• Monday, July 15, 2024
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CBN grants FountainPay commercial license

CBN resumes dollar sales to banks left out of Tuesday deals

The Central Bank of Nigeria (CBN), has granted a two-in -one license to a fintech platform, Fountain Payment Systems and Solution, to operate as a payment solution provider across multiple payment categories in Nigeria.

The Managing Director and CEO of Fountain Payment Systems and Solutions, Soye Arowolo, who disclosed this while speaking with journalists in Akure, the Ondo state capital, said the development marks a significant milestone in the fintech industry, ranking the company among the first to receive this dual license in 2023.

Arowolo said the license further reinforces FountainPay’s commitment to innovation and regulatory compliance, positioning it as a leading player in the Nigerian payments ecosystem.

According to him, the company recent acquisition of the commercial Payment Service Solution Provider (PSSP) license empowers the fintech platform to offer an extensive array of payment services to businesses, and also to provide efficient payment options that cater to the diverse payment preferences of their customers.

“With this approval, FountainPay is now authorised to operate as a PSSP/Super-Agent under the Payment Solution Service (PSS) license category in Nigeria.

“This development reflects FountainPay’s commitment to driving financial inclusion by providing innovative payment solutions to businesses across the country. Our vision has always been to extend our reach and provide diverse product offerings to a broad spectrum of business owners,” Arowolo said.

He noted that the license enables FountainPay to extend its services beyond urban centers to smaller towns, aiding small businesses in achieving optimal performance, explaining that the license underscores FountainPay’s unwavering commitment to driving financial inclusion by providing innovative payment solutions that meet the needs of diverse customer segments.

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Arowolo further emphasised that the recently acquired license strengthens the partnership between FountainPay and other fintech players, allowing them to expand their payment infrastructure to other stakeholders within the ecosystem.

He said “This development will not only enhance FountainPay’s product offerings but also provide a wider range of payment options for their customers.

“By fostering collaborations with other industry players, FountainPay is positioning itself as a key player in driving innovation and financial inclusion in the Nigerian payments landscape.”

While the Chief Technology Officer of Fountain Payment Systems and Solutions, John Oke, said the license has significant implications for the development of innovative product solutions, particularly in the area of payments.

Oke said, “this certification empowers us to continue driving innovation, enabling us to provide multiple payment channels that support business owners in effectively managing their operations, optimising their profits, reducing fraud, and reconciling their accounts more efficiently.”

“This development reinforces FountainPay’s commitment to delivering cutting-edge payment solutions that meet the evolving needs of businesses, while also ensuring security and compliance with regulatory requirements.”

Oke, however, restated the commitment of FountainPay towards developing innovative solutions that consolidate its position as a one-stop platform for businesses, saying “the platform remains committed to driving fintech innovation in Nigeria, providing a broad range of solutions that support the diverse needs of its customers.