In line with its program to achieve financial inclusion for the people of Nigeria, 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 to the Nigeria.
RoutePay is managed by a team of astute professionals with in-depth knowledge and understanding of digital payment systems in Nigeria. According to Mr. Femi Adeoti, Group Managing Director, “The CBN endorsement, a mark of the company’s reliability in the financial services industry, is a crucial development in RoutePay’s aim to ensure that payment solutions digital are made possible and available without hassle”.
The AIP is the first step towards a final commercial license approval which is contingent on meeting all conditions stipulated by the CBN.
The license will allow the company to carry out activities around the creation and management of wallets, issuance of electronic money, USSD, recruitment and management of agents, account management pool and any other activity authorized by the CBN.
RoutePay Managing Director Abayomi Olomu says the company will provide access to all of its products and services using multiple channels, taking into account various factors including differences in literacy levels, geographic location, age and financial capacity of its users among others. He said he will also work with the CBN to fulfill the requirements for obtaining a full business license to operate.
Upon launch, Olomu said RoutePay intended to improve connections between parties in the payment space and drive digital payment transformation in a changing and demanding world.
“RoutePay products and services are omnichannel – available across all payment channels including Web, Mobile, POS, ATM and USSD etc. It also offers a range of products and services targeting different market segments, demographics, inclinations and inclinations.
“We make digital payment products and services accessible to everyone, regardless of exposure, technology awareness, location, age, wealth and education,” he said. he declares.
Olomu explained that the growing need for improved processes, services, products and accessibility in the digital payments and fintech industry has informed the company’s vision and mission, which aims to be the cross-border payment solution of choice as well as providing cross-border payment solutions. .
According to him, users/consumers are increasingly aware, and expectations are increasingly high and ambitious. “They are asking for more than what is currently available and available. They want an “unlimited”, “borderless” system. The world is changing rapidly,” he said.
Olomu further noted that Nigeria currently has many service providers in the area of fintech and digital payments, but more than 85% of financial exchanges are still done in cash. “There are several reasons for this low adoption rate despite all the awareness, products, services, government policy investments in this sector. These reasons are what we call pain points. »
“The pain points differ across business segments, user base, vendors, etc. Some are general and industry-wide, such as channel reliability issues. There are specific issues like trust – some people still don’t use cards to make payments online for fear of fraud etc. Some are concerned about ads and the cost of using payment channels.
“All of these concerns and more are what we have called pain points and RoutePay is working to address these issues in very innovative ways.”
Leveraging technology, he said the company has deployed an intelligent customer experience survey system to gather user feedback to listen to their expectations and adjust products, services and processes as needed to eliminate The weak spots.