In line with its agenda of ensuring the financial inclusion of the Nigerian populace, the Central Bank of Nigeria (CBN) has granted an Approval In Principle (AIP) license to RoutePay Fintech Limited to provide digital payment products and services in Nigeria.
The AIP is the first step towards a final commercial license approval which is dependent on the fulfilment of all the conditions stipulated by the CBN.
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.
Abayomi Olomu, Chief Executive Officer (CEO), RoutePay, affirms that the company will be providing access to all its products and services using multiple channels, bearing in mind various factors including differences in literacy level, geographical locations, age and the financial capacity of its users among others.
“RoutePay products and services are omni-channel – available across all channels of payments including Web, Mobile, POS, ATM and USSD etc. It also has an array of products and services targeting different market segments, demography, inclinations and leanings,” he said.
Olomu explained that the growing need for improved processes, services, products and accessibility in the digital payment and financial technology industry informed the company’s vision and mission which are geared towards being the payment solution of choice across borders as well as delivering payment solutions across borders.
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RoutePay is intent on enhancing connections between the parties in the payment space and driving digital payment transformation in a changing and demanding world. He added that the company will also work with the CBN to meet the conditions for receiving a full operating commercial license.
Olomu further noted that Nigeria currently has a lot of service providers in the financial technology and digital payments space, yet over 85 percent of financial exchanges are still done via cash with several reasons responsible for its low adoption despite the awareness, products, services, and government policies investment in this sector.
“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.
Leveraging technology, he said the company has deployed an intelligent customer experience survey system to capture feedback from users in order to listen to their expectations and adjust products, services and processes where required to eliminate pain points.
“The CBN approval, a mark of the company’s trustworthiness in the financial services industry, is a crucial development in RoutePay’s objective of ensuring that digital payment solutions are made possible and available without hassles,” Femi Adeoti, Group Managing Director, RoutePay said.
Adeoti said the firm which is managed by a team of astute professionals with deep knowledge and understanding of the digital payment systems in Nigeria is set to improve the fintech narrative of the country.
