By Emma Okonji
SystemSpecs, a Nigerian fintech company has signed a Memorandum of Understanding (MoU) with Trinity Technologies of South Sudan.
The deal was sealed at the ongoing Intra African Trade Fair (IATF 2018) in Cairo, Egypt, which is expected to create $93.7 million value with the deployment of e-payment system in South Sudan.
Afreximbank as part of its focus on deepening intra-African Trade, facilitated the signing of the MoU.
According to the Executive Director of SystemSpecs who signed the MoU on behalf of the company, Mr. Deremi Atanda, 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 MoU also covers the provision of national switching and settlement infrastructure and a multi-channel payment gateway for the entire financial industry in South Sudan.
“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”, he said.
Managing Director of Afreximbank Intra African Trade, Mrs. Kanayo Awani, who facilitated the signing of the MoU, said: “We are glad to be the facilitator of this landmark deal between two financial technology organisations in Africa.”
Trinity Technologies Limited (TTL) is 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.
SystemSpecs is showcasing its solutions at the first ever Inter-African Trade Fair, as John Obaro, the company’s Managing Director addressed the global audience on the “Blockchain solutions for Africa” at the seven-day event.
Afreximbank noted 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.
To address this challenge, Afreximbank decided to, among other initiatives, convene the trade fair every two years to provide trade and market information and connect buyers and sellers from across the continent.