The apex bank in a letter to RoutePay titled, ‘Payment
Solution Service Licence Category’ on January 12, approved the issuance of a
licence for the company to operate under the Payment Solution Service Provider
(PSSP) in Nigeria.
The CBN approval followed a review and updates including on
the spot assessment of facilities at the fintech firm to ensure that it meets
developments in the payment ecosystem.
The CBN had 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.
Femi Adeoti, group managing director at RoutePay, said with
the growing need for improved processes, services, products and accessibility
in the digital payment and financial technology industry, Routepay is poised to
ensure that digital payment solutions are made possible and available without
hassles.
“RoutePay is managed by a team of astute professionals with
deep knowledge and understanding of the digital payment systems in Nigeria, the
CBN approval validates the firm’s trustworthiness in the financial services
industry,” he said.
Speaking on the approval, Abayomi Olomu, chief executive
officer at Routepay, said the company is intentional about driving digital
payment transformation in a changing and demanding world.
He further added that the organization, through its diverse
products, will enhance connections between parties in the payment space by
concentrating on eliminating pain points and enhancing customer satisfaction.
“We are making various 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
available across different channels including Web, Mobile, POS, ATM, USSD,
etc,” he explained.
Highlighting some challenges in the digital payment system,
Olomu said issues around reliability of channels to specific issues of trust,
as some people are scared of being defrauded or are concerned about the charges
incurred.
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, however RoutePay is 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,” he said.