THISDAY Awards: Nominees For Product of the Year

Remita

Remita is a wholly indigenous e-payment and e-collection software solution that was developed by SystemSpecs to address human capital management and other financial services.

Remita has the capacity to send and receive funds from all commercial banks in Nigeria, including over 400 microfinance banks, and other payment channels such as debit cards, mobile wallets and e-wallets, among others.

The software has enabled government recoup several trillions of Naira from the over 17,000 accounts of Ministries, Departments and Agencies (MDAs) of government, while providing multiple entry points for collections. The successful implementation of the federal government’s Treasury Single Account (TSA), though the Remita software, significantly blocked financial loopholes, reduced federal government’s debt servicing costs and aided effective use of surplus cash.

Moniepoint

Moniepoint’s recognition as “Bank of the Year” highlights its transformative contributions to Nigeria’s financial ecosystem, particularly in fostering trust and reliability in the banking system. Serving over 1.3 million businesses and processing approximately $12 billion in monthly transactions, Moniepoint has become a lifeline for SMEs. Its innovative approach includes disbursing over $70 million in working capital loans, addressing critical funding gaps for small businesses. Additionally, Moniepoint’s integrated platform offers payment processing, access to credit, and business management tools, empowering SMEs to thrive.

The company’s commitment to financial inclusion extends to underbanked individuals and businesses, ensuring widespread access to essential banking services. By combining technological innovation with a deep understanding of SME needs, Moniepoint has redefined banking in Nigeria. These achievements underscore its pivotal role in driving economic growth and solidify its position as a leader in the financial sector.

OXYGEN X AFRICA

 Oxygen X is building Africa’s largest, most sustainable consumer credit company by making credit accessible and convenient for hardworking people in Africa, as well as by offering convenient credit solutions for the employed or entrepreneurs, which has undoubtedly revolutionised the digital lending space.

Oxygen X Finance Company Limited, a subsidiary of Access Holdings Plc, has built on the gains of its predecessor, Quickbucks, to expand to 10 million users, offering seamless loans to individuals and businesses through its intuitive app. By introducing AI-driven credit scoring, it halved default rates and disbursed over N500 billion in loans to underserved markets.

 Oxygen X has also empowered small businesses, funding 150,000 entrepreneurs nationwide. Its success inspired global recognition, earning awards for innovation in financial inclusion, thus becoming a beacon of progress, bridging financial gaps and driving economic growth across Nigeria.