Tingo announces new payments system

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Tingo, which is based in Nigeria and caters to the online money transfer needs of the agricultural sector, has confirmed that it will offer a new payments service to its customers.
  • Its service is currently only available to businesses in that sector, but it will now be made available to the general public.
  • A senior figure at the firm said that the company was pleased to be working alongside a partner, Stanbic IBTC, as part of the arrangement.

A Nigerian international money transfers company has confirmed that it will be offering its payments service to the wider public in the country.

Tingo Pay currently offers its services to the agricultural sector in Nigeria, which is one of sub-Saharan Africa’s largest economies.

However, it has now made the decision to offer this service to more people.

The brand, which is owned by Tingo International Holdings Inc., has been providing payment services for the agricultural firm Nwassa.

It will work alongside a firm called Stanbic IBTC to broaden the offer.

Stanbic IBTC is a major Nigerian commercial bank.

The broader Tingo Pay service will offer all sorts of features, including the chance to pay bills and make online money transfers.

However, it will also eventually offer a suite of financial services options, such as the option to buy insurance coverage.

There are also ideas in the works to enhance customers’ consumer identities by offering transport booking options, such as airline ticket purchasing services.

It will structure its services around a central mobile phone application for ease of use.

In a statement, a senior figure at Tingo said that the company had its eye on broadening its geographical remit as well as its sectoral one.

Ayoola Olaide, who serves as the chief commercial officer at the regional subsidiary company Tingo Mobile Plc, said that the company was looking forward to working with Stanbic IBTC.

“For expansion, it will be easier for Tingo Pay to expand to other markets while relying on Stanbic IBTC’s presence outside Nigeria,” he said in a statement to the press.

Dozy Mmobuosi, who is the founder and chief executive of Tingo International Holdings Inc., added that part of the reason for the expansion was to bring more people into the purview of the financial services sector and tackle financial exclusion.

“It is through this common goal, our shared values, and our commitment to financial inclusion, that we begin a long and prosperous relationship,” Mmobuosi said.

He also praised Stanbic IBTC for what it had to offer in terms of collaboration and improving the customer experience.

“This partnership leverages our combined companies’ resources – everything from our products, services, technology, reputation and financial support – to help close the opportunity gap and provide a direct connection to underserved communities,” he explained.

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