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SystemSpecs to Digitalise e-Payment Space



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  • SystemSpecs to Digitalise e-Payment Space

SystemSpecs, developer of Remita software for online payment, has assured Nigerians that it would not relent in its passion for innovative software solution that would define the country’s e-payment space.

The Chief Commercial Officer of SystemSpecs, Mr. David Okeme, who gave the assurance shortly after he received an award plaque on behalf of the company that was adjudged the e-Payment Platform of the Year at the Beacon of ICT Awards, which held in Lagos recently, said Remita, which is a local software developed by SystemSpecs and adopted by the federal government for the collection of government revenue, through the Treasury Single Account (TSA), underscores the ability of SystemSpecs to develop local but innovative apps that could compete globally.

One area of strength of SystemSpecs is in innovation, and we have a team of talented staff that is driven by passion to develop innovative solution that will address individual and collective challenges of Nigerians in the e-Payment space, Okeme said.

“So what SystemSpecs is doing with Remita, is about building the right institutional framework for the country, driven by transparency and accountability. It has brought a lot of confidence in government that its cash system is secured, with the use of Remita.”

We did not stop at Remita, but we have been working on new payment apps for Nigeria and we will be launching one of them soon, even though it is already available for trial testing and use. In the coming weeks, we will be unveiling the app, which we regard as the supper app because it combines several features and it is able to deliver all the features in real time, Okeme said.

The new app is a financial app designed for big and small businesses to address financial leakages. It has a lot of features, one of which is account aggregation, which allows the user to see his/her accounting system in just one view. For organisations that manage several bank accounts, they will be able to link all their bank accounts to a single platform and with a single view, they are able to have access to all the bank accounts within the app, without the stress of navigating from one account to another.

The app has also helped in eliminating the use of multiple tokens from different banks in accessing bank accounts. It has also helped in eliminating the use of PIN and passwords to access accounts. It gives clear visibility of all financial transactions, which in turn helps users to make smart decisions about the management of their finances.

Speaking on the strength of the award, he said it would energise the staff to do more.

Nigerians are eager to see new technology solutions that will address their challenges and we at SystemSpecs will continue to carry out researches and come up with best solutions that will address all of the challenges faced by Nigerians. The award will encourage us to develop more technology solutions for Nigerians. We see the award as an encouragement for us to do more in the e-payment space to digitise the use of cash, Okeme added.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.


Bolt Expels Over 5,000 Drivers in Kenya to Enhance Safety Measures



Estonian ride-hailing giant Bolt has taken decisive action in Kenya by removing more than 5,000 drivers from its platform over the past six months.

This move comes as part of Bolt’s commitment to bolstering safety and ensuring compliance among its driver partners.

The company, operating in over 15 towns and cities in Kenya, has earmarked KES 20 million ($130,000) for investments in safety-related practices.

The decision to expel drivers follows recent safety concerns raised by the National Transport and Safety Authority (NTSA).

Bolt faced scrutiny and was asked to outline its strategy for addressing safety issues, including instances of physical assault on passengers and unauthorized sale of driver accounts.

The NTSA’s directive was a prerequisite for Bolt’s annual license renewal.

Linda Ndungu, Bolt Kenya’s Country Manager, emphasized the company’s commitment to user trust and safety.

Ndungu stated, “We understand the trust our users place in us, and we are taking proactive steps to ensure their well-being during every ride.”

To enhance safety measures, Bolt is implementing internal measures such as random driver selfie checks, providing training for both riders and drivers, and enforcing strict compliance with swift consequences for violations.

Bolt has also introduced improved reporting tools to facilitate the reporting of safety concerns.

Bolt’s move is a response to recent driver dissatisfaction, attributed in part to commission rates exceeding the government’s recommended 18%, including booking fees.

The company aims to address these challenges and reinforce its commitment to safety and compliance within its platform.

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Fintech Company, Grey, Unveils New Look to Support its Global Expansion Strategy



Grey Finance

Grey, a leading cross-border fintech company, has embarked on a significant global brand rebranding initiative, revealing a fresh logo and website design.

