Nigeria: Central Bank of Nigeria renews Cellulant’s Payment Service Solution Provider License

The Central Bank of Nigeria has renewed Cellulant’s Payment Service Solution Provider License in Nigeria.

This license enables Cellulant to continue providing online and offline payment solutions, including collections, check-out, biller aggregation, and payout services securely to thousands of businesses across Nigeria.

Cellulant’s digital payment platform, Tingg enables businesses to seamlessly accept and make payments offline and online. 

Cellulant’s Group CEO, Akshay Grover, added “At Cellulant, we are committed to providing innovative and accessible digital payment solutions to businesses in Nigeria, which play a pivotal role in enabling financial inclusion and driving economic growth in the country. The renewal of our license is a vote of confidence from the Central Bank of Nigeria on the efforts of our team and partners, who have worked tirelessly to create safe and secure solutions that meet the evolving needs of businesses in Nigeria and the regulatory standards. Tingg is now used by thousands of businesses and outlets in the 36 states across Nigeria, enabling businesses to easily collect and make payments, monitor transactions, reconcile and settle cash seamlessly.”

Also, Frances Diribe, Cellulant’s Group Chief Risk & Compliance Officer, said, “Cellulant is dedicated to meeting the highest standards of risk and compliance management as we understand the importance of maintaining the integrity of our payment platform. We have invested heavily in robust security measures and compliance processes to ensure our customers can confidently use our services. We welcome this news that showcases our compliance with the standards, directives, and regulations of the Central Bank of Nigeria.”

Nigerian consumers have different payment options, including card, mobile money, bank transfer and cash- with volatile currency fluctuations and no single settlement framework.