• Thursday, April 25, 2024
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Tingo launches app to tackle financial transaction challenges in Nigeria

Tingo launches app to tackle financial transaction challenges in Nigeria

Tingo Mobile Plc, a Nigerian financial and agricultural technology company, has launched a new platform to tackle financial challenges facing end-users in Nigeria.

This is coming as farmers across the country disclosed how the firm’s Agric technology solution is helping them to increase their profitability and end wastage of food.

The new financial platform, an all-in-one financial solution application aimed at addressing challenges for Small and Medium Scale businesses and in extension bank customers with smart phones, the Tingo Pay Super App will tackle the challenge of limited payment options for users.

Alao Ayoade, the company’s Chief Operating Officer, while announcing the move 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, address issues relating to complexity with adoption of application and create business continuity for agent as the T+1 time on settlement from 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 channelling 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 organisations 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).

Read also: Law firms are actively contributing to the growth of the fintech ecosystem – Bolakale

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.

At the event, farmers and commodity traders under the agricultural technology platform of the company insisted that the solution provided by the company has helped in addressing critical challenges in value chain, especially wastage of food, access to market, increase in productivity among others.

Muryar Manoma Arewa Multi-purpose Association, with over 600,000 farmers across the Northern Nigeria, who engage in different category of farming such as Cotton, Maize, Rice, Wheat etc said the development company’s initiatives provided leeway for increase in yield as well as information that help them compare situation in the country with other countries.

Habib Umar, who heads the cooperative society, noted that soft loan, fertilizer and seed provided by the company remained a game changer in their operations.

In his contribution, Salisu Sani Danmuttaga, who is the Director, Sabest MultiTrading Farmers Co-operative Society said the direct membership of the group stands at about 19, 5000.