SystemSpecs

SystemSpecs
Private
Industry Online payments
Financial services
Founded 1991 (1991)
Headquarters Lagos, Nigeria
Key people
 Dr Christopher Kolade, Chairman
John Obaro, Managing Director
Deremi Atanda, Executive Director
Dr Emmanuel Eze, Executive Director
Products Remita
HumanManager
Infor FMS SunSystems
Infor PM
Services Payment service provider
Payment gateway
Website SystemSpecs

SystemSpecs is a Nigerian company with interests in financial technology, designs and development of human resource management, (HRM) solutions. It is based in Lagos, Nigeria.[1]

History

SystemSpecs was founded in 1991 by John Obaro. It was then more like a business to business company selling software to organisations.[2] SystemSpecs started as a 5-man partner agent and Value added reseller for SunSystems, an accounting package developed by Systems Union, UK, (now Infor).[3] The indigenous company developed HumanManager, a payroll Human Resource Management and goal management software package. This was developed with object-oriented COBOL.[4][5] Media reports indicates that it enjoyed wide market acceptability with over 200 organizations across Africa as at 2004. TheSOFTtribe of Ghana signed a partnership deal with SystemSpecs in 2006 to provide 'HumanManager' for the Ghanaian market. The agreement authorized TheSOFTtribe to become Ghanaian partner of SystemSpecs for marketing, deployment and professional support of HumanManager.[6][7][8] HumanManager went on to become "well established within the sub-regional ICT market."[9] HumanManager was described by the Nigerian media as "Nigerian's most successful software yet" when SystemSpecs launched HumanManager 4.0 in December 2002.[10][11] The solution passed "a world class automated Quality Assurance test" in 2004.[12] Infor FMS SunSystems and Infor PM are other SystemSpecs products. SystemSpecs recorded another major breakthrough in software development with the creation of the financial remittance software called Remita.

Remita

Remita is the e-payments and e-collections platform developed by SystemSpecs Limited. Remita, a Central Bank of Nigeria (CBN) licensed platform, is developed in Nigeria and helps organisations and individuals receive and make payments. The software, which has become the flagship creation of the company, is used by the Central Bank of Nigeria for payment and collections of funds on behalf of the Federal Government of Nigeria for the treasury single account (TSA). It is also used by all 22 commercial banks and over 400 micro finance banks in Nigeria. Through TSA, the Nigerian government was reported to have saved "trillions of naira usually lost to corruption because of the opaque nature of government accounting." The Accountant General of the Federation, Ahmed Idris, revealed that 5.24 trillion naira has been realised as inflows into the TSA account following the mopping-up and direct debits of accounts of the CBN.[13][14][15] He had earlier declared at the ICAN UK International Zonal Conference that the Federal Government of Nigeria had recorded 3 trillion naira ($15 billion) inflows into the TSA as at the first quarter of 2016 from Ministries, Departments and Agencies numbering up to 976.[16] SystemSpecs released the Remita Mobile Application in March 2017.[17]

The Treasury Single Account Controversy

A Nigerian senator, Dino Melaye had claimed that the appointment of Remita, which he erroneusly described as "an e-collection agent",[18] was a violation of section 162 (1) of the Nigerian Constitution. He claimed that the constitution only recognised a banking institution to be the collector of government funds, and that Remita was not a bank. The senator said the one per cent commission charged by SystemSpecs for all revenues collected on behalf of the government from the various ministries, departments and agencies must be returned to the account of the Central Bank of Nigeria. He estimated the amount of commission collected by SystemSpecs to be twenty-five billion naira.

