Stanbic IBTC Denies Concluding Payments Deal With Tingo

By Dipo Olowookere

A leading financial institution in Nigeria, Stanbic IBTC Bank Plc, has denied concluding a deal with Tingo International Holdings on the use of its (Stanbic IBTC) payment gateway for the latter’s new product.

Tingo had claimed that it had entered into a partnership with Stanbic IBTC to power its new payments system, Tingo Pay.

But the lender said this was incorrect. Though it admitted that discussions were underway to make this a reality, noting that it was still at the negotiation stage.

“Our attention has been drawn to a number of press publications currently circulating online purported to have been issued by Tingo International Holdings with the above headline.

“In the said publication, Tingo was reported to have claimed it would be using Stanbic IBTC Bank’s payment gateway to power its new product, Tingo Pay.

“While we have a Memorandum of Understanding with Tingo International Holdings on a possible partnership arrangement, we must state categorically that Stanbic IBTC Bank PLC has NOT concluded any agreement with Tingo International in respect of any payment system whatsoever, including Tingo Pay.

“Please note that in the event that such an agreement with Tingo International is finalised at any time in the future, then the Bank will issue an appropriate press release at that time,” a statement issued by Stanbic IBTC said.

Tingo, which operates in the mobile payment sector of the financial industry, had announced the launch of its payment system, Tingo Pay, which is aimed to address the low rate of financial inclusion in Nigeria.