The Federal Government has saved a staggering N3 trillion from the implementation of the Treasury Single Account,TSA, SystemSpecs Limited, has revealed.
CEO of SystemSpecs, John Obaro, who made this known at the weekend, said the TSA has reduced debt servicing costs, liquidity reserves and enhanced the effective use of surplus cash.
Obaro said his firm would continue to deliver on its terms of contract with the Central Bank of Nigeria (CBN), despite being owed its fees on e-collections since March, 2015.
According to him, some banks were rejecting the collection of deposits for the non-payment of the fees. “From our end, we have continued to provide and support the Remita platform, 24 hours a day and seven days a week, for use by citizens for all their payments to the Federal Government.
“Our continued support for the TSA is fueled by our belief in the enormous benefits the Remita software brings to the implementation of TSA for the average citizen.”
“We must admit though that we are excited and further driven by the fact that our indigenous Remita software has succeeded in powering the technological backbone for such a successful and strategic national initiative, along with other well meaning Nigerians, we do not want this to fail.”
He said in 2011, SystemSpecs signed a deal with the CBN to deploy its Remita software for the implementation of the TSA policy. The software, he said, can 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.
