The Central Bank of Nigeria (CBN) has issued an approval in principle to Cellulant Nigeria Limited to operate as a Payment Solution Service Provider (PSSP).
This approval makes Cellulant one of the PSSPs in the country. PSSPs are the companies that make up the underlying e-payment infrastructure in Nigeria. Banks, online merchants, payment processors, merchants, state governments and consumers connect to PSSPs to meet their electronic payment needs.
Cellulant is the provider of the Tingg Payment Service & AgriKore Customer Relationship Management (CRM) service that is used by governments, private companies, farmers, merchants in Nigeria and the rest of Africa, and Asia to ensure end-to-end electronic payments in agriculture and other value chains.
Its Chief Executive Officer, Mr. Bolaji Akinboro, said the approval would enable the company to extend its payment solutions across the ecosystem of the payment system.
According to him, ‘‘Cellulant is a critical component of Nigeria payments system and a key actor in delivering the payments systems’ Vision 2020, especially as it pertains to digitising payments within agriculture and adjacent payment verticals such as transport and logistics. We want to assure CBN and all Nigerians that we will not disappoint them.”
Akinboro further stated that, ‘‘this approval sets Cellulant into a select group of less than seven companies that operate as PSSPs in Nigeria and will help add millions of economically active but financially excluded Nigerians into the digital payment ecosystem.”
Cellulant is a financial technology company that provides the e-payment solution known as “Tingg” and the developer of the world acclaimed e-wallet system that has transformed agriculture in Nigeria and the rest of Africa. The Cellulant Tingg payment service solution connects everyone to everything, everyday. Businesses, banks and government agencies leverage on the Tingg solution to perform the last mile payment for farmers and the unbanked in rural areas.
Its payment solution is underpinned by highest global security standards. The solution is ISO/IEC 27001 & PCIDSS certified and all records are backed up on a blockchain ledger which ensures that accounts cannot be hacked, and records cannot be changed.