CBN grants RoutePay licence to provide digital payment solutions

The Central Bank of Nigeria (CBN) has granted full operating licence to RoutePay Fintech Limited to provide digital payment solutions in Nigeria.

The apex bank in a letter to RoutePay titled, ‘Payment Solution Service Licence Category’ on January 12, approved the issuance of a licence for the company to operate under the Payment Solution Service Provider (PSSP) in Nigeria.

The CBN approval followed a review and updates including on the spot assessment of facilities at the fintech firm to ensure that it meets developments in the payment ecosystem.

The CBN had granted RoutePay an Approval In Principle (AIP) last year, with this full approval, Routepay is certified to have fulfilled all the conditions stipulated by the CBN.

Femi Adeoti, group managing director at RoutePay, said with the growing need for improved processes, services, products and accessibility in the digital payment and financial technology industry, Routepay is poised to ensure that digital payment solutions are made possible and available without hassles.

“RoutePay is managed by a team of astute professionals with deep knowledge and understanding of the digital payment systems in Nigeria, the CBN approval validates the firm’s trustworthiness in the financial services industry,” he said.

Speaking on the approval, Abayomi Olomu, chief executive officer at Routepay, said the company is intentional about driving digital payment transformation in a changing and demanding world.

He further added that the organization, through its diverse products, will enhance connections between parties in the payment space by concentrating on eliminating pain points and enhancing customer satisfaction.

Read also: UK-based company secures CBN PSSP license

“We are making various digital payment products and services available to all and sundry regardless of their exposure, technology awareness, location, age, affluence, and education; RoutePay products and services are available across different channels including Web, Mobile, POS, ATM, USSD, etc,” he explained.

Highlighting some challenges in the digital payment system, Olomu said issues around reliability of channels to specific issues of trust, as some people are scared of being defrauded or are concerned about the charges incurred.

This, he said, could be partly responsible for the low rate of adoption despite all the awareness, products, services, government policies and investment in this sector.

According to him, in spite of the number of service providers in the financial technology and digital payments space, more than 85 percent of transactions are still done via cash, however RoutePay is deploying an intelligent customer experience survey system to capture feedback from users from time to time so as to constantly adjust our services, processes and products to meet the users’ expectations,” he said.

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