On Saturday, during its 2021 investiture, the CIBN bestowed
the honour on Obaro, Managing Director of SystemSpecs, alongside other eminent
Nigerians, including the Director-General of the World Trade Organisation
(WTO), Dr. Ngozi Okonjo-Iweala; the Managing Director of Nigeria Deposit
Insurance Corporation (NDIC), Mr Hassan Bello; Central Bank of Nigeria (CBN)
Deputy Governor, Dr Kingsley Obiora and six bank chiefs.
Born on 13th April 1958, John Obaro leads one of Africa’s
leading providers of financial and human resource technology services and
solutions. He has nurtured the firm from a 5-man start-up to an African
financial technology giant today.
Remita, one the iconic fintech solutions developed by
SystemSpecs, is perhaps most popular with Nigerians for its role as the
technology solution powering the Treasury Single Account (TSA), a unified bank
account policy recommended by the International Monetary Fund (IMF to improve
fiscal management and reduce corruption.
The policy has had a profound impact on the federal
government’s financial management despite several political constraints, saving
the government about N45 billion monthly according to the Minister of Finance,
Budget and National Planning, Mrs. Zainab Ahmed.
Other prominent products by the technology firm include
Human Capital Management solution, HumanManager and eCommerce platform,
Paylink.
“I left banking to start off SystemSpecs some twenty-nine
years ago and now, at the end of the day our paths are crossing again because
most of what we have done is related to the financial industry,” said John
Obaro.
“Through SystemSpecs and other fintech innovators,
electronic payment has become a thing in Nigeria, and we are privileged that we
are one of the earliest players in that segment.”
Remita, the firm’s major fintech product is 15 years
old. According to the tech expert, the
terms, e-payment and fintech, had not been coined very strongly when the firm
ventured into the area but today, they have become popular terminologies.
The 2021 CIBN Fellowship Investiture was centered around
Nigeria’s rising debt profile and the issues and implications for sustainable
economic development.
“To increase our revenue base and manage our debt better, we
need to get more efficient, and technology offers us a leverage,” said John
Obaro.
The technology tycoon, therefore, called for an increased
technology involvement in public financial management in the country.
Addressing the audience virtually, the WTO Director-General,
Dr. Okonjo-Iweala applauded the institute on its unwavering commitment to
driving stability in the banking sector.
“The theme of your deliberation regarding Nigeria’s debt
profile and its implications for sustainable development is a very important
one. If there is a group that has the necessary professional insight on issues
of debt and debt sustainability, be it at the individual, institutional or
national level, it is you,” Okonjo-Iweala said.
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