Remita Seeks Adaptability, Innovation To Boost Financial Sector

Remita Payment Services Limited (RPSL), has restated it’s commitment towards strengthening the country’s financial sector.

The RPSL  also called for increased innovation, adaptability, and resilience just as the firm demonstrated its unwavering commitment to advancing the sector as a sponsor of the sixth edition of the Nigerian Fintech Week, held recently in Lagos.

Nigeria Fintech Week has earned the reputation of being Africa’s foremost assembly of Fintech pioneers and innovators, dedicated to fostering significant innovations, strategic collaborations, and transformative developments within the ecosystem.

In line with its steadfast commitment to advancing the financial sector, Remita participated in the event as a sponsor and exhibitor, with its Managing Director delivering a keynote address.

During the second day of the Nigerian Fintech Week, the managing director of Remita, Deremi Atanda, highlighted the importance of embracing experimentation, fostering a culture of risk tolerance, and viewing failure as a means for rapid learning and innovation in his keynote address titled ‘Fail fast, Learn faster: Embracing failure as a path to success.’

He said: “In our pursuit of innovation, we must understand that success is often paved with failures. Therefore, we must consciously embrace experimentation, liberate ourselves from the constraints of a single framework, and use every setback as a stepping stone to progress. Remita, once a failed project in 2005, now processes over $50 billion and millions of transactions. Indeed, failure is not a hindrance but a stepping stone to progress.”

As the fintech landscape in Nigeria and worldwide continues to evolve over the coming years, the imperative for innovation, adaptability, and resilience becomes increasingly clear. 

According to ‘Deremi, companies aspiring to achieve significant success within the sector must consistently embrace new opportunities, engage in partnerships with traditional sectors, and accept the uncertainties that come with transformation.

“The evolving fintech landscape is characterised by a growing middle class, digital adoption, and the democratisation of financial services. It is an environment ripe for change, where businesses can redefine themselves and find success by adapting to the evolving needs of their customers,” he added.

Representing the group managing director (GMD) of SystemSpecs Holdings, Mr John Obaro,  in a fireside chat session titled ‘Building Resilience: Insights from Executives,’Managing Director of SystemSpecs Technology Services Limited (STSL),  Mr Ademola Igbalajobi,  stressed the importance of addressing customer challenges and delivering satisfaction as the key drivers of success for startups in the fintech sector.

He noted that, “the prevailing emphasis in fintech appears to be on fundraising, often overshadowing the essential steps of achieving customer satisfaction and establishing a strong product-market fit. Drawing from our experience, we advise businesses to prioritise these foundational elements before seeking funding. It is imperative to lay solid product groundwork and dedicate concerted efforts to enhance its quality before venturing into discussions with prospective investors.”

Likewise, head of Products at Remita, Mr Tokunbo Omonubi,  shared valuable insights during a panel session that centred on effective marketing for business growth and expansion. He emphasised the importance of creating products and services that have a real impact on consumers and stakeholders in the diverse business landscape of today. 

Mr. Omonubi stated that, “In today’s diverse business environment, it’s crucial to grasp how these enterprises influence consumers. This understanding forms the basis for establishing a harmonious connection between marketing strategies and product development, ultimately leading to products that authentically address customer needs.”

With a three-decade legacy of leadership, Remita has consistently played a pivotal role in shaping and transforming various facets of the financial services value chain. Its enduring commitment to innovation and excellence has made it a driving force in the industry, setting new standards and contributing to the overall progress of the financial sector.

Remita was joined by other 50 top organisations within the sector to exhibit their cutting-edge technologies, contributing to a vibrant and innovative showcase of the latest advancements in the field.