Digital payments have seen tremendous growth in the past couple of years. As of January 2021, 38.9 percent of the population aged 15 years and older had a mobile money account in Ghana. The share of mobile money users has increased over the previous three years as Ghanaians have gradually adopted a robust digital payment infrastructure.
However, cash remains a dominant preference for payments. One of the contributing factors for the preference of cash over digital payments is the high costs of digital payments that are often passed on to users, a lack of trust in, or familiarity with digital payments.
To curb these inefficiencies in digital payments, Cellulant has successfully rolled out Tingg, a digital payments platform enabling businesses and their consumers to accept and make payments seamlessly.
This announcement comes after the Central Bank of Ghana issued Cellulant a Payment Services Provider (PSP) License. The PSP License allows Cellulant to aggregate merchant services, process financial services, acquire merchants; deploy POS systems, and aggregate payments for banks, institutions, and the general public. The license is a requirement under the Payment Services Act 2019 which mandates that all Financial Technology or digital payments companies be licensed by the Bank of Ghana before they can operate in the country.
With a view to maintaining a sound financial system, promoting financial inclusion and innovation, and ensuring the safety, security, and stability of Ghana’s financial sector, The Bank of Ghana redefined the categories and permissible activities for financial technology companies with PSP enhanced licenses. Allowed services include mobile payments, bulk payments, and mobile banking. This license also allows for the provision of 3rd party payment gateways, a marketplace for duly regulated financial service providers, merchant acquisition and aggregation, the printing, and presentation of EMV cards, inward international remittance services, as well as limited use of closed-loop virtual cards.
Cellulant is launching Tingg in Ghana to provide the best customer experience for all persons and businesses looking to digitize their payments, collect, and disburse to customers today.
Cellulant Ghana Country Manager, Eric Kortey, expressed delight over the product launch and license acquisition, sharing his optimism about the future of payments and the Fintech ecosystem in the country. In his words, “We believe that Ghana is fast becoming a hub for fintech in Africa. Being licensed by the Bank of Ghana means a lot to the growth of our industry and opens doors to increased security and confidence in digital payments systems. Cellulant’s digital payments platform is allowing every Ghanaian to pay for their goods and services through any payment channel of their choice.”
Speaking on the rollout of Tingg he adds, “Cellulant is addressing the fragmentation of payments for both businesses and their consumers. The digital platform, which recently also launched in Zambia, offers simplified payment tools and processes for a merchant to manage their payments. As a result, businesses can allow their customers to make payments for goods and services using locally relevant payment options.”
Hundreds of businesses have already begun using Tingg to collect digitally from their customers across Ghana.
RobinHood, WeBull, Others Trading Apps Hit 14 Million Users Globally, Twice More than a Year Ago
Over the past years, trading apps have revolutionized the way people interact with the world’s financial markets and stock exchanges, making it simple and easy to trade online, whether at home or on the go. The number of people using these apps to make investments and monitor market trends has grown constantly each year, but in 2021 it surged to all-time highs.
According to data presented by BuyShares, RobinHood, WeBull, Fidelity Investments, E*Trade and eToro, as the world’s top five trading apps, doubled the number of users in the last year to nearly 14 million as of July.
RobinHood Hit 7.3M Monthly Active Users, Double the Second-Ranked WeBull
Stock trading has been moving to mobile for quite a while, and tech companies have been working on well-designed trading platforms to provide top-notch service to a new, tech-savvy set of users. That shift first started in the United States, where Robinhood has attracted tens of millions of users. On the other hand, the European market is still fragmented, with a handful of stock-trading apps slowly expanding to new markets.
According to AirNow data, RobinHood is by far the most popular trading app in the world. In July 2020, the app had around 4.3 million monthly active users. However, user numbers spiked in the first half of 2021, reaching a peak of over 9 million in May 2021. In July, around 7.3 million people worldwide used RobinHood to trade and make investments, 70% more than in the same month a year ago.
With 2.7 million monthly active users, or twice less than the leading RobinHood, WeBull ranked as the second most popular trading app globally. However, statistics show WeBull witnessed the biggest growth, with the number of users surging by 265% year-over-year.
Fidelity Investments ranked third with 1.8 million active users, 38% more than in July 2020. Morgan Stanley’s E*Trade and eToro followed, with 1.1 million and 1 million monthly active users, respectively.
RobinHood Reached 11.9M Downloads in 2021, Close to Other Top Four Apps Combined
Stock trading app developers are constantly innovating and adding new features to make portfolio management easier to do on the go. For example, many of the latest-gen trading platforms now feature AI-based tools to help users evaluate investment risks.
Besides having the largest user base, RobinHood also witnessed the biggest number of downloads this year. In the seven months of 2021, the trading app was downloaded 11.6 million times, close to the other top four apps combined, with almost one-third of all downloads happening in January.
WeBull was downloaded 5.6 million times in this period, 2.3 million more than the third-ranked eToro. Fidelity Investments and TD Ameritrade round the top five list, with 1.9 million and 1.2 million downloads, respectively.
Verve Partners OBMEET To Give Cardholders 50% Discount
In furtherance of its drive to strengthen the payment landscape across the globe, Africa’s leading payment technology and card business, Verve, has announced its partnership with OBMeet, a video conferencing and networking company, to give Verve cardholders a 50% discount on the platform.
The discount which is currently running till December 31, 2021 avails Verve cardholders added value for the services they enjoy on the OBMeet platform.
