MICROCAPITAL BRIEF: Nigerian Tech Firms Systemspecs and Maxim-Pro to Begin Training Microfinance Institution (MFI) Staff on Integration of E-Payment Service, Remita

A release from the online edition of Nigeria’s Champion Newspaper reports that Systemspecs Nigeria Limited, a software development firm headquartered in Lagos, and Maxim-Pro, a Nigerian technology provider to financial firms, finalized arrangements to begin training for the staff of approximately 125 Nigerian microfinance banks that have recently begun offering Remita, an electronic payment (e-payment) service.

As reported by MicroCapital April 30, 2010, Systemspecs and Maxim-Pro signed a memorandum of understanding (MoU) to integrate Remita e-Payment platform with MaxiSoft, a banking application from Maxim-Pro, to approximately 125 microfinance banks in Nigeria. Managing Director of SystemSpecs, John Obaro, stated, “With this arrangement, salary earners can now enjoy salary direct. Our decision to collaborate with Maxim-Pro is to further deepen the application of true e-Payment in Nigeria’s payment system and to ensure that the federal government and Central Bank of Nigeria (CBN) directives on payment are strengthened.” About the changes, Obaro states, “While any microfinance bank will still be able to receive funds via Remita platform, microfinance banks using Maxim-Pro have the distinct advantage of a straight through process between Remita and MaxiSoft.”

Remita is an electronic courier service that enables users to pay: workers salaries, vendors, pension contribution payments, tax remittance, health maintenance organization (HMO) remittance and other third-party payments via check. It also notifies recipients, via mobile telephone through short message service (SMS), as soon as payment is made.

By Matthew Fox, Research Associate

Sources and Additional Resources:

Champion Newspaper: Systemspecs Trains Microfinance Bank Operators, July 1, 2010: http://www.champion.com.ng/index.php?news=33881

MicroCapital Brief: Nigerian Tech Firms SystemSpecs and Maxim-Pro Release Memorandum of Understanding Targeting Microfinance Bank Enhancement, April 30, 2010: https://www.microcapital.org/microcapital-brief-nigerian-tech-firms-systemspecs-and-maxim-pro-release-memorandum-of-understanding-targeting-microfinance-bank-enhancement/

Remita: Funds and Schedules Remittances:http://remita.net/aboutremita/