Direct debit (DD) is a means of payments that allows an account holder to give permission to another entity (company, lender, etc.) to take money from their account according to a specified rule.
A direct debit is similar to a debit card as both can be used to repay loans. Lendsqr allows lenders to get direct debit from their borrowers to be used for loan repayments.
Remita is a direct debit service from SystemSpecs Limited, a CBN licensed payments services provider. Remita direct debit is supported on Lendsqr.
The following are resources to provide further insights into DD in Nigeria