RoutePay Fintech Grants In-principle Approval from the Central Bank of Nigeria

The Central Bank of Nigeria (CBN) has granted an Approval In Principle (AIP) licence to RoutePay Fintech to provide digital payment products and services in Nigeria, to ensure financial inclusion.

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 license will allow the company to carry out activities around wallet creation and management, e-money issuing, USSD, agent recruitment and management, pool account management, and any other activities as permitted by the CBN.

Representatives affirm that the company will be providing access to 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. The company will also work with the CBN to meet the conditions for receiving a full operating commercial license.

RoutePay products and services are omnichannel, available across all channels of payments including Web, Mobile, POS, ATM, and USSD. It also has an array of products and services targeting different market segments, demography, inclinations, and leanings.