Nigeria’s Apex Bank, the Central Bank of Nigeria (CBN) has granted an Approval In Principle (AIP) license to RoutePay Fintech Limited.
This license will allow the firm to provide digital payment products and services in Nigeria.
This license, however, depends on the ability of the firm to meet all conditions outlined by the CBN.
This license will also allow RoutePay 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 CBN.
RoutePay targets strengthening the relationship between players in the payment space while also driving digital payment transformation in a changing and demanding world.
Confirming the development, the Group Managing Director of RoutePay, Mr. Femi Adeoti, said the CBN approval was a mark of the company’s trustworthiness in the financial services industry, and crucial development in Route- Pay’s objective of ensuring that digital payment solutions are made possible and available without hassles.
Abayomi Olomu, the Chief Executive Officer of RoutePay said “RoutePay products and services are omnichannel – 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.
“We are making digital payment products and services available to all and sundry regardless of their exposure, technology awareness, location, age, affluence, and education,” he stated.
He assured that the firm will continue to work tirelessly to meet the growing demands of customers.
Olomu said that customers were increasingly becoming more enlightened hence the commitment of the firm to meet up with trends.
“They are asking for more beyond what is presently obtainable and available. They want a system that is “Unlimited,” “Without Borders.” The world is changing rapidly,’’ he noted.
He affirmed that the company would 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 financial capacity of its users among others. He said it would also work with CBN to meet the conditions for receiving a full operating commercial license.