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 (“the Bank”) 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.