CBN Grants Payment Solution Service Provider Approval to Cellulant Nigeria
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 and 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, Mr. 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 actor in delivering the payments systems vision 2020 especially as it pertains to digitising payments within Agriculture and adjacent payment verticals such as transport & logistics; We want to assure CBN and all Nigerians that we will not disappoint them.’’
Akinboro further stated,‘‘this approval sets Cellulant into a select group of fewer than 7 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.