Wi-pay technologies secures mobile money license from CBN

Wi-PAY Technologies announced that it has been granted an approval-in-principle by the Central Bank of Nigeria (CBN) to run mobile money operations.

By a letter signed by Mr. Dipo Fatokun, director of Epayments of the Central Bank, conveyed to the company, the approval is for an initial 6-months period, during which the company is expected to set up the critical infrastructure, launch the service and meet other regulatory requirements.

The significance of this license for Wi-PAY is that, it will enable the company roll-out and successfully integrate its current range of services to the mobile money platform.

This will 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 USA LLC is already approved by several US states to offer international outbound remittance services.

“We are quite elated by the decision of the Central Bank”, – according to the Head of IT Operations and Chief Technology Officer (CTO) of the company, Mr. Charles Ighedo.

“This approval underscores the growing confidence in Wi-PAY as an emerging leader in the Fintech space in Nigeria and West Africa.”. Furthermore he expressed strong 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, including the Wi-APP mobile and online payment portal as well as mobile POS, bulk payment and e-payroll/e-pension scheme.