The Central Bank of Nigeria grants FountainPay a commercial license, ensuring regulatory compliance

April 13, 2023
3 min read

In a recent development, Fountain Payment Systems and Solution, a fintech platform, has been granted a 2-in-1 license by the Central Bank of Nigeria (CBN) to operate as a payment solution provider across multiple payment categories. This latest license from the CBN marks a significant milestone in the fintech industry, with FountainPay being among the first to receive this dual license in 2023.

The license further reinforces FountainPay's commitment to innovation and regulatory compliance, positioning it as a leading player in the Nigerian payments ecosystem.

Fountain Payment Systems and Solutions's recent acquisition of the commercial Payment Service Solution Provider (PSSP) license empowers the fintech platform to offer an extensive array of payment services to businesses. This license allows FountainPay to provide efficient payment options that cater to the diverse payment preferences of their customers. With this approval, FountainPay is now authorized to operate as a PSSP/Super-Agent under the Payment Solution Service (PSS) license category in Nigeria. This development reflects FountainPay's commitment to driving financial inclusion by providing innovative payment solutions to businesses across the country.

Soye Arowolo, the Managing Director and CEO of Fountain Payment Systems and Solutions, has expressed his enthusiasm for the recently acquired license, stating that "our vision has always been to extend our reach and provide diverse product offerings to a broad spectrum of business owners." He further noted that the license enables FountainPay to extend its services beyond urban centers to smaller towns, aiding small businesses in achieving optimal performance. This license underscores FountainPay's unwavering commitment to driving financial inclusion by providing innovative payment solutions that meet the needs of diverse customer segments.

Arowolo further emphasized that the recently acquired license strengthens the partnership between FountainPay and other fintech players, allowing them to expand their payment infrastructure to other stakeholders within the ecosystem. This development will not only enhance FountainPay's product offerings but also provide a wider range of payment options for their customers. By fostering collaborations with other industry players, FountainPay is positioning itself as a key player in driving innovation and financial inclusion in the Nigerian payments landscape.

According to John Oke, the Chief Technology Officer of Fountain Payment Systems and Solutions, the license has significant implications for the development of innovative product solutions, particularly in the area of payments. Oke noted that "This certification empowers us to continue driving innovation, enabling us to provide multiple payment channels that support business owners in effectively managing their operations, optimizing their profits, reducing fraud, and reconciling their accounts more efficiently." This development reinforces FountainPay's commitment to delivering cutting-edge payment solutions that meet the evolving needs of businesses, while also ensuring security and compliance with regulatory requirements.

Furthermore, Oke reiterated that FountainPay will continue to develop innovative solutions that consolidate its position as a one-stop platform for businesses. The platform remains committed to driving fintech innovation in Nigeria, providing a broad range of solutions that support the diverse needs of its customers. By maintaining its focus on innovation, FountainPay is well-positioned to drive financial inclusion, improve business operations, and advance the Nigerian payments landscape.

In conclusion, the license granted to Fountain Payment Systems and Solutions by the CBN is a significant milestone that reinforces the company's ability to deliver a diverse range of payment services to businesses. The license also strengthens collaborations with other fintech players, enabling FountainPay to extend its payment infrastructure to other stakeholders within the ecosystem. With this license, FountainPay is well-equipped to continue driving fintech innovation, not only in Nigeria but also beyond. This development is a testament to FountainPay's unwavering commitment to delivering innovative payment solutions that promote financial inclusion, support business growth, and advance the payments landscape.

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