Regulatory compliance: CBN grants FountainPay commercial license

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 centres 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.

https://www.vanguardngr.com/2023/04/regulatory-compliance-cbn-grants-fountainpay-commercial-license/

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Emefiele may be the owner of Arowolo.

If you don’t think the powers that be have massive stake in the fintech they are licensing, well, you are not losing anything by your naivety.

Not front page worthy

PalmPay still the best

RapistOnBail:
PalmPay still the best

We all know you are a debt collector at Palmpay. No dey disguise

RapistOnBail:
PalmPay still the best

i use both and i think Opay is best due to the ATM card which Palmpay doesn't have

Some one credited me with POCKET APP

This wallets plenty ooooh

I know God will deliver me from the shackles of this country soon...

Fintech

For those who don't read.

Fountainpay is just like paystack and flutterwave.

They are a payment gateway. You can integrate them to your online stores and even use payment links especially if you are a freelancer.

You can find them here https://fountainpay.ng/

ariesbull:
i use both and i think Opay is best due to the ATM card which Palmpay doesn't have

Yeah. That’s true.

ecolime:

We all know you are a debt collector at Palmpay. No dey disguise

Na u sabi mallam

Why more fintech when poverty is increasing?

Person wey never chop dey make tranfer

Make I dey manage my Stanbic Bank account dey go.

I am watching you all from heaven, you guys are really funny down there, especially Tinubu supporters.

These online Banks are taking over

Good one... Make network nor sha affect their services sha

Ok

RapistOnBail:
PalmPay still the best

OPAY is the Baba of all.

That's good

BEWARE: Toluwalase Azeez Oloye is a scammer on Instagram pretending to sell female dresses. He will block you after payment. His Palmpay account is 8069572524, and also Ugwu Queendaline, Palmpay 9133753869. His MTN whatsapp number +2347025280615

PLEASE email support@palmpay.com with screenshots as evidence to get his account flagged. The more people report, the better.

---------
He keeps changing the profile name of his IG account, some of the handles he has used include: wearsnest_ng, enchantress_wear
TURKEY WEARS QUALITY AND AFFORDABLE wholesale and retail. PAYMENT BEFORE DELIVERY FOR FURTHER ENQUIRES ORDER SEND DM.
wa. me/2347025280615

Nice one

Them get pos machine?
How much if any?

After now, them go grant me my own license. Na small small

No wahala

Check my sig ✅

ariesbull:
i use both and i think Opay is best due to the ATM card which Palmpay doesn't have

I use both, but I think Palmpay has an egde due to network stability.

Emarex:
These online Banks are taking over

Why won't they take over when the conventional banks are not living up to their responsibility.

I hope say dem dey borrow people money and also give discounts, if not count me out🙄

Emarex:
These online Banks are taking over

Yea....that's the way it should be. Very soon the banking halls will always be empty like you find in advance countries.