In a letter titled “Commencement of Federal Government independent revenue collection under the Treasury Single Account (TSA) initiative” addressed to the press, the Central Bank of Nigeria refuted the senator's claims, describing them as "misleading".[19] Nonetheless, SystemSpecs, as a "business decision" speedily obeyed CBN's directive that all the revenues made so far be returned pending the issue would be resolved.[20][21] The Nigerian Senate consequently ordered its committee on finance and public accounts to "commence an investigation into the use of Remita since the inception of the TSA policy.[22][23] Founder and Managing Director of SystemSpecs, developers of the Remita application, John Obaro, refuted claims that company pocketed 25 billion Naira. Obaro explained that the one per cent commission was negotiated prior to the signing of the contract; and the one per cent commission was shared by SystemSpecs, participating commercial banks and the Central Bank of Nigeria in the ratio of 50:40:10 respectively.[24][25] PremiumTimes, an online news platform, released a report titled 'Full details of TSA: Dino Melaye misled Nigerian Senate on N25 billion claim' which cited holes in the senator's claims and allegations.[26]

The Joint Senate investigative committee also absolved SystemSpecs of any wrongdoing as “the committee could not ascertain the deduction/collection of twenty-five billion Naira (N25 billion) by SystemSpecs as 1% fee charged for the use of its Remita platform within the period under investigation.” .[27][28][29]

Honours and awards

  • The Africa Forum Scotland, a Scottish/UK based strategic umbrella platform that specialises in the growth of the public and private sectors in Africa, conferred the 'Leadership in Technology' award on SystemSpecs in Scotland on the April 22, 2016.[30]
  • System received the 'ICT/Telecom Company of The Year' award in the annual LEADERSHIP award ceremony held on October 6, 2016 in Abuja.[31]
  • Remita was adjudged the “Most Efficient e-Revenue Service” at the CBN CardExpo Africa Awards in June 2016.[32]
  • SystemSpecs emerged ‘Online Payments Processing Company of the Year’ at the Nigeria Technology Awards (NiTA), 2016.[33]
  • SystemSpecs emerged the ‘Pan African Software Company of the Year’ at the Tech Titan awards held in July 2016. Remita received the ‘Most Revolutionary eGovernment Product of the Year’ award, while the company’s founder, John Obaro, made the list of Nigeria’s Top 50 Tech Titans.[34]
  • In 2015, SystemSpecs was awarded the 'Software Company of the Year' by NITMA and 'ICT/Telecommunications Company of the Year' by Leadership Group, respectively
  • In 2014, SystemSpecs bagged 'Outstanding Achievement in Software Development' and 'Most Outstanding Software Solution' at the Nigerian ICT Centenary Awards.[35]
  • In 2013, SystemSpecs was adjudged the ‘Software Company of the Year’[36] and bagged the Central Bank of Nigeria’s (CBN) ‘Public Sector Award of Excellence for FG MDA’.
  • In 2012, Financial Technology Africa named Remita ‘Outstanding Public Service Product of the Year.
  • 1n 2007, SystemSpecs was "listed among Top 50 Technology companies in West Africa".[37]
  • SystemSpecs has also received 'Innovation Award of Excellence.[38]

