SystemSpecs makes case for start-up funding

Financial technology giant SystemSpecs has declared that investment in technology can help Nigeria surmount the economic recession, which has seen the cost of living skyrocketing and many businesses failing in recent times.

In a recent chat with newsmen, SystemSpecs Executive Director, Strategy, Deremi Atanda, observed that economically challenging times typically serve as a fertile ground for ground-breaking ideas which have been known to transform the fortunes of many nations. In his estimation, Nigeria can do likewise by adequately supporting its teeming technology start-ups.

SystemSpecs has long been an advocate for investment in ICT as an alternative revenue source for the government amidst the fall in the global price of crude oil. Its revolutionary financial technology Remita is a homegrown success story that processes about $30 billion worth of payment transactions every year.

Atanda insists that tech start-ups deserve a chance to succeed amidst the biting economic recession. He feels with more support, the industry can surpass its 11% contribution to Nigeria’s Gross Domestic Product (GDP) last year, putting the economy back on the growth path.

“This period is tough, but it’s actually the best time to come up with ideas because adversity breeds ideas. You may have noticed that foreign investors have been trooping into Nigeria of recent. That’s because their foreign currencies have more purchasing power in Nigeria, and they want to buy our brilliant ideas at a discount. We have no doubt that Nigerians have brilliant ideas that can rule the world if properly nurtured and harnessed,” he said.

Meanwhile, SystemSpecs is not resting on its oars. Atanda explained that the FinTech company is also playing its part in encouraging the growth of technology start-ups through several CSR initiatives, including its Remita Seed Funding (RSF).

“The RSF is meant to give a helping hand to passionate young Nigerians who wish to take a step closer towards putting Nigeria on the global economic map. They don’t have to wait for 25 years like we’ve done to become emerging brands in developing economies. We want the world to see the best of Nigeria today; we want to be part of giving wings to the eagles of Nigeria in tech to fly,” he said.