Lusaka, Zambia – 07th October 2022 – Cellulant Zambia has signed a Memorandum of Understanding (MoU) with the Lusaka Chamber of Commerce and Industry (LCCI) to offer digital payments to member businesses. This partnership will accelerate the uptake of Cellulant’s digital payment platform, Tingg, to over 200 members who’s customers will now enjoy a seamless payment experience when paying with mobile money.
Cellulant’s payment platform, Tingg, which integrates 211 banks across Africa, is a one-stop payments aggregator for Multinational Corporations and Small and Medium Enterprises (SMEs), hence the significance of this partnership. Tingg’s uptake across Africa is in high gear, with products like in-store payments which leverage mobile money and mobile banking as payment methods through USSD and QR Codes. This streamlines business administration processes for merchants while expanding the range of payment options they can offer to customers, ensuring maximum choice and flexibility both offline and online.
Cellulant Country Manager, Gilbert Lungu noted that “Since Tingg went live in 2018, we have over 700 stores across the country who can receive mobile money payments as well as view and reconcile all transactions via a single platform. The unison of mobile payments negates the need to sign up to multiple payments providers, and we will soon offer banks as an option, giving the consumers more choice from the comfort of their mobile phone.”
As part of its mandate to be the ‘voice of businesses’, the LCCI has noted with dismay the growing fragmentation in digital payments as most businesses offer mostly card swiping options and rarely have a platform for mobile payments other than peer to peer options. As a private sector driven organisation, ensuring that business is done with the utmost of convenience to the customers is of great importance as highlighted by the LCCI President, Mr. Alexander Lawrence who said, “We are now in the digital era and businesses must rise to the occasion by offering more digital payment acceptance points as this will not only reduce cash handling but further economic gains through the reduction of leakages. Paying with Tingg provides all businesses full control over their finances whilst enabling them to make better business decisions.”
There is growing evidence that the Zambian market is ready for intuitive payment technologies that ease doing business. According to the 2022 Zambia Information Communication Technology Authority(ZICTA) Annual Market Report number of active mobile money subscribers increased from 8.6 million in 2020 to 9.9 million subscribers in 2021. Similarly, the volume of mobile money transactions increased from 746.5 million to 843.1 million transactions representing an annual increase of 11.7% while the number of transactions grew from ZMW 105.6 billion in 2020 to ZMW 169.4 billion in 2021 representing a growth rate of 60%.
This partnership will enable LCCI members to access digital financial solutions so as to take advantage of these opportunities which herald the acceleration of economic growth for businesses through payments.
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References
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