Nigeria Not Dropping Remita Despite Discontinuation Claims

Despite speculation, Nigeria has not abandoned Remita, the electronic payment platform managing its Treasury Single Account (TSA) for nearly a decade. Instead, the government is introducing the Treasury Management & Revenue Assurance System (TMRAS), a new system designed to function alongside Remita.

This move follows a 2023 directive from the Office of the Accountant General of the Federation (OAGF), which authorised Simplify International Synergy Limited to develop an “FGN Treasury Portal” and requested historical TSA transaction data. The government’s goal appears to be diversifying revenue collection mechanisms rather than outright replacing Remita. “TMRAS remains layered on top of Remita’s existing infrastructure, not a replacement,” a senior Remita executive explained.

A Struggle to Break Remita’s Grip

Remita, a product of SystemSpecs, has played a critical role in Nigeria’s public finance management since winning a federal contract in 2012. The platform was fully implemented in 2016 under Muhammadu Buhari’s administration, streamlining government payments and increasing transparency. However, its dominance has long drawn scrutiny from regulators and politicians.

Attempts to reduce Remita’s control have failed in the past. The Central Bank of Nigeria (CBN) has explored alternative payment models multiple times, but technical challenges stalled those efforts. “They never understood the end-to-end of what we were doing,” a Remita executive stated, criticising past attempts as superficial.

While the TSA framework has allowed other Payment Solution Service Providers (PSSPs) to participate, Remita remains the primary aggregator for government funds. The company’s 1% transaction fee—shared with the CBN, banks, and PSSPs—has been a key factor in previous reform efforts. Whether TMRAS will finally break this monopoly remains uncertain, but it marks another chapter in Nigeria’s evolving public finance landscape.