Cellulant has announced the launch of a comprehensive payments infrastructure that aims to revolutionize how businesses in Africa make and receive payments. The move comes as the payments market in Africa is experiencing rapid growth, thanks to advancements in peer-to-peer (P2P) and consumer-to-business (C2B) payment solutions.
The fragmented nature of payment processing has long been a significant challenge for businesses seeking to establish a presence in Africa. However, Cellulant aims to solve this problem with a single API payment platform that allows businesses to collect payments both online and offline. The platform also allows anyone to pay from their mobile money, local and international cards, or bank.
Providing alternative payment methods for African consumers is particularly important given that the continent holds 70% of the world’s $1 trillion mobile money market, while card penetration sits at just 3%. This means that global companies looking to expand into Africa need a payments partner that can offer alternative payment methods for the local market.
Speaking at the recently held 25th Annual Harvard Africa Business Conference in Boston, Cellulant’s Group CEO Akshay Grover highlighted the importance of addressing the needs of businesses and their consumers in Africa. “Solving the payments challenges in Africa is not just about payments but accelerating global economic growth. Africa’s dynamic economies and lack of an established payment infrastructure have resulted in a unique occurrence on the continent,” he said.
Cellulant has built Tingg, a payments platform that provides multinational and international businesses with a one-stop-shop solution for their payment needs across the continent. The payments gateway connects to over 370 payment methods from mobile money operators and banks across the continent to global and regional card switches such as Visa, Mastercard, NIBSS, and Verve.
The platform has full-stack offline and online payment capabilities and caters to businesses in various sectors such as airlines, telecoms, e-commerce, ride-hailing, retail, and remittances, enabling these businesses to deliver a frictionless payment experience to their customers. Today, Cellulant powers payments for renowned global companies such as Emirates, Bolt, KLM, Ethiopian Airlines, Glovo, Kenya Airways, and Jumia, processing billions of dollars annually.
Cellulant is ISO 27001 (ISMS), ISO 27701 (PIMS), ISO 22301 (BCMS), ISO 20000-1 (Service Management), and PCI-DSS compliant for all its payouts and collections products, ensuring the highest level of security for all its users.