Nigeria abandons treasury single account gateway Remita after 13 years
- Nigeria's government is discontinuing its partnership with Remita to introduce the TMRAS payment system.
- TMRAS will streamline payment collections across ministries, departments, and agencies.
- The new system will process payments from Special Accounts exclusively.
The introduction of TMRAS represents a significant shift in Nigeria's payment processing landscape, potentially enhancing government efficiency and accountability. However, the impact on Remita and its ability to compete in a rapidly evolving fintech environment raises concerns about its future viability.
