Fintech offers seamless, user-friendly alternatives to traditional banking – Olomu, Routepay MD

Abayomi Olomu, the managing director and chief executive officer, Routepay Fintech Limited, has disclosed that financial technology (fintech) platforms offer seamless, user-friendly alternatives to traditional banking.

“People can make transfers, pay bills, buy airtime, and manage their finances all directly from their phones without visiting an ATM,” Olomu stated in relation to the Central Bank of Nigeria (CBN) new policy on additional Automated Teller Machines (ATM) withdrawal fees.

In highlighting digital banking options that could be explored to minimize the burden of extra charges, Olomu stated that Nigerians now have several digital banking channels including mobile banking apps, USSD codes for feature phones, internet banking, and mobile money services that could be used for transactions.

According to him, fintech options allow users to perform transactions like transfers, bill payments, and airtime purchases, all without needing to visit a bank or ATM. “Plus, the platform offers 24/7 access to customers’ accounts, making it easier for them to track spending, save time, and reduce banking costs.”

Olomu stated that cash withdrawals in Nigeria have become increasingly costly and inconvenient due to high fees and limited access to ATMs. According to him, the new CBN directive could push more people towards digital banking solutions like mobile apps, “which is a safer way to manage finances without the need for physical cash.”

Read also: CBN grants RoutePay licence to provide digital payment solutions

He stated that shifting towards cashless transactions can help Nigeria reduce the burdens of high cost, inconvenience, and promote greater financial inclusion. “Fintech platforms help users save on transaction fees, avoid hidden charges by providing simple, cost-effective ways to handle daily financial activities, thus making banking more affordable and accessible.”

He stated that some Nigerians are reluctant towards adopting digital payment solutions because of lack of trust, limited digital literacy, internet connectivity issues, and fear of hidden fee as well as cultural preference for cash.

However, to make Nigeria’s financial system remain both efficient and inclusive, Olomu urged fintech platforms to commit to providing user-friendly mobile app that offers fast, secure, and affordable digital banking services that are easily accessible by anyone, anywhere—whether in urban centers or remote areas.

He explained that the Routepay platform functions effectively in this regard as it helps reduce reliance on cash by supporting easy transfers, bill payments, and other services, making financial inclusion a reality. “With Routepay, we’re not just improving efficiency; we’re empowering Nigerians to manage their finances on their terms,” he stated.