Tingg, a digital payments platform that enables businesses and their customers to accept and make payments in a seamless manner, has been successfully launched by Cellulant.
Cellulant has received a Payment Services Provider (PSP) license from the Central Bank of Ghana.
Utilizing PSP License, Cellulant can aggregate merchant services, process financial services, acquire merchants; deploy point-of-sale systems; and aggregate payments on behalf of banks, financial institutions, and the general public, among other things.
According to the Payment Services Act 2019, which requires that all financial technology or digital payments companies be licensed by the Bank of Ghana before they can operate in the country, obtaining a license is mandatory.
In order to maintain a sound financial system, promote financial inclusion and innovation, and ensure the safety, security, and stability of Ghana’s financial sector, the government of Ghana has established a Financial Stability Commission.
The Bank of Ghana has redefined the categories of financial technology companies with PSP enhanced licenses, as well as the types of activities that are permitted. Mobile payments, bulk payments, and mobile banking are among the services that are permitted.
It also permits the provision of third-party payment gateways, the creation of a marketplace for duly regulated financial service providers, merchant acquisition and aggregation, the printing, and presentation of EMV cards, the processing of inward international remittances, and the use of closed-loop virtual cards to a limited extent.
To provide the best possible customer experience for all individuals and businesses who wish to digitize their payments, collect payments from customers, and disburse funds to customers today, Cellulant is launching Tingg in Ghana to help them do so.
Mr. Eric Kortey, Cellulant Ghana’s Country Manager, expressed his delight at the product’s launch and license acquisition, while also expressing his optimism about the country’s future in payments and the Fintech ecosystem. As he put it, “We believe that Ghana is quickly emerging as a fintech hub in Africa.” Being granted a license by the Bank of Ghana is extremely beneficial to the development of our industry, as it opens the door to greater security and confidence in digital payment systems. Ghanaians will be able to pay for their goods and services through any payment channel of their choosing thanks to Cellulant’s digital payments platform.”
“Cellulant is addressing the fragmentation of payments for both businesses and their customers,” Kortey says in regards to the launch of Tingg. The digital platform, which was recently launched in Zambia as well, provides merchants with simplified payment tools and processes to better manage their payments and cash flow. Because of this, businesses can allow their customers to pay for goods and services using payment options that are appropriate for their location.”
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