Pan-African payments company Cellulant acquires PSP license in Ghana as part of rollout of digital payments solution for businesses

Digital payments have seen phenomenal growth over the past two years. As of January 2021, 38.9% of the population aged 15 and above had a mobile money account in Ghana. The share of mobile money users has grown over the past three years as Ghanaians have gradually adopted a strong digital payment infrastructure. However, cash remains a dominant preference for payments. One of the factors contributing to the preference of cash payments over digital payments is the high cost of digital payments which is often passed on to users, lack of trust or familiarity with digital payments.

To limit these inefficiencies in digital payments, Cellulant successfully deployed Tingg, a digital payments platform enabling businesses and their consumers to accept and make payments seamlessly.

This announcement comes after the Central Bank of Ghana issued Cellulant with a Payment Service Provider (PSP) license. The PSP license allows Cellulant to aggregate merchant services, transact financial services, acquire merchants; deploy point-of-sale systems and aggregate payments for banks, institutions and the general public. The license is a requirement under the Payment Services Act 2019, which requires all fintech or digital payment companies to be licensed by the Bank of Ghana before they can operate in the country.

With a view to maintaining a sound financial system, promoting financial inclusion and innovation, and ensuring the safety, security and stability of Ghana’s financial sector, the Bank of Ghana has redefined the categories and activities permitted for fintech companies with PSP enhanced licenses. Permitted services include mobile payments, bulk payments and mobile banking. This license also enables the provision of third-party payment gateways, a marketplace for properly regulated financial service providers, merchant acquiring and aggregation, EMV card printing and presentation, incoming international funds, as well as limited use of the closed loop. virtual cards.

Cellulant is launching Tingg in Ghana to provide the best customer experience for all individuals and businesses looking to digitize their payments, collect and disburse to customers today.

Cellulant Ghana Country Manager Eric Kortey said he was delighted with the product launch and acquisition of the license, sharing his optimism about the future of payments and the Fintech ecosystem in the country. In his words, “We believe Ghana is fast becoming a hub for fintech in Africa. Being licensed by the Bank of Ghana means a lot to the growth of our industry and opens the door to greater security and confidence in digital payment systems. Cellulant’s digital payment platform enables every Ghanaian to pay for their goods and services through the payment channel of their choice. »

Speaking about the Tingg rollout, he adds, “Cellulant is tackling payment fragmentation for businesses and their consumers. The digital platform, which was also recently launched in Zambia, offers simplified payment tools and processes for a merchant to manage their payments. As a result, businesses can enable their customers to make payments for goods and services using locally relevant payment options. »

Hundreds of businesses have already started using Tingg to collect digitally from their customers across Ghana.

Distributed by APO Group on behalf of Cellulant.

About Cellulant:
Cellulant is a leading pan-African financial technology company providing a one-stop-shop digital payment platform. Cellulant uses technology to connect people and their resources, making it easier to do business in Africa. Cellulant provides a unique digital payment platform – named Tingg – addressing the complex payment needs of businesses. Tingg makes it easy to collect and make payments through multiple payment methods in different currencies.

Today, Cellulant is present in 18 African countries with a payment platform connecting thousands of businesses with 154 payment options in 35 countries. The platform powers payments for 220 million consumers on a single inclusive network enabling interoperability across Africa.

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