Cellulant, a digital payments company, has received approval to get a Payment Services Provider (PSP) License in Ghana. 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.
Cellulant is launching Tingg platform in Ghana, to provide the best customer experience for all persons and businesses looking to digitize their payments, collect, and disburse to customers.
In the past three years, the share of mobile money users in Ghana has increased, as Ghanaians gradually adopt 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.
With a view to maintaining a sound financial system, the Bank of Ghana redefined the categories and permissible activities for financial technology companies with PSP enhanced licenses. Allowed services include mobile payments, bulk payments, and mobile banking. This license also allows for the provision of 3rd party payment gateways, inward international remittance services, and limited use of closed-loop virtual cards.
Cellulant Ghana Country Manager, Eric Kortey commented, “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. Cellulant’s digital payments platform is allowing every Ghanaian to pay for their goods and services through any payment channel of their choice.”
Speaking on the rollout of Tingg he added, “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.”