Firm launches new platform to end financial challenges | The Guardian Nigeria News

Financial technology company, Tingo Mobile Plc has announced a new platform to end challenges facing end-users in Nigeria. The new platform, an all-in-one financial solution application aimed at addressing challenges for Small and Medium Scale (SMEs) businesses and in extension all bank customers with smart phones, the Tingo Pay Super App will tackle the challenge of limited payment options for users.

Chief Operating Officer, Tingo Mobile Plc, Alao Ayoade, while announcing the move yesterday, said the new solution will address the challenge of inability to resolve transaction issues on time with banks, provide business continuity due to funds, provide multiple solutions to perform day to day transactions.

Ayoade said the platform will address issues relating to complexity with adoption of application and create business continuity for agent as the T+1 time on settlement from Central Bank Nigeria (CBN) can be challenging.

According to him, while CBN started its cashless policy in 2007, the policy has seen a lot of improvement with implementation in different sectors and various SMEs springing up and chanelling their businesses at facilitating adoption of the policy.

Ayoade noted that the Central Bank of Nigeria’s directive in 2021 to Money Deposit Banks to implement higher charges on cash transactions, saw organizations and tech savvy taking advantage by developing solutions to address the adoption and provide solutions to users of notes.

“Bank customers enjoyed a 43 per cent increase in consumer loans in two years, as banks and fintechs intensified competition for the lucrative retail lending space through digital lending services. To further enable loan companies, CBN has enabled MDB to Direct debit customer irrespective of where they have funds which will reduce the risk on loan companies,” Ayoade said.

On one hand, he said the new Tingo Pay will allow end-user purchase airtime as well as data for the four major Network providers in the country (MTN, AIRTEL, GLO and 9Mobile) as well as Smile and Spectranet.

Television subscription within Nigeria for Startime and Multichoice would also be allowed on the platform as well as generation of token for users from electricity providers in Nigeria. Other services would include result checker on WAEC and one way messaging setup for One Time Password (OTP).

On the other hand, the platform will allow easy way for SME to generate online invoice for customer with various payment method. It will also grant “Checkout”; an inline integration for Web applications and CMS to complete payment on their sites. It also has provision for fund transfer option within the Payant application and also transfer API to process fund transfer from external applications while providing a dashboard for well detailed reporting system to report inflow, outflow, invoicing and monitor all traffic of users

The Tingo Pay is also expected to provide agency banking, where the solution will provide POS terminals for agents to perform CashIn/CashOut transactions. Ayoade said the new solution will also provide soft loan to customers with ease of access and repayment.

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