This strategic move aligns with the company’s dynamic plans to expand its footprint in the global market.

The company’s transformation was unveiled on its social media platforms on Monday, November 27, 2023. Grey aims to leverage this fresh identity to reach a broader audience and solidify its international presence. The updated brand assets visually represent Grey’s commitment to innovation, excellence, and global connectivity.

The rebranding initiative follows closely on the heels of Grey celebrating a milestone achievement of surpassing 500,000 users. The company’s rapid growth and expanding user base have spurred this bold step towards rebranding, symbolizing success and underlining its dedication to remaining at the forefront of global fintech innovation. Furthermore, the previous logo was not usable in some foreign markets due to trademark conflicts with another company.

Idee ObongThe CEO and founder of Grey, shared insights into the rationale behind the rebranding, stating, “As we chart our course toward serving a global audience, we recognized the need for trademarks and related processes. We identified similarities with existing marks during this evaluation, prompting a deliberate rebrand. The new logo and website signify our forward trajectory, emphasizing global connectivity and our commitment to creating a more interconnected world. Our focus remains on being people-centric and cultivating a lasting community.”

Grey’s brand evolution is occurring at a crucial juncture for the fintech industry, which is positioned for significant opportunities despite recent economic uncertainties. The fintech sector has faced challenges in the past year; notwithstanding, Grey has rapidly scaled, adeptly responding to the heightened demand for its services.

The company has also established key partnerships across both B2B and B2C sectors across Africa over the past months, solidifying its reputation as a trusted and reliable cross-border payments company.

Femi AghedoCo-founder of Grey, emphasized the strategic timing of the brand evolution, stating, “The timing simply felt right to evolve our brand. Our growth and evolution as a business needed to be reflected tangibly. We are dedicated to ongoing innovation, adapting our services to meet the dynamic needs of our customers. Our core mission is to provide seamless and secure cross-border payment solutions, empowering businesses and individuals in the global economy. We eagerly anticipate the future of fintech and the opportunities it presents for us to impact the industry positively.”

Furthermore, customers can expect a more innovative and interconnected user experience when engaging on their platforms. As Grey ventures into this exciting new chapter, the team remains committed to providing cutting-edge and secure cross-border payment solutions, fostering global connectivity, and contributing to the evolving landscape of the fintech industry.

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OpenAI Reshapes Leadership Amid Employee Threats: Sam Altman to Return as CEO



Sam Altman

OpenAI has announced the reinstatement of Sam Altman as its Chief Executive Officer and the appointment of a revamped board following the controversial decision to oust Altman, which had triggered the threat of mass resignations among the workforce.

The company, known for its advancements in artificial intelligence, revealed that the new board would be chaired by Bret Taylor and feature esteemed members such as Larry Summers and Adam D’Angelo.

The details of this restructuring are currently in the works, as stated in a message posted on X, the platform formerly known as Twitter.

Altman, who was dismissed on Friday due to disagreements with the board regarding the pace of artificial intelligence development and monetization strategies, had been engaged in negotiations to return to his role.

However, talks hit a roadblock on Sunday, partly due to Altman’s insistence, alongside others, for the resignation of existing board members.

This development led to the board appointing Emmett Shear, former CEO of Twitch, as the new leader, and Altman subsequently secured a position at Microsoft Corp. to lead a new in-house AI team.

The reinstatement of Altman, coupled with the appointment of a high-profile board, reflects the complexity and internal strife within OpenAI.

The company, renowned for its cutting-edge work in AI research, appears to be recalibrating its leadership to align with its vision and navigate the evolving landscape of artificial intelligence.

Altman, expressing his commitment to OpenAI’s mission, stated, “I am excited to be back at OpenAI and am energized by the possibilities that lie ahead for us. Together with the talented team and the new board, we are poised to continue our groundbreaking work in AI and its ethical applications.”

As OpenAI endeavors to move forward, the reshuffling of leadership underscores the challenges and dynamic nature of the AI industry, where visionary guidance is crucial for addressing both technological advancements and ethical considerations.

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