CBN Gives Payment Solutions To Nigerians

The Central Bank of Nigeria has renewed Cellulant’s Payment Service Solution Provider License in Nigeria.

According to the firm, this would enable it to continue to provide online and offline payment solutions, including collections, check-out, biller aggregation, and payout services.

The Cellulant’s Group Chief Executive Officer, Akshay Grover, said, “At Cellulant, we are committed to providing innovative and accessible digital payment solutions to businesses in Nigeria, which play a pivotal role in enabling financial inclusion and driving economic growth in the country.

“The renewal of our licence is a vote of confidence from the Central Bank of Nigeria on the efforts of our team and partners, who have worked tirelessly to create safe and secure solutions that meet the evolving needs of businesses in Nigeria and the regulatory standards.

“Tingg is now used by thousands of businesses and outlets in the 36 states across Nigeria, enabling businesses to easily collect and make payments, monitor transactions, reconcile and settle cash seamlessly.”

According to the firm, the demand for digital payments has grown with about 50 per cent of retail consumers request to pay for their purchases via digital payment options. It added that this increased demand presents several challenges for most merchants and results in them having to enable multiple solutions to support multiple wallets and varying processes for settlement and reversals for a merchant.

Cellulant’s Group Chief Risk and Compliance Officer, Frances Diribe, added, “Cellulant is dedicated to meeting the highest standards of risk and compliance management as we understand the importance of maintaining the integrity of our payment platform.

“We have invested heavily in robust security measures and compliance processes to ensure our customers can confidently use our services. We welcome this news that showcases our compliance with the standards, directives, and regulations of the Central Bank of Nigeria.”

The firm stated that it also operates as a Payments Service Provider in Kenya, Ghana, Uganda, Botswana, and Zambia.