SystemSpecs Seals Deal to Deploy E-Payment Solution in South Sudan
A Nigerian fintech company, SystemSpecs has signed a Memorandum of Understanding with Trinity Technologies, a South-Sudan fintech firm specialising in the design and development of innovative financial services, online transactions, mobile payment systems and innovative solutions for commercial banks in the country, at the Intra-African Trade Fair in Cairo, Egypt.
The deal is expected to create value of about $93.7 million, with the deployment of an e-payment system in South Sudan. The African Export-Import Bank (Afreximbank) as part of its focus on deepening intra-African Trade facilitated the signing of the Memorandum of Understanding.
The Executive Director of SystemSpecs, Mr. Deremi Atanda, who signed the deal on behalf of the company, said the pact would provide an opportunity for the collaboration to create value of about $93.7 million through the deployment of SystemSpecs’ Remita financial technology solution and services in partnership with Trinity Technologies for the processing of payroll for organisation, payments and revenues collection.
The Memorandum of Understanding also covers the provision of national switching and settlement infrastructure and a multi-channel payment gateway for the entire financial industry in South Sudan.
Atanda said “the collaboration will be extended to cover the provision of biometric-driven payroll technology for public and private sector salary processing and the development of data verification and referencing system”.
Also, the Managing Director of Afreximbank Intra-African Trade, Mrs. Kanayo Awani, who facilitated the signing of the Memorandum of Understanding, said “we are glad to be the facilitator of this landmark deal between two financial technology organisations in Africa”.
The African Export-Import Bank revealed that one of the main reasons why intra-African trade was low at around about 15 per cent, compared to Europe (59 per cent), Asia (51 per cent), and North America (37 per cent), was because of lack of access to trade and market information.
In its bid to address the issue, the bank will organise the Intra-African Trade Fair every two years to provide trade and market information and connect buyers and sellers from across the continent.