PayTech

Automate Foreign Exchange Payments, Systemspecs Urges FG

TSA

Systemspecs, an indigenous IT firm, has urged the Federal Government to automate foreign exchange payments and to optimise data mining.

This charge was made by the Chief Executive Officer, Systemspecs, Mr John Obaro, at the First Accounting Technology summit hosted by the Institute of Chartered Accountants of Nigeria in Lagos.

According to him, technology has become a major enabler worldwide with businesses and nations leapfrogging and competing with the use of technology.

While presenting the paper entitled ‘Technology-Enabled Transformation of the Public Sector’, Obaro stated that there was urgent need to initiate public-private partnerships in technology to undertake significant national initiatives.

“Although, there have been a number of initiatives to apply technology to the public sector transformation in Nigeria, government must be deliberate to build a digital society.

Also, he noted that “the Public Sector is charged with the responsibility of formulating and executing government policies for the advancement of the country. Therefore, no nation can develop beyond the competencies of its public sector.”

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Obaro stated that it was commendable that government had recognised the need to harness indigenous solutions to solve national problems like leveraging Remita to drive the Treasury Single Account.

“Remita manages an interbank platform which rests on a straight through processing integration with all banks and over 400 microfinance banks while merging over 17,000 MDAs’ accounts.

He said that this allowed a hitch-free collection of funds for all government parastatals into the Treasury Single Account at the Central Bank of Nigeria.

“TSA has most importantly empower FG to undertake efficient and effective planning, budget control and cash management among many others”, he emphasised.

To deepen TSA, Obaro recommended that the Office of the Accountant- General of the Federation and CBN must work more closely.