An Africa-leading multinational payments company, Cellulant, has signed a Memorandum of Understanding (MoU) with the Lusaka Chamber of Commerce and Industry (LCCI) to provide digital payments.
Members of the Lusaka Chamber of Commerce now have easy access to payment options that will allow them to accept payments using their clients’ chosen mobile money wallet.
Cellulant’s Tingg payment platform is significant since it interfaces with more than 290 banks in Africa, making it a one-stop payments aggregator for both MNCs and SMEs. Tingg’s adoption across Africa is gaining momentum, particularly with products like In-store payments that utilize mobile money and mobile banking as payment options using USSD and QR Codes.
Tingg’s uptake is in high gear across Africa. This expands the number of payment choices merchants can offer their consumers and also makes business administration operations for merchants more streamlined. ensuring that customers have the most choice and flexibility offline and online.
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Tingg’s plans to add the bank as a payment option
Felix Mutati, the minister of technology and science, has said, “Cellulant has overcome the digital payment gap and is thrilled to notice that enterprises are shifting to technologies that will boost efficiency and effectiveness in payment acceptance.” In a speech given on his behalf by his Acting Permanent Secretary, Mrs Chikatizyo Musonda, he also encouraged companies to participate in the transition to cashless financial transactions that would benefit the economy as a whole.
Gilbert Lungu, Cellulant’s national manager in Zambia, said, “Since Tingg went live, we have over 700 businesses around the country that can take mobile money payments and see and reconcile all transactions via a single platform. By working together, mobile payments eliminate the need for customers to sign up with numerous payment processors, and we’re working to include banks as a payment option so that customers have even more flexibility when making purchases from their phones.
The LCCI, in its role as the “voice of business,” has expressed concern about the increasing splintering of digital payment methods, noting that most establishments only accept card payments and seldom provide any kind of mobile payment platform beyond peer-to-peer exchanges.
According to LCCI President Mr Alexander Lawrence, “We are now in the digital era, and businesses must rise to the occasion by offering more digital payment acceptance points as this will reduce cash handling and further economic gains through the reduction of leakages”.
“This emphasizes the importance of the private sector in ensuring that business is conducted as conveniently as possible for customers. All companies benefit from using Tingg for payments since it gives them complete financial freedom and helps them make more informed business choices”.
Adoption of digital payments solution increases in the Zambia market
More and more indicators suggest that the Zambian market is prepared to embrace innovative payment solutions that streamline corporate processes. The number of mobile money users in Zambia grew from 8.6 million in 2020 to 9.9 million in 2021, as reported by the Zambia Information Communication Technology Authority(ZICTA) in its 2022 Annual Market Report.
While the total value of all transactions went from ZMW 105.6 billion in 2020 to ZMW 169.4 billion in 2021, a growth rate of 60%, the total volume of mobile money transactions increased from 746.5 million to 843.1 million transactions, an increase of 11.7% annually.
Through this partnership, LCCI members will have easier access to digital financial solutions that will help them take advantage of the aforementioned potential and speed up their company’s economic development through payment processing.