The Bank of Tanzania (BOT) has issued an approval in principle to Kenyan-based fintech firm Cellulant to operate as a Payment Solution Service Provider in Tanzania.
Cellulant received the approval having satisfied all the necessary requirements.
Payment Solution Service Providers make up the underlying e-Payment infrastructure in Tanzania. Banks, Online Merchants, payment processors, merchants, state governments, and consumers connect to PSSPs to meet their digital payment needs.
This approval makes Cellulant one of the top Payment Solution Service Providers (PSSP) in Tanzania endorsed by the BOT to provide digital payments solutions across the nation.
Cellulant is a leading Pan-African financial technology company providing a one-stop digital payments platform. Cellulant uses technology to connect people and their resources, making it easier to do business across Africa.
Edwin Kiiru, who was recently appointed Country Manager for Cellulant Tanzania, stated that this approval will enable the company to extend its payment solutions across all spectrums of Tanzania’s payments ecosystem.
Cellulant provides a single digital payments platform – named Tingg- addressing the complex payments needs of businesses. Tingg makes it easy to collect and make payments across multiple payment methods in different currencies, with the best customer experience for any business looking to digitise their payments.
‘‘Cellulant is a critical component of Africa’s Payments ecosystem and a key actor in delivering seamless payments solutions. This approval sets Cellulant into a select group of few payment aggregators that operate as PSSPs in Tanzania and will help add millions of economically active but financially excluded Tanzanians into the digital payment ecosystem. We are bringing to Tanzania the same top-level performance and seamless payments solutions that have made Tingg, Africa’s most preferred payments platform,” added Mr Kiiru.
Founded in 2002, Cellulant provides a single digital payments platform that runs an ecosystem of consumers, retailers, merchants, banks, mobile network operators, Governments, and International Development Partners. Today, Cellulant’s payments platform hosts 154 payment options across 34 countries; and is connected to 220M consumers on a single inclusive network allowing for interoperability that has eluded numerous players in the payments space.
Cellulant has an office presence in 18 African countries.