The Standards Organisation of Nigeria (SON) has taken a step towards modernizing and improving business transactions in the country with the introduction of the Electronic Demand Note and Electronic Receipts (EDER) system.
Spearheaded by the director of finance & administration at SON, Mr. Tam George, SON disclosed that EDER aims to revolutionise the payment and receipt collection process through embracing digital transformation.
According to the government agency, gone are the days of cumbersome paperwork and manual handling, as the Electronic Demand Note seamlessly connects to the Remita system, ensuring swift and secure payment processing at customers’ preferred banks. It said in a statement that, ‘‘This modern approach brings much-needed ease and convenience to businesses and clients alike, making transactions smoother and more efficient. One of the primary benefits of EDER is its contribution to Nigeria’s engagement in the African Continental Free Trade Area (AfCFTA). As the nation sets its sights on a prosperous future, EDER serves as a beacon of progress, aligning Nigeria with the broader goals of AfCFTA and propelling the nation towards sustainable economic growth and global relevance.
‘‘EDER’s automation of certification processes is a strategic move towards harmonising standards and certifications within Nigeria and the broader African market. This synchronization ensures that Nigerian businesses can seamlessly comply with regulations, paving the way for greater ease in accessing markets across the continent. As businesses adopt EDER’s digital platform for payment and receipt collection, they gain a competitive edge by efficiently navigating cross-border transactions and enjoying smoother trade relations with African partners.’’
Furthermore, SON explained that EDER’s integration of common standards instills confidence among international trading partners, reaffirming Nigeria’s commitment to quality and adherence to internationally recognized practices as this alignment fosters trust and reliability in Nigerian goods and services, positioning the nation as a reliable trading partner within the AfCFTA framework.
‘‘Transparency and simplicity lie at the heart of EDER’s design, eliminating the need for in-person visits to multiple offices for receipt collection. Clients can now receive electronic receipts from the comfort of their homes or offices, enjoying faster access to services and products. EDER functions as an “electronically ONE-STOP-SHOP,” streamlining business transactions with SON and improving overall efficiency. Moreover, EDER brings standardised pricing and fortified security measures to the table, effectively preventing financial irregularities and fostering a sense of trust and accountability within the business ecosystem.
‘‘Recognising the importance of cyber security in the digital age, SON collaborated with experts from Israel to ensure cutting-edge protection against cyber threats. The commitment to continuous improvement ensures that EDER remains at the forefront of tackling evolving challenges in the digital landscape.The impact of EDER extends beyond convenience and security, with positive implications for the Nigerian workforce. By empowering indigenous contractors and reducing production and certification costs, the system creates a conducive environment for businesses to flourish and expand. SON is adopting a well-thought-out strategy for the rollout of EDER, introducing it gradually product by product. This approach allows the organisation to address any initial challenges promptly and effectively. The initial focus areas of SONCAP, MANCAP, and PORTS & BORDER are set to experience the benefits of EDER, with the ambitious project aiming for full implementation in November,’’ SON further stated.
EDER has garnered commendations from stakeholders as a testament to Nigeria’s commitment to digital transformation. The system promises to pave the way for a future characterised by efficiency, transparency, and abundant opportunities for businesses while aligning with international standards and fostering economic growth.
