I was soaked with great disdain as I browsed through the many noise and multiplicity of misinformation that this TSA Implementation has attracted both offline and in the cyber space. We just bring tribalism, partisanship etc into a case we ought to apply logical reasoning. Casting blames on Presidents (past and present) or other stakeholders is just uncalled for. We even went as far as bringing ourselves so low to the point where we abuse ourselves on-line based on tribalism & partisanship (we are bigger than this). The intent of the TSA implementation was to create some form of value in the system.

Providing a technological service or solution implies that by default resources (human, technology, intellectual etc) will be deployed to make it happen. Remita, in itself is a SaaS web-based epayment/e-collection platform which like every other platform (e.g Interswitch, E-tranzact, Quickteller etc) charges a commission for every payment carried out through it`s platform.

Let me digress a little. For example, if you buy your flight ticket online, once payment is made (e.g N15,000 from Phc to Abj) about N300 (which is approx. 2%) goes to the epayment platform (e.g Interswitch, Quickteller etc) through which that payment was made as commission. It is an agreed upon charge (to carry out that service) and not framed or plucked from the sky. So logically, this is to say that the more the people buy tickets online via that epayment platform, the more money the epayment platform provider makes.

--------------------EVERY VALUE CREATED HAS IT`S PRICE------------------------------------------

Another short example. These days, a lot of us buy recharge cards online (whether via Quickteller or our banking platforms). Do you in any way think Quickteller does this for the TELCOs (MTN, GLO etc) for FREE I will be so dumb to think so. Let me explain. The recharge cards (hard copy) cost some money to produce (Let me say at least N5). So what happens next? Quickteller (or the banks) strikes a deal with MTN (or any other TELCO) indicating it will sell it`s recharge cards via it`s platform while MTN pays them for it (Because you didn`t pay doesn`t make it free). What does MTN do next?, They channel the money (N5%) they would have used to produce the recharge cards to Quickteller as commission for every recharge online. It becomes a win-win situation for both parties (strategic partnership). So the more recharges online, the more money quickteller makes. Now imagine if 10 million Nigerians used that platform per month I will be dumb and make myself of no value if I castigate for example Seun of Nairaland, or Linda Ikeji of Lindaikeji blog, or even Mark of Facebook for the money they make rather than setting my gaze at the value their platforms (Nairaland, Lindaikeji blog or Facebook) create. It is all about Numbers or Volume. The sad thing is that while young people in developed countries get "inspired" of such innovations, we get "suspicious" of it.
When the former Agric Minister Adesina introduced a platform through which farmers can get weather updates and farming tips on their phones on the go (which is a superb innovation), do you expect the person (and company) who conceptualized it not to make a profit? No.

------------------THERE IS NOTHING LIKE A FREE MEAL---------------------------------------------------


What am I trying to say? The platform Remita in other words is bound to make a lot more money as the number (or volume) of transactions increases. You don`t expect them to make N150 from a N25,000 transaction, and then make same for transactions worth trillions of naira. It`s simple maths. What the government should simply do is approach and talk to them so the % of the commission be reduced from 1% to maybe 0.5, 0.1 or even 0.05%. It is achievable. It is all about dialogue and not popularity contest.

Finally, I will advise my fellow Nigerians to drop this so called “AWOOF” or “GIVE ME AID” mentality. It will not take us far. But rather, we should be more inspired and bring even more solutions (technology and otherwise) to the table that will make governance more effective & productive. You will create value in the system, employ young people like you, and as well make money for yourself (because your name is not CHARITY).

I hope by the time we the young people realize how much time we have wasted on frivolities, we will not be 60 years old by then. Time waits for no man. Peace!!!


I am just a young Nigerian who has strong interest in innovation, value creation and technology.
Thank you.

Informative, Educative and Entertaining!
Welcome to Nigeria, a country where everyone is suspicious of something! And no action is not put on the scale of primitive sentiments!

I expect SYSTEMSPECS and the CBN to defend themselves properly when the senate finally sets up a committee to probe the transaction.

No sane human should expect innovators like these to develop such a critical platform for free.

Very good explanation... Unfortunately most of our people are DESPERATELY in need of what to criticise based on partisan or tribal inclinations hence even with this simple explanations, you will still have educated people screaming:
- Buhari stole the money
- GEJ stole the money
- The owners of REMITA stole the money.

Lalasticlala and Seun must read this.

Interesting...

we need anksl

I do not see anything wrong in building a platform and earning through it, to me , that organization has arrived, simple and clear. However, if there are kickbacks involved from how much the company gets then cases of corruption may have to be investigated especially if such beneficiaries were part of those that approved the company for use or officials of CBN.
This is because kick backs can influence the agreed percentage of commission considering the endemic nature of graft in Nigeria. I think the noise rather be an investigation into who gets what and not just about the company. It will also interest you that this company may not have offered the best rate for commission but may be chosen for benefit 'stakeholders' will get from the whole scheme.
If no such thing exist, I think governemnt should just take its own WHT, allow the company to take its commission and negotiate a new deal or open up new bids for it.

Good explanation, So long as remita does not belong to a politician, they should pay them their 1%, how do we move forward if we keep killing local companies. If these was handled by a foreign firms, will we collect the money from them?

In the next few months, i want to see a remita become a power house in Africa's finance sector. I want to see them employ thousands directly or indirectly.

Remita doesn't collect 1% fees. They share the 1% fee with the collection banks.

And why will this highly informative material not make front page but Sean Tizzle's and the rest frivolities will, amuses me. Even if relative thread has made it, this one too will not be a burden if it made it.

philips70:
And why will this highly informative material not make front page but Sean Tizzle's and the rest frivolities will, amuses me. Even if relative thread has made it, this one too will not be a burden if it made it.

This amazes me too, it is high time our mods give us an explanation why poo news makes front page while informative news like this is left to oblivion.

OP I appreciate your insight but the issue of TSA is somewhat different. TSA payments are mostly in bulk and requires less logistics as other payments you mentioned. Moreso TSA/REMITA is like a contract awarded and not a business awaiting customers. It's similar to the tax collection fraud being perpetrated in Lagos State.
What is even difficult in closing account in private bank and transferring the cash and papers to CBN. What are these civil servants paid for?