Cellulant gets CBN approval to provide payment solution services
by Jumoke Akiyode-Lawanson
March 7, 2018 | 12:06 am| | | Start Conversation
Cellulant Nigeria Limited, a financial technology/ payment solutions company has been issued an approval in principle by the Central Bank of Nigeria (CBN), to operate as a payment solution service provider (PSSP) in Nigeria.
This approval was granted after the company satisfied the stringent requirements of the CBN.
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 and the rest of Africa and Asia to ensure end to end electronic payments in agriculture and other consumer facing value chains.
According to the company, 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.’
Bolaji Akinboro, co-founder and chief executive officer of Cellulant Nigeria, said that this approval will enable the company to extend its payment solutions across all spectrum of Nigeria’s payment system ecosystem.
‘Cellulant is a critical component of the Nigerian payments system and a key factor 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 said.
He 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 ‘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, every day. Businesses, banks and government agencies leverage on the Tingg solution to perform the last mile payment for farmers and the unbanked in the rural areas.
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