The Central Bank of Nigeria (CBN) has issued an approval in principle to Cellulant Nigeria Limited to operate as a Payment Solution Service Provider in Nigeria having satisfied the stringent requirements of the CBN.
This approval makes Cellulant one of the Payment Solution Service Providers (PSSP) in Nigeria. 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 sector companies, farmers, merchants in Nigeria & the rest of Africa, Asia to ensure end to end electronic payments in Agriculture and other consumer facing value chains.
Cellulant’s 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.
The co-founder and Chief Executive Officer of Cellulant Nigeria, Bolaji Akinboro, stated that this approval will enable the company to extend its payment solutions across all spectrum of Nigeria’s payment system ecosystem.
According to him, ‘‘Cellulant is a critical component of Nigeria Payments system and a key player in delivering the payments systems vision 2020”.
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