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.  

The Group Managing Director, RoutePay, Mr. Femi Adeoti, said: “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 toward a final commercial license approval, which is dependent on the fulfilment of all the conditions stipulated by the CBN.

The Chief Executive Officer 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 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 would enhance connections between the parties in the payment space and driving digital payment transformation in a changing and demanding world.

“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,” Olomu said.

He explained that the growing need for improved processes, services, products, and accessibility in the digital payment and financial technology industry, informed the company’s vision and mission, which are geared towards being the payment solution of choice across borders as well as delivering payment solutions across borders.

According to him, consumers are getting more aware, and the expectations are getting higher and more ambitious. “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 said.