Cellulant Zambia has signed a Memorandum of Understanding (MoU) with the Lusaka Chamber of Commerce and Industry (LCCI) to offer digital payments to its member businesses. Lusaka Chamber of Commerce members can now readily access payment solutions that will enable them to accept payments from their customers’ preferred mobile money wallet.
Cellulant’s payment platform, Tingg, which integrates over 290 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 customers, ensuring maximum choice and flexibility offline and online.
The Minister of Technology and Science, Felix Mutati stated that “Cellulant has bridged the digital payment gap and is delighted to note that businesses are migrating to technologies that will enhance efficiency and effectiveness in payment acceptance.” In a speech read on his behalf by his Acting Permanent Secretary Mrs Chikatizyo Musonda he further urged businesses to be part of the shift to cashless financial transactions that will work for the greater good of the economy.
Cellulant’s Country Manager in Zambia, Gilbert Lungu also noted that “Since Tingg went live, 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 choices 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 convenience to the customers is of great importance as highlighted by the LCCI President, Mr Alexander Lawrence 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, the 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 to take advantage of these opportunities which herald the acceleration of economic growth for businesses through payments.