CBN renews Cellulant’s license as payment provider - ITREALMS

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The Central Bank of Nigeria (CBN) has renewed the license of Cellulant as a payment service provider in the country, reports ITREALMS.

This license, ITREALMS gathered affords Cellulant to continuously provide online and offline payment solutions, including collections, check-out, biller aggregation, and payout services securely to thousands of businesses across Nigeria.

Speaking on the renewal, Cellulant’s Group Chief Executive Officer (GCEO) Akshay Grover, reiterated their commitment to provision of innovative and accessible digital payment solutions to businesses in Nigeria.

“... The renewal of our license is a vote of confidence from the Central Bank of Nigeria on the efforts of our team and partners, who have worked tirelessly to create safe and secure solutions that meet the evolving needs of businesses in Nigeria and the regulatory standards. Tingg is now used by thousands of businesses and outlets in the 36 states across Nigeria, enabling businesses to easily collect and make payments, monitor transactions, reconcile and settle cash seamlessly,” Grover said.

ITREALMS recalled that Nigerian consumers have different payment options, including card, mobile money, bank transfer and cash with volatile currency fluctuations and no single settlement framework; these have spurred demands for digital payments.

Financial Technology (FinTech) observers, ITREALMS equally gathered, pegged about 50 per cent of retail customers request to pay for their purchases using digital payment options in Nigeria and with its attendant challenges for most merchants who might not always support the customer’s preferred payment method, resulting in merchants having to enable multiple solutions to support multiple wallets and varying processes for settlement and reversals for a merchant.
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