Kenya-based fintech Cellulant has augmented how businesses in Africa make and receive payments by introducing online and offline payment solutions.
Cellulant offers a single API payment platform that enables businesses to collect payments online and offline while allowing anyone to pay from their mobile money, local and international cards, or bank. Providing alternative payment methods for African consumers is particularly important on a continent that holds 70% of the world’s USD 1 trillion mobile money market, as per the press release. Card penetration sits at a 3% penetration rate, meaning global companies looking to expand into Africa need a payments partner that can offer alternative payment methods for the local market.
The payments ecosystem in Africa
The payments market in Africa is experiencing rapid growth, mainly due to advancements in peer-to-peer (P2P) and consumer-to-business (C2B) payment solutions. However, the fragmentation of payment processing continues to pose a significant challenge for businesses seeking to establish a presence in Africa.
Cellulant’s officials stated that 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. On the one hand, this has prompted the growth of payment platforms and solutions to meet the various needs of businesses and consumers, turning Africa into a centre of innovation in the payments sector. On the other hand, with multiple providers, a wide range of payment methods exists due to the absence of a consistent infrastructure enabling businesses to collect payments seamlessly or easily operate across borders. Therefore, a payments infrastructure in Africa must holistically address the needs of businesses and their consumers by making it easy to collect payments online and offline -regardless of the size of the business.
How Cellulant caters to payment needs
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 payments platform has full-stack offline and online payment capabilities. It caters to businesses in various sectors, such as airlines, telecoms, ecommerce, ride-hailing, retail, and remittances, enabling these businesses to deliver a frictionless payment experience to their customers.
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.
Source : Thepaypers