Changing the narrative of the digital economy in Africa

By leveraging technology, tech-savvy young people and a vast majority of Africans with mobile devices (phones, tablets, laptops, etc.) now transact smoothly. Before the mobile revolution, people had harrowing experiences transacting across the continent.

In Nigeria and most African countries, it was once the age of the ‘account number’ when people waited endlessly in bank corridors to cash checks or pay for services via cashier’s check or money order. This was a huge waste of time that negatively affected working hours, productivity and income.

This is fundamentally why a digital payments system is one of the five operational instruments of the African Continental Free Trade Area (AfCFTA). The objectives of the AfCFTA include the creation of a single continental market for goods and services, with free movement of business people and investments, with the help of a digital payment system that eliminates the need for cash transactions.

Fortunately, we have made great strides towards digitizing payments and making financial services available across the continent. People can now effortlessly access financial services from their mobile phones thanks to mobile network operators (MNOs) and fintech companies digitizing payments for consumers and businesses.

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Tingg, a digital payments ecosystem created by Cellulant, offers the interoperability envisioned by AfCFTA by providing seamless money movement for a more connected Africa. Serving more than 34 countries in Africa, Tingg is enabling digitization in many sectors by providing a platform with a single API and a point of settlement for collections and payments in Africa.

Available in countries such as Nigeria, Kenya, Ghana, Uganda, Tanzania, Mozambique, Zambia, Senegal, Ivory Coast, and Botswana, Tingg provides a simple and secure digital platform that makes it easy to make and receive payments from anywhere. The payments platform connects businesses and SMEs with easily accessible payment options that are locally relevant to their increasingly mobile consumers.

In Nigeria, Tingg provided a unique opportunity for young people, retailers looking to become agents, and those already in the mobile agency business. This is an effort by Cellulant to reduce the unemployment rate by providing an accessible employment tool for those seeking work or wanting to start their journey as entrepreneurs.

In 2016, statistical reports revealed that in Nigeria, approximately 47% of graduates enter the unemployment basket annually. Another report suggests that only 51% of graduates are able to practice their course of study after spending years in college earning certification.

One of the ways Tingg is solving this is by building agent networks in rural areas, thereby creating numerous employment opportunities, reaching as far as northern Nigeria and the Niger Delta regions (which are home to rates of highest unemployment rates in the country since 2017). ) where digital financial inclusion is close to zero.

There has been a steady increase in the adoption and use of digital financial services provided by Tingg, which helped the Central Bank of Nigeria’s plan to create 500,000 agency banking networks across the country and bring 40 million Nigerians into the formal financial service for last. of the year 2020. This goal seems highly feasible as the agency network continues to gain momentum.

So far, hundreds of people have had job opportunities in these selected regions. By enabling financial inclusion among many and providing an avenue to earn money, Tingg’s impact has been felt not only as a provider of mobile money businesses, but also as an enabler for other businesses, helping merchants and individuals to pay and receive payments for goods purchased and services rendered.

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