The management of Stanbic IBTC Bank PLC has disclosed that it did not conclud any agreement with Tingo International in respect of any payment system whatsoever, including “Tingo Pay”.

The bank said in a statement 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.

“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,” the bank explained.

Stanbic IBTC Bank said their attention was drawn to a number of press publications currently circulating online purported to have been issued by Tingo International Holdings with the headline: Tingo announces new payments system

“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,” the bank said.