The Nigerian government has shut Remita payment platform which has powered its Treasury Single Account (TSA) for 13 years. The government will replace the e-payment platform with a new Treasury Management & Revenue Assurance System (TMRAS). The switch means Nigerians will now interact with a new platform for government payments and potentially delivering a massive blow to Remita’s payment company, Systemspecs, the fintech firm that built its business around Remita’s central role in revenue collection.

The new platform will be rolled out in two phases—first for all naira payments, then by June for foreign currency transactions—to ensure a smooth transition without disrupting government revenue collection . During a two-month overlap ending May 4, Remita will run concurrently with TMRAS so ministries, departments, and agencies (MDAs) and banks can adapt gradually . TMRAS introduces features like real-time balance tracking and automatic tax deductions on payments, which are expected to improve revenue inflows and plug leakages in the Treasury Single Account. All government collections will be centralized through the Central Bank’s gateway, meaning banks and payment processors must be CBN-licensed and integrate with the new system. 

Remita’s replacement will deal a huge blow to SystemSpecs, its parent company. For over a decade, the Nigerian government has been its largest client, with Remita serving as the primary gateway for the Treasury Single Account (TSA) and processing trillions of naira in public funds. While the company offers payroll, payment processing, and enterprise solutions, the TSA contract has been its most lucrative revenue stream, generating billions in transaction fees annually. 

Launched in 2012 by SystemSpecs, Remita became the backbone of Nigeria’s TSA, processing over ₦34 trillion of government revenues between 2015 and 2022. The platform significantly improved financial accountability, helping the government consolidate thousands of accounts and reportedly saving about ₦132 billion yearly in bank charges and interest through TSA reforms.

Despite these contributions, Remita’s use by the govenrment was not without controversy. In 2015, senators questioned a 1% transaction fee (about ₦25 billion) allegedly paid to the platform’s operators. In March 2024, lawmakers probed possible revenue leakages and an unapproved ₦15 billion paid to Remita in fees from 2016 to 2018 . These concerns over transparency and accountability likely influenced the government’s decision to replace the platform.