Wi-PAY secures approval for mobile money operations

Wi-PAY Technologies has been granted an approval-in-principle by the Central Bank of Nigeria (CBN) to run mobile money operations.In a letter to the company, signed by the Director of Banking and Payment System Department, CBN, ‘Dipo Fatokun, the approval is for an initial six months period, during which the company is expected to set up the critical infrastructure, launch the service and meet other regulatory requirements.

For the company, the significance is that it will enable the company to roll-out and successfully integrate its current range of services to the mobile money platform.
This will also mean an end-to-end service delivery, which will include both local and international money transfer, air-time top-up, bill payments and mobile wallet.

It will be recalled that the US-based sister company – Wi-PAY Global LLC is already approved by several states in the United States to offer international outbound remittance services.

“We are quite elated by the decision of the central bank. This approval underscores the growing confidence in Wi-PAY as an emerging leader in the Fintech space in Nigeria and West Africa,” the Head of IT Operations and Chief Technology Officer of the company, Charles Ighedo, said.

He expressed optimism that in due time, the mobile money services will be unveiled to complement the existing array of digital payment products of the company targeted to both individual and corporate customers.The services include the Wi-APP mobile and online payment portal, as well as mobile Point of Sale, bulk payment and e-payroll/e-pension scheme.

“The stage is set for greater and better things to come in the e-payment ecosystem to deepen the cashless policy of the Central Bank. Wi-PAY is indeed well positioned to tap into these emerging opportunities and attain its pride of place in the industry”, the Head of Corporate Services of the company, Mrs. Helen Okocha, said.

Over the next few months, the company affirmed that it would continue the ongoing media and publicity campaign across key markets in Lagos and Port Harcourt to popularize the brand and expose consumers to the distinctive service quality of Wi-PAY.