The Central Bank of Nigeria (CBN) has granted an Approval in Principle (AiP) licence to RoutePay Fintech Limited to provide digital payment products and services in the country.

Speaking on the AiP licence, its Group Managing Director, 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 licence approval which is dependent on the fulfilment of the conditions stipulated by the CBN. The licence will enable 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.

The Chief Executive Officer of RoutePay, Abayomi Olomu, said the company will 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.