A leading ICT professional group, the Computer Guild of Nigeria (CGN), has flawed the recent suspension of Remita payment solution from the Treasury Single Account (TSA) by the Federal Government.
The group in a statement issued by its President, Wole Adedoyin, described the decision as a setback for Nigeria’s financial technology sector and a discouragement to indigenous innovation.
According to the group, the suspension of Remita raises serious concerns about the government’s commitment to promoting local technology solutions and reducing dependence on foreign payment systems.
It recalled that Remita had played a critical role in ensuring the seamless operation of the TSA, improving financial transparency, and blocking revenue leakages in public finance management.
The professional group noted that Remita, developed by a Nigerian company had proven to be a reliable and efficient platform for electronic payment processing, facilitating billions of naira in government transactions.
It warned that its suspension could disrupt financial operations and undermine the progress made in digital payment systems within the public sector.
Adedoyin urged the Federal Government to reconsider its decision and provide clear justifications for the suspension, calling for a transparent review process to determine any possible concerns with the system rather than outrightly dumping Remita, an idigenous technological solution that has contributed immensely to Nigeria’s financial sector.
The statement further criticized the government’s inconsistent policies on technology adoption, arguing that the lack of support for indigenous solutions weakens Nigeria’s digital economy.
The CGN warned that such actions might discourage future investments in the local tech industry, thereby stifling innovation and economic growth.
In addition, the Guild expressed worries that this suspension might pave the way for foreign payment solutions to dominate the financial system, leading to capital flight and increased dependence on external providers, pointing out that indigenous technological platforms should be strengthened rather than being arbitrarily suspended or abandoned.
It also called on the National Assembly and relevant regulatory agencies to intervene and ensure that due process is followed in decisions affecting critical financial technology services, reiterating the need for a policy framework that protects and promotes indigenous technology solutions while maintaining high standards of accountability and efficiency.
While acknowledging the government’s right to regulate financial transactions, the group maintained that any policy change affecting essential financial services should be based on clear, transparent, and fair assessments.
It also advocated the need for the Nigerian government to prioritize local content development in the technology sector to achieve sustainable economic progress.
