The Central Bank of Nigeria (CBN) has granted RoutePay Fintech Limited the full operating license to provide digital payment solutions in Nigeria. The CBN approval followed a painstaking 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, RoutPpay is certified to have fulfilled all the conditions stipulated by the CBN.
Nigeria has always tilted towards the cashless mode of transacting. It once used the “cashless policy” mantra and popularized the use of digitized payment solutions. This includes digital payments, such as in transfer of money from one account to another using digital payment technologies. These technologies include mobile wallets, mobile payment applications, etc. Overall, electronic payments became really popular in Nigeria that people can now comfortably pay for goods and services with bank transfers, debit cards, etc. By the end of 2022, the Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that transactions worth.
Astute professionals with deep knowledge of DPS in Nigeria run RoutePay.
According to Mr. Femi Adeoti, the group’s managing director and former director of Inlaks, 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. He highlighted the growing need for improved processes, services, products and accessibility in the digital payment and financial technology industry. He states that RoutePay is committed to ensuring that digital payments are not only possible but also available without any hassles.
RoutePay’s chief executive officer (CEO), Abayomi Olomu, said that the company is very intentional about driving digital payment transformation in a changing and demanding world. He further notes that the organization will enhance connections between parties in the payment space through its diverse products by concentrating on solving customer’s pain points and enhancing customer satisfaction. According to the CEO, pain points range from issues of the reliability of channels to specific issues of trust. He explained that some people still refuse to use their cards for online payments because of the fear of fraud and other related reasons, while some are concerned about the cost of using payment channels.
Fraud could be responsible for low rate of DPS adoption.
Despite the government’s concerted efforts to bank the unbanked, the issue of fraud is one of the reasons that the populace is adopting digital payment systems at a low rate. To bank the unbanked means to integrate those who would by default not tilt towards using electronic payment systems and making it easier for them to navigate them. These include the elderly, the illiterate, etc. However, some of these people have been victims of fraud recently. This has contributed immensely to the apathy of yet-to-be-integrated people from adopting the systems.
Now, a significant percentage of these victims of fraud simply decide to not be involved with the systems again. For instance, if it was a shop owner, they would refuse to receive electronic transfer and simply request to be paid in cash. So, this happens despite all the awareness, products, services, government policies, and investments in this sector of the economy. The CEO maintained that 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.
RoutePay has decided to find solutions to these digital concerns.
The CEO said, “All these concerns and many others are what we have termed as pain points and RoutePay is all out to fix them in very innovative ways. We are 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 that the company is making digital payment products and services available to all and sundry regardless of exposure, awareness of technology, location, age, affluence, and level of education. Finally, he said that RoutePay products are omnichannel – they are available across all channels of payment, including the Web, mobile, POS, ATM and USSD.