CBN Renews Payment Service Solution Provider License for Cellulant
The Payment Service Solution Provider License for Cellulant in Nigeria has been renewed by the Central Bank of Nigeria (CBN). With the help of this license, Cellulant (www.Cellulant.io) may keep offering safe collections, check-out, biller aggregation, and payout services to thousands of businesses throughout Nigeria.
Businesses may easily accept and make payments both offline and online thanks to Cellulant’s digital payments platform, Tingg (www.Tingg.Africa). By streamlining the end-user payment experience and giving merchants the tools and procedures they need to manage their collections from a single dashboard, Tingg, an integrated single-solution provider for digital payments, responds to the complicated needs of handling payments.
At Cellulant, we are dedicated to offering Nigerian businesses cutting-edge and easily-accessible digital payment solutions, which are essential to enabling financial inclusion and promoting economic progress in the nation. The Central Bank of Nigeria’s decision to extend our license is a sign of their trust in the efforts of our team and partners, who have worked diligently to provide safe and secure solutions that satisfy both the increasing needs of Nigerian businesses and the legal requirements. According to Akshay Grover, group CEO of Cellulant, Tingg is now utilized by thousands of companies and outlets in all 36 states of Nigeria, making it simple for them to seamlessly collect payments, monitor transactions, reconcile cash, and settle cash, among other business-related tasks.
Nigerian consumers can pay using a variety of methods, including cash, bank transfers, cards, mobile money, and mobile money, all of which are subject to erratic currency changes. As a result, there is a growing need for digital payments. Roughly 50% of retail customers request to use digital payment methods to cover the cost of their goods. For the majority of merchants, however, this requirement poses a number of difficulties because they might not always accept the customer’s preferred payment method. As a result, they must enable several solutions to support multiple wallets and different methods for settlement and reversals.
By providing a single solution to take all digital payment methods (Bank Transfers, USSD payments, Cards & Mobile Money) while maintaining the highest compliance and security standards, Tingg resolves these issues.
Frances Diribe, Group Chief Risk & Compliance Officer at Cellulant, said in a statement to the media, “Cellulant is committed to meeting the highest standards of risk and compliance management as we recognize the significance of protecting the integrity of our payment platform. To ensure that our clients may use our services with confidence, we have made significant investments in reliable security measures and compliance procedures. We are pleased with this information demonstrating our adherence to the requirements, guidelines, and policies of the Central Bank of Nigeria.
Collections and Payouts are two of Cellulant’s crucial payment ecosystem products. It has three main products: Checkout (https://apo-opa.info/41bqkv0), which enables businesses to accept payments from customers online for goods and services; In-store Payments (https://apo-opa.info/41bqtyy), which enables businesses to accept payments in person; and Payouts (https://apo-opa.info/3k2nlEq), which enables both local and international businesses to make payments, handle international
