|By Adejumo Adekunle-
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Nigeria’s fintech sector attracts 93% of startup funding, leaving oil and agric trailing
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Remita pushes frontier of digital payments, processes ₦65tn annually
Over the past decade, Nigeria’s fintech sector has exploded, reshaping the nation’s financial landscape and revolutionising how Nigerians bank, pay, and invest. At the heart of this transformation stands Remita, a game-changing payment platform developed by SystemSpecs, which has helped define what is now one of Africa’s most dynamic industries.
Fueled by innovation and foreign investment, Nigerian fintechs have outpaced other sectors in attracting startup capital. In 2019 alone, fintechs pulled in a massive $460 million, with 92.6% of all startup funding in the first half of 2021 going to fintechs—an overwhelming share compared to agriculture and oil & gas, which drew just $5 million in Q2 2024.
This surge in capital has spurred job creation, increased financial inclusion, and improved productivity. Analysts project user growth in digital payments to hit 82.09 million by 2028, confirming fintech’s foothold in the Nigerian economy.
Remita: The Quiet Giant Behind Nigeria’s Fintech Revolution
Launched by SystemSpecs, Remita has revolutionised payment systems for organisations, replacing clunky manual operations with sleek, tech-powered solutions. One of its early breakthroughs came in 2017, when it automated payments and approvals for the Petroleum Equalisation Fund (Management) Board (PEF[M]B).
By offering a unified interface, digital approvals, and instant payment notifications, Remita became synonymous with operational efficiency. This innovation caught national attention when Remita was chosen to drive the Federal Government’s Treasury Single Account (TSA) initiative, consolidating funds from over 1,000 MDAs.
Between 2015 and 2019, Remita’s role in the TSA helped the government save a staggering ₦10 trillion, a milestone widely regarded as one of the most impactful financial reforms in Nigeria’s public sector.
Scaling New Heights with AI
Now under the leadership of ‘DeRemi Atanda, Managing Director of Remita Payment Services Limited (RPSL), Remita processes ₦65 trillion (US$42 billion) annually. With a global partnership network and a client base spanning businesses, governments, and individuals, Remita remains a pillar in Nigeria’s digital economy.
Looking ahead, the company is betting on Artificial Intelligence. In a bold strategic move, Remita released a white paper titled “Unlocking the Power of AI in Nigeria’s Fintech Sector”, signalling its readiness to lead the next wave of digital innovation.
The report emerges as Nigeria cements its position as a fintech powerhouse, commanding 29% of Africa’s venture capital and home to five out of Africa’s eight fintech unicorns.
SystemSpecs: The Vision Behind the Machine
Founded in 1991 by John Tanimola Obaro, SystemSpecs has grown from its early days with HumanManager to becoming a tech behemoth. Its latest ventures include lifestyle apps like Whatadeal, but Remita remains the crown jewel in its legacy of homegrown innovation.
From driving financial inclusion to enabling a transparent public sector and now, pioneering AI in payments, Remita’s journey mirrors the rise of Nigeria’s fintech dominance on the African continent.
