Nigeria: Wi-Pay Technologies Gets PTSP Operating Licence

Wi-PAY Technologies at the weekend announced it has formally been granted a final licence by the Central Bank of Nigeria (CBN), to operate as a Payment Terminal Service Provider (PTSP).

The licence will allow the company to roll out its services to a network of merchants and customers across the country.

According to a statement released by the company, hither to the formal license, it had an Approval-In-Principle (AIP) issued by the CBN in September 2014.

"We feel quite excited and confident of our status as this license will enable us expand and serve our growing customer base in line with the CBN cashless policy," the Head of Operations/IT of the company, Mr Charles Ighedo said.

Besides its point of sale (PoS) operations, Wi-PAY recently launched a mobile payment app and online portal to complement its array of services. The app can be downloaded through Google Play Store or accessed online via a dedicated link.

"Since launching its PoS operations early in 2015, Wi-PAY Technologies has sealed Service Level Agreements (SLA) with about four banks, and more in the pipeline. The company currently has over 350 merchant locations mainly in Lagos and Port Harcourt in its customer base with significant number still awaiting installation of PoS devices.

"Beyond the continued expansion of its PoS services to SMEs within Nigeria, the company has prospective plans of launching an international remittance operation through its US- based sister company; Wi-PAY GLOBAL LLC (US). The Wi-PAY Global recently received its first international remittance license earlier this month from the US State of Delaware with over 10 license applications still pending," it added.

Also, a grocery merchant in Lekki, Lagos, Mr. Iroro Felix, explained that since his firm connected to Wi-Pay PoS devices, it has recorded steady increase in its business activities.

Wi-Pay Technologies Limited (Nigeria) and Wi-Pay Global LLC (USA) is a group of financial technology companies providing an integrated array of e-payment solutions.

These services include non-cash payments via PoS terminals, mobile devices, online platforms and international remittance tailored to various markets and customer base to deliver an unparalleled consumer experience both in Nigeria and abroad.

SOURCE:THISDAY