References

  1. ↑ Editor (10 March 2017). "SystemSpecs launches Remita Mobile App, unveils new Remita logo". BusinessDay.
  2. ↑ Emma Okonji (22 December 2016). "Obaro: Remita Software Has Addressed Nigeria's Financial Imbalance". ThisDay.
  3. ↑ Prof. Bamiro, O. A. (February 2007). "The Vision and Challenges of ICT Production in Africa: Software Production and Services". African Economic Research Consortium (AERC): 10.
  4. ↑ Adekunle Adekoya (27 April 2010). "'Users of foreign software are signing away the future'". Vanguard.
  5. ↑ Emmanuel Ogunsola (20 September 2016). "I learnt to code over 20 years ago using punch cards – Dr. Emmanuel Eze, CTO SystemSpecs". TechPoint.com.
  6. ↑ Frances Ovia (19 April 2006). "Systemspecs Partners Ghanaian Software Company". ThisDay.
  7. ↑ Remmy Nweke (26 April 2006). "SystemSpecs, Soft sign MoU on HumanManager". IT Realms.
  8. ↑ "CONTRACTS: WHO'S SELLING WHAT TO WHO?". Balancing Act.
  9. ↑ Ibrahim Olukotun (3 November 2012). "FG Plans Funding for Local Developers to Unlock Nigeri's N960B Software Sector, CommTech Minister Says". Technology Times.
  10. ↑ Tayo Ajakaiye (5 December 2002). "Systemspecs Launches Human Manager 4.0". ThisDay.
  11. ↑ "Systemspecs Launches Human Manager 4.0".
  12. ↑ "HumanManager Passes World Class Quality Assurance Test". Vanguard. 2 June 2004.
  13. ↑ Haruna Magaji (14 February 2017). "TSA Rakes In N5.24trn For Nigeria". Financial Watch.
  14. ↑ Fabian Tarpael (15 February 2017). "TSA: FG Nets N5.24 Trillion through Remita in 16 months". Financial Technology Africa.
  15. ↑ Fabian Tarpael (15 February 2017). "TSA Rakes in N5.2Trn in One Year". Nigeria Communications Week.
  16. ↑ Eromosele Abiodun (11 May 2016). "TSA: Opportunity for a Fledging Economy". ThisDay.
  17. ↑ "SystemSpecs releases Remita Mobile App, unveils new Remita logo". Tech Point. 10 March 2017.
  18. ↑ Nicholas Ibekwe. "Full details of TSA: Dino Melaye misled Nigerian Senate on N25 billion claim". Premium Times. Retrieved 15 November 2015.
  19. ↑ "How Dino Melaye misled the Senate on TSA, Remita". daily post. Retrieved 21 December 2015.
  20. ↑ Salisu Idris. "TSA: We refunded N8bn REMITA charge – SystemSpecs". Today. Retrieved 10 December 2015.
  21. ↑ Gabriel Omoh. "FG's order threatens Treasury Single Account". vanguard newspaper. Retrieved 22 December 2015.
  22. ↑ "Senate Investigates Alleged Abuse Of Treasury Single Account". Channels TV. Retrieved 11 November 2015.
  23. ↑ Fredrick Nwabufo. "Melaye alleges fraud in management of TSA". The Cable. Retrieved 10 November 2015.
  24. ↑ Wale Odunsi. "Remita boss, Obaro writes Buhari, explains all about TSA contract". daily post. Retrieved 19 December 2015.
  25. ↑ Babajide Komolafe. "TSA: 1% transaction charges is revenue for Remita, CBN, banks". Vanguard Newspaper. Retrieved 22 December 2015.
  26. ↑ Nicholas Ibekwe. "Full details of TSA: Dino Melaye misled Nigerian Senate on N25 billion claim". Premium Times. Retrieved 15 November 2015.
  27. ↑ Onodome Jakpor. "SystemSpecs: The Uncelebrated Heroes that "Averted Nigeria's Collapse"". ThisDay. Retrieved 6 August 2016.
  28. ↑ "Report of the Senate Join Committee on Finance; Banking, Insurance and Other Financial Institutions; and Public Accounts on The Abuse and Mismanagement of Treasury Single Account Regime (TSA)" (PDF). Abubakar Bukola Saraki Website.
  29. ↑ Editor. "Remita: Senate Admits Error, Says No Fraud Found In TSA Implement By SystemSpecs". Abusidiqu Blog. Retrieved 3 June 2016.
  30. ↑ Mayowa Tijani (3 May 2016). "Remita, the TSA platform, gets international award". The Cable.
  31. ↑ Mark Itsibor (7 October 2016). "We Are Encouraged By LEADERSHIP Award – SystemSpecs". Leadership.
  32. ↑ "Remita Bags 'Most Efficient e-Revenue Service Award'". ThisDay. 11 July 2016.
  33. ↑ Editor (2 December 2016). "SystemSpecs bags NiTA award for payments processing". Guardian.
  34. ↑ "SystemSpecs wins triple award for ICT innovation". Vanguard. 3 August 2016.
  35. ↑ Jude Iyanda (26 August 2016). "SystemSpecs on Course to Global ICT Hall of Fame". ThisDay.
  36. ↑ Ese Ebohota (3 May 2013). "SystemSpecs Wins Software Company of the Year". Nigeria Communications Week.
  37. ↑ "Globacom, Interswitch others listed among Top 50 Technology companies in West Africa". IT News Africa. 2 August 2007.
  38. ↑ "IPI Wins Innovation Award of Excellence". ThisDay. 26 November 2016.
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