SystemSpecs: Technology is vital to the growth of MSMEs in Nigeria

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The Managing Director of SystemSpecs, Nigerian Fintech firm and owner of Remita, John Obaro has once again, emphasized on the role of technology in the growth of Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.

This happened at the Vanguard Economic Forum on MSMEs, held on August 28, 2018 at the Civic Centre, Victoria Island, Lagos. John Obaro was represented by the Head of Strategy; Seun Adesanya who spoke on the Role of Technology Adoption for Driving Growth and Innovation for MSMEs.

According to Obaro, SystemSpecs is not a financial institution but a facilitator.

“What we do through Remita is that we help you move your money from where it is to where you want it to be.”

Noting that there is a lot of opportunities in the country, the SystemSpecs representatives described how technology can help small businesses start, grow, and succeed, using examples of how Remita has been instrumental to the success of some small businesses in the country.

He highlighted six things needed for businesses to be successful and how technology can provide them. These include; funding, innovation, infrastructure, accountability, cost optimization and market expansion/growth.

Obaro stressed that innovation should be the first priority for a business owner.

“Our first priority should be creation of value; innovation. What could be unique in what you are bringing to the table? Innovation does not just come by sitting down; it comes from thinking, research, gathering intelligence, analysing reports, asking questions. As an MSME, the first thing to think of is what innovation am I bringing? Technology gives you access to information; where it has been done before, where it is currently being done, what are the challenges and what can I do differently? Technology helps in finding out what exists in the market.”

He further said, although there is infrastructural deficit in Nigeria, technology can provide an alternative, simplifying processes for entrepreneurs. For instance, technology has revolutionized financial transactions with digital banking. Today, people don’t even need to go to bank to do any financial transaction, with the example of Remita, which has made it possible to pay any government agency at the comfort of your room.

He also highlighted the role of technology in facilitating accountability for businesses and corporate entities, citing the case of Remita, the payment gateway for the Treasury Single Account, which has made it easier for government to keep tab of its finances.

Furthermore, he listed five benefits of technology, which include simplification of processes, revenue assurance, competitive access to opportunities, easy compliance with due processes, and value-added services.

Lastly, he mentioned seven key stakeholders vital to the successful adoption of technology for the benefit of MSMEs in the society. These include: government to facilitate policies, agencies of government for regulation and incentives, financial institutions(banks), telecoms companies, technology providers who create products like Remita, the media to create awareness, and the general public who are willing to accept technology.

The Chief Commercial Officer of SystemSpecs, David Okeme appreciated the Vanguard newspaper; organizer of the program. He encouraged participants at the forum to access Remita for the benefit of the businesses, adding that technology can have a multiplier effect on business growth.

Okeme cited three unique benefits for MSMEs making use of Remita for their businesses. This includes ability to collect payment from anywhere at any time, electronic record of transactions for proper accountability which aids in getting loans from financial institutions, and payroll functions.

Okeme added that SystemSpecs is currently working with partners to make it easier for MSMEs to assess loans from financial institutions.

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