Treasury Single Account: Remita Processes Over N21 Trillion Transactions Yearly

The Managing Director, Remita Payment Services Limited (RPSL), Deremi Atanda has said the company processes N21 trillion yearly and serves as the Payment technology infrastructure for Nigeria’s Treasury Single Account (TSA) and major merchants and businesses.

Atanda spoke on the topic ‘Best Practice Approaches to Building a Winning Organisational Culture’ at the Financial Institutions Training Centre (FITC) Technovation Conference in Lagos.

He emphasised the importance of cultivating a sound corporate culture as a fundamental component of business growth and success.

He said culture is the practical and pervasive implementation of norms, practices, ideals and values within an organisation.

“A winning culture is one that must deliver overall success to you as you have defined for your business,” said Atanda.

With the vision to be the preferred payment option for individuals, businesses and governments in Africa, Remita, a subsidiary of SystemSpecs group, is a pioneer in the fintech space.

“And as a 30-year-old business, it is humbling that we have some customers who have been with us from day one who have followed through the different iterations of our business,” he said.

According to the fintech business leader, winning cultures are best measured through the daily activities of the front-line workers.

While the prevalence of a winning organisational culture can lead to innovation, safety, compliance and high performance, a broken organisational culture is evidenced by declining customer engagement, inability to attract and retain top talent, and difficulty in driving organic growth.

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“A dysfunctional culture eats the customer base as they lose trust in the brand promise or no longer share it with friends. It also eats away at talent as employees fail to see the purpose of their daily work.

“To operate a winning work culture, you need to determine what you believe in, communicate its importance, and remind your employees to adhere to them in an engaging manner,” said Atanda.

The Remita Boss highlighted the major components of a great corporate culture which include communication, teamwork, trust, knowledge sharing and mutual support.

Furthermore, he explained that organisations seeking to engender a winning corporate culture must build shared values and keep expectations clear, ground culture in mutual trust, and strive for transparency and open communication.

According to the Remita lead, “employees are craving connection and communication; therefore, leadership must be transparent, promote honest communication, and encourage dialogue”.

Other criteria for building a winning organisational culture, it said, include empowering autonomy, appreciating, supporting and motivating staff, and standardising processes, and encouraging continuous improvement.