talk about Remita is sounding too good to be true? So you want to know how much you’re charged on daily, weekly or on each transaction you make. First of all, To register on Remita is free. Yes, you heard it is free.  Free integration Fees, free monthly fees, free support fees. However, as expected, there are charges.

When making payments to vendors or when sending money to your intended, Remita charges N100 per payment made except you’re making payments to Remita billers which is free. Also, when receiving any payment from any Nigerian Bank in the Remita app, you are being charged 2% of the transaction made and when foreign cards are used you’re charged an additional 2%.

For big organizations who use Remita to payroll workers and other HR functions, there is a N50 charge per month for Performance Appraisal, Employee Self-service, Leave, Staff Claims.  Then there’s also a N250 charge monthly for salary run while there’s a 500 one-off employee enrolment.

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