Wi-PAY Technologies is set to become the latest licensed player in Nigeria’s mobile money ecosystem after it secured an approval-in-principle from the regulator, the Central Bank of Nigeria (CBN).
Dipo Fatokun, CBN’s director of e-payments said the approval is for an initial 6-month period, during which the company is expected to set up the critical infrastructure, launch the service and meet other regulatory requirements. With the license, the company can roll-out and successfully integrate its current range of services to the mobile money platform.
The service is expected to include local and international money transfer, air-time top-up, bill payments and mobile wallet.
Prior to its decision to roll out in Nigeria, Wi-Pay has already been operating in the US as Wi-PAY Global USA LLC in several US states where it is offering 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 of the company, Charles Ighedo.
“This approval underscores the growing confidence in Wi-PAY as an emerging leader in the Fintech space in Nigeria and West Africa.”
He also revealed that the company’s mobile money offering for Nigeria 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.
“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,” according to the Head of Corporate Services of the company, Mrs. Helen Okocha. She further stated that “Wi-PAY is indeed well positioned to tap into these emerging opportunities and attain its pride of place in the industry”.
