Cellulant, a digital payments company, has been granted permission to apply for a Payment Services Provider (PSP) license in Ghana. For banks, institutions, and the general public, the PSP License allows Cellulant to aggregate merchant services, process financial services, acquire merchants, deploy POS systems, and aggregate payments.
In Ghana, Cellulant is launching the Tingg platform to give the greatest customer experience for all individuals and organizations wishing to digitize payments, collect, and disburse to customers.
Ghanaians have steadily adopted a solid digital payment infrastructure, and the number of mobile money users has increased in the last three years. Cash, on the other hand, continues to be the most popular method of payment. The high expenses of digital payments, which are often passed on to consumers, as well as a lack of trust in or familiarity with them, are all factors that contribute to people preferring cash over digital payments.
The Bank of Ghana redefined the categories and authorized activities for financial technology companies with PSP enhanced licenses to preserve a strong financial system. Mobile payments, bulk payments, and mobile banking are all permitted services. This license also permits the provision of third-party payment gateways, inbound international remittance services, and restricted usage of cluse of closed-loop virtual cards.
“We feel that Ghana is quickly becoming a fintech hotspot in Africa,” said Eric Kortey, Cellulant Ghana Country Manager. Being licensed by the Bank of Ghana is extremely beneficial to our industry’s growth, as it provides more security and confidence in digital payment systems. Cellulant’s digital payments platform allows any Ghanaian to pay for goods and services using any payment method.
“Cellulant is tackling the fragmentation of payments for both businesses and their consumers,” he said of Tingg’s launch. The digital platform, which was just established in Zambia, provides merchants with simple payment tools and processes to manage their payments. As a result, businesses can offer their customers to pay for goods and services using currency that is local to them.