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CBN approves Cellulant’s payment solution service

CBN approves Cellulant’s payment solution service

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Ozioma Ubabukoh

The Central Bank of Nigeria has issued an approval in principle to Cellulant Nigeria Limited to operate as a payment solution service provider in Nigeria the country having satisfied the stringent requirements of the apex bank.

“This approval makes Cellulant one of the PSSPs in Nigeria. The PSSPs are the companies that make up the underlying e-payment infrastructure in Nigeria,” the CBN said in a statement.

Banks, online merchants, payment processors, merchants, state governments and consumers connect to the PSSPs to meet their electronic payment needs.

Cellulant is the provider of the Tingg Payment Service & AgriKore Customer Relationship Management service that are being used by governments, private sector companies, farmers and merchants in Nigeria and the rest of Africa and Asia to ensure end-to-end electronic payments in agriculture and other consumer facing value chains.

Cellulant’s payment solution, according to the firm, is underpinned by the 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.

The Co-founder and Chief Executive Officer of Cellulant Nigeria, Mr. Bolaji Akinboro, stated that the approval would enable the company to extend its payment solutions across all spectrum of Nigeria’s payment system ecosystem.

Akinboro said, “Cellulant is a critical component of the Nigerian 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 the CBN and all Nigerians that we will not disappoint them.

“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.”

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