Financial Inclusion Insights (FII) puts Nigeria’s financial inclusion figures at 30% of the adult population as of 2017. Unlike Kenya with relatively higher penetration, there is still a huge potential for financial services providers in Nigeria and brands have been rising to the challenge.
Joining the league of players in the mobile payment sector is Tingo International Holding Inc. with the launch of its payment system, Tingo Pay to the public. Interestingly, Tingo Pay is not a new player in the payment industry as it has been serving as the payment system for Nwassa, a platform that connects over nine million stakeholders in the agricultural value chain.
On Tingo’s decision to make Tingo Pay available to the public, the Chief Commercial Officer of the Nigerian subsidiary of the company, Tingo Mobile Plc, Ayoola Olaide referenced the low rate of financial inclusion in the country while also pointing out the role that mobile technology is playing to close the gap.
Tingo’s decision is not surprising as the Founder and Group Chief Executive Officer of Tingo International Holdings Inc, Dozy Mmobuosi in 2020 revealed plans to make Tingo Pay available to the general public.
In his comment about the launch, Mmobuosi affirms Tingo’s mission to empower societies by offering access to alternative financial services to underserved communities, with a specific focus on providing tailored digital tools. “This mission has driven us to build Tingo Pay,” he said.
Tingo Pay will be launching in Nigeria first, but Olaide revealed that there are plans to launch in other African markets as well.
“For expansion, it will be easier for Tingo Pay to expand to other markets while relying on partners,” Tingo Mobile’s Chief Commercial Officer asserted.
Commenting on the launch, Mmobuosi pointed out the importance of the partnership to achieving Tingo’s goal. He further revealed that Tingo International Holdings works with partners that share the company’s vision for a more inclusive and digitally-enabled financial services sector in Africa. “It is through this common goal, our shared values, and our commitment to financial inclusion, that we begin a long and prosperous relationship,” Mmobuosi said.
While Tingo Pay will be launching with features like bills payment and money transfer, there are plans to have other features like insurance, remittance, betting, hotel, and flight bookings, among others, in the app soon.
Tingo’s agricultural platform, Nwassa will also be a feature on Tingo Pay.
“It’s going to be a one-stop-shop for financial activities,” Olaide affirms.
According to Tingo, the future for its payment platform is to provide easy access to payment for both individuals and businesses across its markets. The Tingo Pay app will come preloaded on Tingo-branded smartphones and about 4.5 million units of these devices are expected to be shipped to Nigeria soon.