GHANA – Cellulant, a leading Pan-African technology company whose payments gateway powers and organises Africa’s Marketplace, has announced the launch of Tingg, a digital payments platform enabling businesses and their consumers in Ghana to accept and make payments seamlessly.
The announcement comes after the Central Bank of Ghana issued Cellulant a Payment Services Provider (PSP) License. The PSP License allows Cellulant to aggregate merchant services, process financial services, acquire merchants; deploy POS systems, and aggregate payments for banks, institutions, and the general public.
The license is a requirement under the Payment Services Act 2019 which mandates that all FinTech or digital payments companies be licensed by the Bank of Ghana before they can operate in the country.
With a view to maintaining a sound financial system, promoting financial inclusion and innovation, and ensuring the safety, security, and stability of Ghana’s financial sector, The Bank of Ghana redefined the categories and permissible activities for financial technology companies with PSP enhanced licenses.
“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,” said Cellulant Ghana Country Manager, Eric Kortey.
Eric Kortey – Country Manager, Cellulant Ghana
Cellulant is launching Tingg in Ghana to provide the best customer experience for all persons and businesses looking to digitize their payments, collect, and disburse to customers today.
“Cellulant is addressing the fragmentation of payments for both businesses and their consumers. The digital platform, which recently also launched in Zambia, offers simplified payment tools and processes for a merchant to manage their payments. As a result, businesses can allow their customers to make payments for goods and services using locally relevant payment options,” added Eric Kortey.
Digital payments has seen tremendous growth in the past couple of years. As of January 2021, 38.9 percent of the population aged 15 years and older had a mobile money account in Ghana. The share of mobile money users has increased over the previous three years as Ghanaians have gradually adopted a robust digital payment infrastructure.
However, cash remains a dominant preference for payments. One of the contributing factors for preference of cash over digital payments is the high costs of digital payments that are often passed on to users, a lack of trust in, or familiarity with digital payments.