Ghana’s central bank has issued Cellulant a Payment Services Provider (PSP) license, paving the way for the company to introduce its digital payments solution for businesses, Tingg, in the country.
Tingg is a solution that offers simplified payment tools and processes for merchants to manage their payments. Using the mobile and web-based platform, businesses can collect and make payments across multiple channels from anywhere.
With this approval from the regulator, Cellulant, through Tingg, can acquire and aggregate merchant services, process financial services, deploy POS systems, as well as 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, and a marketplace for regulated financial service providers. These are in addition to the printing and presentation of EMV cards, inward international remittance services, as well as limited use of closed-loop virtual cards.
There’s been significant growth in the use of digital payment systems, such as mobile money, by Ghanaians over the past few years. Nearly 40% of the country’s population aged 15 years and older had a mobile money account as of January 2021.
Cellulant is looking to tap into this growing trend, enabled by the Bank of Ghana’s PSP license, which is a requirement under the Payment Services Act 2019. The law mandates that all Fintech or digital payments companies be licensed by the apex bank before they can operate in the country.
“We believe that Ghana is fast becoming a hub for fintech in Africa,” said Cellulant Ghana Country Manager, Eric Kortey. “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.”
Hundreds of businesses have already begun using Tingg to collect money digitally from their customers across Ghana, according to Cellulant.
In pushing for even greater adoption of its solution, Cellulant will be competing in a market dominated by MTN’s MoMo service and also with the likes of Airtel Tigo and Vodafone providing digital payment solutions.
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