Cellulant is set to launch Tingg in Ghana following the acquisition of a Payment Services Provider (PSP) license from the country's apex bank.
Tingg was launched in 2019 by Cellulant. Tingg is a solution that offers simplified payment tools and processes for merchants to manage their payments. With the mobile and web-based platform, businesses can collect and make payments across multiple channels from anywhere.
Cellulant Ghana Country Manager Eric Kortey said, "We believe that 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 doors to increased security and confidence in digital payments systems."
The use of digital payment systems like mobile money is on the rise. Data reveals that Nearly 40% of the country's population aged 15 years and older had a mobile money account as of January 2021. It was stats like this that spurred Cellulant to acquire the license.
Cellulant is looking to tap into this growing trend, enabled by the Bank of Ghana's PSP license, a requirement under the Payment Services Act 2019. The law mandates that the apex bank license all Fintech or digital payments companies before operating in the country.
However, Cellulant will be competing in a market dominated by MTN's MoMo service and Airtel Tigo and Vodafone providing digital payment solutions.
With this approval from the regulator, Cellulant, through Tingg, can acquire and aggregate merchant services, process financial services, deploy POS systems, and aggregate payments for banks, institutions, and the public, the company said on Thursday.
Other services allowed include:
- Mobile banking and payments.
- Bulk payments.
- The provision of third-party payment gateways.
- A marketplace for regulated financial service providers.
These are in addition to the printing and presentation of EMV cards, inward international remittance services, and limited use of closed-loop virtual cards.
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