RoutePay Fintech Limited has been granted a full operating license by the Central Bank of Nigeria to provide digital payment solutions in Nigeria.
RoutePay products and services are omnichannel—available across all channels of payment, including the web, mobile, POS, ATM, USSD, etc. It also has an array of products and services targeting different market segments based on demography, inclinations, and leanings.
With this full approval, Routepay is certified to have met all of the CBN’s requirements.
“We are pleased to inform you that the CBN has approved the issuance of a license to operate under the Payment Solution Service Provider (PSSP) in Nigeria,” the apex bank said in a letter to RoutePay titled “Payment Solution Service Licence Category” and dated January 12, 2023.
The CBN approval came after a thorough review and update, including an on-the-spot assessment of the fintech firm’s facilities to ensure that it met developments in the payment ecosystem. Last year, the CBN granted RoutePay Approval In Principle (AIP).
RoutePay is managed by a team of astute professionals with deep knowledge and understanding of Nigeria’s digital payment systems, according to Mr. Femi Adeoti (group managing director and former managing director of Inlaks). “The CBN approval validates the firm’s trustworthiness in the financial services industry,” Adeoti said.
Adeoti stated that Routepay is poised to ensure that “digital payment solutions are made possible and available in our environment without hassles,” citing the growing need for improved processes, services, products, and accessibility in the digital payment and financial technology industries.
Speaking about the approval, Routepay’s CEO, Abayomi Olomu, stated that the company is very intentional about driving digital payment transformation in a changing and demanding world. He goes on to say that the organization’s diverse products will strengthen connections between parties in the payment space by focusing on eliminating pain points and improving customer satisfaction.
According to him, pain points range from issues of channel reliability to specific issues of trust; he explains that some people will still refuse to use their cards for online payments due to concerns about fraud, etc., while others are concerned about the cost of using payment channels.
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.
“All these concerns and many others are what we have termed as pain points and RoutePay is all out to fix them in very innovative ways. We are 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.
“We are making digital payment products and services available to all and sundry regardless of their exposure, technology awareness, location, age, affluence, and education.
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