Cellulant gets central financial institution license to launch Tingg in Ghana

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Ghana’s central financial institution has issued Cellulant a Fee Companies and products Provider (PSP) license, paving the skill for the firm to introduce its digital funds resolution for companies, Tingg, in the country.

Tingg is a resolution that offers simplified fee instruments and processes for retailers to control their funds. The use of the mobile and net-based exclusively exclusively platform, companies can take and invent funds all over multiple channels from anyplace.

Cellulant launched the carrier in 2019 and has since extended it to more than 30 African countries, per a put up by the firm.

Tingg used to be unveiled in Tanzania two weeks ago after Cellulant obtained a identical license from the central financial institution in the East African nation and in Zambia early July.

With this approval from the regulator, Cellulant, via Tingg, can invent and aggregate merchant companies, direction of financial companies, deploy POS programs, as effectively as aggregate funds for banks, institutions, and the public, the firm talked about on Thursday.

Utterly different companies allowed encompass mobile banking and funds, bulk funds, the provision of third-celebration fee gateways, and a marketplace for regulated financial carrier providers. These are as effectively as to the printing and presentation of EMV playing cards, inward worldwide remittance companies, as effectively as cramped use of closed-loop virtual playing cards.

There’s been significant state in the use of digital fee programs, such as mobile cash, by Ghanaians genuine via the previous couple of years. Nearly 40% of the country’s population historical 15 years and older had a mobile cash story as of January 2021.

Cellulant is taking a discover to tap into this rising pattern, enabled by the Monetary institution of Ghana’s PSP license, which is a requirement beneath the Fee Companies and products Act 2019. The law mandates that every body Fintech or digital funds companies be licensed by the apex financial institution earlier than they’ll feature in the country.

“We factor in that Ghana is like a flash becoming a hub for fintech in Africa,” talked about Cellulant Ghana Country Manager, Eric Kortey. “Being licensed by the Monetary institution of Ghana skill loads to the expansion of our exchange and opens doors to increased security and self belief in digital funds programs.”

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A complete lot of companies agree with already begun the usage of Tingg to take cash digitally from their prospects all over Ghana, per Cellulant. 

In pushing for even bigger adoption of its resolution, Cellulant will be competing in a market dominated by MTN’s MoMo carrier and likewise with the likes of Airtel Tigo and Vodafone offering digital fee solutions.

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