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RoutePay gets CBN approval to provide digital payment services – VELOXNEWS


By Chinenye Anuforo

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. 

RoutePay is managed by a team of astute professionals with deep knowledge and understanding of the digital payment systems in Nigeria. According to Mr. Femi Adeoti, group managing director, “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.”

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 issuance, USSD, agent recruitment and management, pool account management and any other activities as permitted by the CBN.

The CEO of RoutePay, Abayomi Olomu, 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 the financial capacity of its users, among others. He said it would also work with the CBN to meet the conditions for receiving a full operating commercial license.

When launched, Olomu said, RoutePay is intent on enhancing connections between the parties in the payment space and driving digital payment transformation in a changing and demanding world.

“RoutePay products and services are omni-channel, available across all channels of payments, including Web, mobile, POS, ATM, USSD, etc. It also has an array of products and services targeting different market segments, demography, inclinations and leanings.   

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