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SystemSpecs Limited, the Nigerian FinTech firm providing Remita, the gateway solution for the Treasury Single Account (TSA) has described how the top-notch deployment of its electronic gateway enables the TSA.
Demola Igbalajobi, Divisional Head, Payment Gateway and Infrastructure for SystemSpecs Limited explored the issue in a presentation to a Gambian delegation led by the Permanent Secretary, Ministry of Finance and Economic Affairs, Ada Gaye, in Abuja on Wednesday.
A payment gateway facilitates a payment transaction by the transfer of information between a payment portal (such as a website, mobile phone or interactive voice response service) and the front-end processor.
According to Igbalajobi, following a review of options, Remita was adopted as the Payment Gateway for the Federal Government’s TSA in October 2011 and commenced operations in January 2012.
Speaking extensively on the role of a secure and efficient gateway for the TSA, Igbalajobi holds that the electronic gateway bridges the government system (TSA) with the commercial banks so that people can pay the government electronically and from different locations. It also provides payers with multiple channels to make payment to Government and makes the TSA available for round the clock transactions.
One of the important benefits mentioned by Igbalajobi is that it has enabled the government and its Ministries, Departments and Agencies(MDAs) to access their bank statements independently as all accounts are now domiciled with the Central Bank of Nigeria(CBN).
“Prior to TSA, MDAs that have their accounts in commercial banks were able to go to their bank’s online platform and get their account statement…With the CBN having to provide these statements for them, we have to put in place something that will allow them to access their independent bank statements…the payment gateway allows those statements to be read electronically by the MDAs.
Moreover, the gateway … Read More...