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 recently 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.