The Central Bank of Nigeria has granted an Approval-In-Principle (AIP) license to RoutePay Fintech Limited to provide digital payment products and services in Nigeria.
The CBN bank in a letter to RoutePay titled, ‘Payment Solution Service License Category’ dated January 12, 2023, said,
“We are pleased to inform you that the CBN has approved the issuance of a license to operate under the Payment Solution Service Provider (PSSP) in Nigeria.”
The license will enable the company to carry out activities around wallet creation and management, e-money issuing, USSD, agent recruitment and management, pool account management, and any other activities as permitted by the CBN.
Why The CBN Approved The License
RoutePay got the CBN approval after a thorough review and updates including an on-the-spot assessment of facilities at the fintech firm to ensure that it meets developments in the payment ecosystem. With this full approval, RoutePay is certified to have fulfilled all the conditions stipulated by CBN.
Giving reasons why it was granted the (AIP) license, Mr. Femi Adeoti, the group managing director, said, “The CBN approval validates the firm’s trustworthiness in the financial services industry.”
Adeoti also spoke on how poised the fintech is in ensuring that digital payment solutions are made possible and available in our environment without hassles”.
How RoutePay’s License Will Impact The Society?
The growing need for improved processes, services, products, and accessibility in the digital payment and financial technology industry triggered RotePay’s vision and mission toward this route. This is to make them the payment solution of choice across borders as well as deliver payment solutions across borders.
The company will be providing access to all its products and services using multiple channels, with the user’s literacy level, geographical location, age, and financial capacity in mind.
With this, the connections between parties in the payment space will be strengthened, thereby, driving digital payment transformation in a changing and demanding world.
The CEO’S Remarks
Abayomi Olomu, the Chief Executive Officer, RoutePay, said Nigeria currently has a lot of service providers in the financial technology and digital payments space, with over 85% of financial exchanges still done via cash. According to him, several reasons contribute to its low adaption despite its awareness, products, services, and government policies investment.
“There are specific issues like trust; some people still won’t use the cards to make online payments because of the fear of fraud, etc. Some are concerned about the commercials and cost of using the payment channels and we want to fix these concerns in very innovative ways,” he said.
He also added that the company will be working with the CBN to meet the conditions for receiving a full operating commercial license.
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