CBN grants RoutePay license to provide digital payment solutions

The Central Bank of Nigeria has granted Full Operating Licence to RoutePay Fintech Limited to provide digital payment solutions in Nigeria.

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

The CBN 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.

The apex bank, in a letter to RoutePay, titled ‘Payment Solution Service Licence Category’ and dated January 12, 2023, said, “We are pleased to inform you that the CBN has approved the issuance of a licence to operate under the Payment Solution Service Provider (PSSP) in Nigeria.”

RoutePay, according to Mr Femi Adeoti -the Group Managing Director- is managed by a team of astute professionals with deep knowledge and understanding of the digital payment systems in Nigeria. Adeoti said, “The CBN approval validates the firm’s trustworthiness in the financial services industry.”

Highlighting the growing need for improved processes, services, products and accessibility in the digital payment and financial technology industry, Adeoti said Routepay is poised to ensure that “digital payment solutions are made possible and available in our environment without hassles”.

Read also: UK-based Ceviant receives PSSP license from Central Bank of Nigeria

Reacting to the approval, the company’s Chief Executive Officer, Abayomi Olomu, said Routepay is very intentional about driving digital payment transformation in a changing and demanding world. He further notes that, through its diverse products, the organisation will enhance connections between parties in the payment space by concentrating on eliminating pain points and enhancing customer satisfaction.

To him, pain points range from issues of reliability of channels to specific issues of trust, explaining that some people still won’t use their cards for online payments because of the fear of fraud, etc., while some are concerned about the cost of using payment channels.

He said this could be partly responsible for the low adoption rate despite all the awareness, products, services, government policies and investment in this sector. According to him, despite the number of service providers in the financial technology and digital payments space, more than 85 per cent of transactions are still done via cash.

“All these concerns and many others are what we have termed pain points, and RoutePay is all out to fix them innovatively. We are deploying an intelligent customer experience survey system to capture feedback from users from time to time to constantly adjust our services, processes and products to meet the users’ expectations.

“We are making 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 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,” he explained.

Routepay will provide access to all its products and services, bearing in mind various factors, including differences in literacy level, geographical locations, age and the financial capacity of its users, among others.

About RoutePay

RoutePay Fintech Limited is duly registered in Nigeria with the Corporate Affairs Commission to provide digital payment products and services.

RoutePay is driven by the desire to ensure that digital payment is made possible and available without hassles, in line with the company’s vision to “be the payment solution of choice across all borders” and the Mission of “Delivering Payment solutions across borders”.

RoutePay’s objectives are well aligned with the goals of the Central Bank of Nigeria in ensuring that the entire populace is all financially included, hence its reason for providing access to its products and services across all segments, using multiple channels.