BoU instructs Africell Money clients to access services from Stanbic Bank

BoU instructs Africell Money clients to access services from Stanbic Bank

Africell Uganda ceased operation on October 7, 2021 K ampala | RedPepper Digital – Africell Uganda mobile money customers have been directed to access their mobile money transactions through Stanbic Bank Uganda.

The announcement was made by Bank of Uganda (BoU), following a decision by Africell Uganda to close their business on the Ugandan market by October 7, 2021. Africell Uganda telecom has been offering mobile money services in partnership with Stanbic Bank Uganda Limited, with the approval of the Bank of Uganda.

In a press statement released on Thursday, BoU Governor, Prof Emmanuel Mutebile, directed that Africell would with immediate effect cease its mobile money services. Governor Mutebile advised that the telecom’s beneficiaries claim their payments through Stanbic Bank effective October 8, 2021.

“All Africell mobile money customers are advised to approach Stanbic Bank with their identification details and an alternative phone number or bank account to which payment shall be made” reads Governor Mutebile’s statement in part.

Mutebile said Stanbic Bank shall pay the beneficiaries for over a period of ninety (90) days starting October 8, after the expiry of this period, the details of any unpaid beneficiaries and their respective amounts shall be transferred to Bank of Uganda. He advised Africell subscribers to seek guidance on the matter from Stanbic Bank Uganda branches across the country.

“Thereafter, any customer claims shall be submitted together with supporting identification details to the office of BoU’s Director, National Payment Systems. Bank of Uganda assures the public that it will continue to safeguard the stability and integrity of the financial sector” Mutebile further directed. Last month, Africell Uganda announced its planned exit out of Uganda bringing an end to the telecom giant’s seven years presence in the country.

Meanwhile, Uganda Communications Commission (UCC) has said the exit of Africell will hurt the country’s telecom sector. Speaking at the sidelines of the launch of a project between Airtel and the UN Capital Development Fund at Serena Hotel in Kampala on Wednesday afternoon, the acting UCC Executive Director, Irene Kaggwa Sewankambo, said whereas Africell didn’t have a big market share in the country’s telecom sector, their exit will have ripple effects.

“Their exit is reducing the options that customers have. As UCC we seek to have choice provided to consumers so that a customer is able to choose a provider and services they wish to have. By Africell coming out of that equation, we have one service provider less,” […]

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