With this collaboration, Verve cardholders accessing the OBMeet no longer have to worry about the incidental challenges associated with such video conferencing and multi-streaming platforms, such as complex payment structure, capital flight, inconsistent exchange rates etc.
Speaking on the discount, Cherry Eromosele, Group Chief Marketing and Communications Officer, Interswitch Group, said the partnership with OBMeet to reward Verve cardholders with a 50% discount on the selected packages is a demonstration of Verve’s commitment to reward its cardholders’ loyalty.
Eromosele said the firm is stirred to partner with OBMeet because they share a similar vision of delivering an invaluable experience to their esteemed customers.
She explained that the partnership will guarantee Verve cardholders faster and safer payment experiences on the OBMeet platform.
She said: “Consistent with our mantra of being ‘the rewarding way to make payments’, Verve cardholders are not only rewarded with seamless, faster, and convenient payment solutions, but they also enjoy more rewards in discounts as much as 50% on the OBMeet platform, from now till December 31, 2021.”
Vincent Ogbunude, Divisional Head of Verve, commented on the firm’s commitment to delivering top-notch digital payment solutions to Nigerians.
“It is no gainsaying that Verve has consistently delivered innovative payment solutions to Nigerians and the Africa continent.
“We are continuously seeking opportunities to ease payment pain points for Verve cardholders as well as Africans and this partnership with OBMeet is a testament to that commitment.
“We are confident that our cardholders will enjoy seamless payment on the OBMeet platform and the 50% discount offer is added value to the invaluable payment experience the Verve card provides,” he said.
Speaking on the partnership, Emmanuel Gabriel, founder of OBMeet stated that the collaboration is instrumental for companies, institutions, content creators, Small and Medium Enterprise, entrepreneurs to overcome the many challenges of capital flight, complex payment systems inherent in accessing video conferencing and multistreaming platforms.
He said: “Our focus is to give everyone around the world the opportunity to connect, build ideas and express themselves in a new way.
We are focused on creating economic value via the OBMeet communication platforms which bridge communication gaps and language barriers around the world.”
Flutterwave, MTN Partner on Mobile Money
Flutterwave, Africa’s payment technology company, has announced a mobile money partnership with MTN Group, that will allow businesses that are integrating Flutterwave in Cameroon, Côte d’Ivoire, Rwanda, Uganda and Zambia, to receive payments via MTN Mobile Money, called MoMo.
MTN MoMo is a fintech platform providing consumers and businesses with an electronic wallet, enabling electronic transfers and payments as well as access to digital and financial services.
At the end of June 2021, MTN MoMo had 48.9 million active users and 581,514 merchants. MoMo enables businesses to accept and make payments within the mobile money ecosystem. The new partnership will enable Flutterwave to offer MTN Mobile Money as a payment method to its business customers.
In recent years, Africa has witnessed an explosion in mobile penetration as smartphone adoption has risen rapidly. According to the GSMA, this year, Africa would hit the half a billion mark of unique mobile subscribers and the continent would reach 50 per cent subscriber penetration by 2025. The sub-Saharan Africa alone is responsible for more than 45 per cent of the world’s mobile money accounts with the number of account holders exceeding half a billion by 2020, as shared on Statista.
Through the partnership, MTN and Flutterwave will positively contribute to this trend by increasing mobile money usage and penetration in Africa to improve local economies and livelihoods as well as create opportunities for individuals and businesses across the continent.
Commenting on the partnership, Founder and CEO of Flutterwave, Olugbenga Agboola, said: “Africa has one of the highest growth rates for mobile money adoption and e-commerce in the world. It makes sense that we help provide a seamless payment method to support and ensure African businesses reap the full benefits of the e-commerce boom in the region. Our goal has always been to grow a new wave of prosperity in Africa by creating more avenues for businesses in Africa to accept payments. With this partnership, we can achieve this while creating endless possibilities for our customers.”
Group Chief Digital and Fintech Officer at MTN, Serigne Dioum, said: “As we progress on our journey to becoming the largest fintech platform in Africa, we will empower millions of businesses to embrace e-commerce in our markets to accept digital payments from MoMo consumers. We believe this is an enabler to accelerating digitized payments in Africa. Building strong ecosystems through partnerships is central to our platform strategy and we will continue to invest in expanding the reach of our platform to consumers and businesses in Africa.”
The new partnership will further expand on Flutterwave’s previous collaboration with MTN, beyond Uganda and Rwanda, with the potential of deepening adoption of digital payments and e-commerce in Africa, a sector expected to reach $29 billion by 2022, according to Statista.
ECOWAS Imposes Sanctions on Guinea Junta Over Coups
Lagos Free Zone Company Issues N10.5B Series 1, 20-year Corporate Infrastructure Fixed Rate Bond in Nigerian Capital Market
NGX Returns to Red Zone Following Two Days of Consecutive Gains
Government4 weeks ago
Buhari Approves Review of 368 Grazing Reserves in 25 States
Naira2 weeks ago
Naira Plunges Further, Exchanges at N530 to U.S Dollar
News2 weeks ago
Buhari Terminates Appointment of Power and Agriculture Ministers
Economy3 weeks ago
Nigeria Economy Grows 5% In Second Quarter, Its Third Consecutive Growth
Government4 weeks ago
Hakainde Hichilema Sworn In As Zambia President
Energy3 weeks ago
NNPC Made A Net Profit of N287B in 2020 – Buhari
Banking Sector3 weeks ago
Zenith Bank Launches Intelligent Chatbot, ZiVA
Appointments2 weeks ago
CBN Appoints Six New Directors, Confirms Nwanisobi Spokesman