By Prince Osuagwu

The 2023 Access to finance survey conducted by Enhancing Financial Innovation and Access said that financial inclusion in Nigeria rose to 75 percent in 2023 from 68 per cent in 2020.

However, the study also revealed that approximately 40 million adult Nigerians are still excluded from financial services. 

In a similar fashion, 85 per cent of financial exchanges in the country, are still done through cash due to low rate of cashless adoption. This is despite the awareness created by products, services, government policies and a huge number of service providers in the financial technology and digital payments space.

But, on many occasions the blames are heaped on some pain points of digital financial transactions, ranging from unreliability of channels to specific issues of trust.

However, FinTech firm, RoutePay, says it is providing a respite by expanding access to Small and Medium Enterprises in Nigeria, as well as other underbanked individuals.

The firm described its action as its own way of helping the government push the financial inclusion agenda in the country.

RoutePay is doing so through its digital services  platforms which provide an  array of products  that target  different market segments, demography, inclinations, and leanings.  

The tech firm in simplifying access to its products has also eliminated the gaps that  limited exposure, low technology awareness, location, and poor education  could pose to businesses as its  products and services are omnichannel and available across all channels of payments including Web, Mobile, POS, ATM and USSD, among others.

Routepay said it realised that access to financial services has become critical for businesses to thrive, particularly as the World Bank identifies financial inclusion as a key enabler to reducing poverty and boosting prosperity in seven of its 17 Sustainable Development Goals.

Routelink Group Managing Director, and former Managing Director of Inlaks, Mr. Femi Adeoti, says access to financial services is critical for business survival but pain points ranging from issues of reliability of channels to specific issues of trust has discouraged many Nigerians from using online payment platforms.

RoutePay is one of the subsidiaries of Routelink. Others are Routelink Telecom and Routelink Enterprise.    The three companies play at major intersections between payment, telecoms, and enterprise IT. 

He said: “By identifying the gaps in the Nigerian marketplace, Routepay saw an opportunity to make a direct impact on people’s lives with its solutions which in turn has heralded its emergence as a truly transformative force” .

RoutePay’s approach deplores intelligent customer experience survey system to capture users’ feedback from time to time so as to constantly adjust its services, processes and products to meet expectations.

  With the CBN’s full operating licence in the Payment Solution Service Provider (PSSP) category, RoutePay Fintech Limited has been providing digital payment solutions in Nigeria.   Adeoti said the tech firm is fully aligned with the goals of the CBN in ensuring that the whole of the Nigerian populace is financially included hence its guiding principle of creating financial satisfaction for everyone no matter their location, age or demography.

  He explained that Routepay is providing access to all its products and services bearing in mind various factors including differences in literacy level, geographical locations, age and the financial capacity of its users among others. According to him, the tech firm has ensured that its digital payment solution is not only easily accessible but operated without hassles by improving the processes, services and products in the digital payment and financial technology industry.