8 facts about the Remita mobile application
There have been a lot of misconceptions about the Remita mobile application, since its full version was launched on iOS and android recently.
The general overview is that the innovative FinTech solution might act a disruptor to the banking sector, as the Remita app is designed to help individuals and businesses manage their accounts across multiple banks, settle bills of various kinds and generally stay in control of their finances seamlessly.
I have decided to write about the features of the Remita app and all you need to know before downloading and using the app. Here it goes;
Remita is not a banking application but an internet and mobile payment collection platform. This means that you still have to have your regular bank accounts with BVN registration to be able to use the app to make payments.
There are charges for transactions on the Remita app. Although you do not have to pay to download the app and log in, there are charges for transactions made on the app. The company has not revealed the exact amount that would be charged per transaction on the mobile app; however, BusinessDay sources at Federal Government organisations that have been using Remita for multiple payments, say there is a two percent charge on amounts paid out through the platform. According to John Obaro, CEO, Systemspecs, owners of Remita; “We already have agreements with the banks on how to share the charges.”
View multi-bank balances: You can now view multi bank account balances and see a global total across, on one screen. This enables you to centrally manage your accounts and monitor how you send and receive money, all on one platform.
Security: One time passwords (OTPs) for initial registration and verification can be sent to all mobile networks in Nigeria. “The platform is fully secure to meet the requirements of every bank in Nigeria. The platform uses a dynamic authentication number which is quite different from a regular fixed four digit PIN. Remit asks the user to define different rules which it would use to throw verification questions to the user at different times of login, so the user never gets the same question,” Says John Obaro. It also has finger print authentication and OTP verification.
Remita is not particularly new: the release of the full version of the app is coming after its beta version was released on the Android platform in March 2017. Prior to the release of it mobile version, the payment platform had been used in corporate and federal government organisations.
With the full release of Remita Mobile App on Google playstore and Apple app store, millions of Nigerians with accounts in any commercial bank can easily access their account balances on one screen, conveniently make and receive payments across various bank accounts, and settle bills to several merchants within the private and public sectors from their mobile phone.
SME owners can easily switch between their business and personal profiles on the platform. They can also translate their existing physical process flows into a virtual form. As a result individuals, who for instance play different roles in various organisations as transaction approvers, would be able to play such roles using Remita Mobile App from their mobile phone – without needing to make physical appearances at work.
Snap to pay feature: Snap a quick response (QR) code or tap your device against merchant’s code to complete transaction easily and quickly.
Foreign banks integrated: Remita is working to accommodate foreign bank accounts on its platform. Speaking at the official launch of the app, Tolu Oluyemi, Product Manager, Remita said; “We are working to introduce foreign banks, to enable customers use their app anywhere in the world without having to take their credit or debit cards along with them.”
Jumoke Akiyode Lawanson
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