Africell End Mobile Money Services BOU Says Customers to Access Payments through Stanbic Bank

In a press statement released Thursday, BOU’s Governor, Prof Emmanuel Mutebile, announced that, effective october 7th Africell cease its mobile money services. Bank of of Uganda shall pay the beneficiaries over a period of ninety (90) days starting October 8.

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In a press statement released Thursday, BOU’s Governor, Prof Emmanuel Mutebile, announced that Africell would effective today, cease its mobile money services.

By Kawere Hakim

The Bank of Uganda (BOU) has announced that Africell mobile money beneficiaries shall have to approach Stanbic Bank to access their payments.

Today, marks the French telecom’s last day in Uganda following its voluntary exit announced last month.

The telecom has been offering mobile money services in partnership with Stanbic Bank Uganda Limited, with the approval of Bank of Uganda.

In a press statement released Thursday, BOU’s Governor, Prof Emmanuel Mutebile, announced that Africell would effective today, cease its mobile money services.

Regarding the development, Mutebile advised that the telecom’s beneficiaries claim their payments through Stanbic 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” Mutebile said.

October 7th 2021, marks the French telecom’s last day in Uganda following its voluntary exit announced last month.

According to Mutebile, the bank shall pay the beneficiaries over a period of ninety (90) days starting October 8.

“After the expiry of this period, the details of any unpaid beneficiaries and the respective amounts shall be transferred to Bank of Uganda” he said.

He further advised Africell subscribers to seek guidance on the matter from Stanbic 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 assured.

Last month, Africell announced its planned exit out of Uganda bringing an end to the telecom giant’s seven years’ presence in the country.

“Africell UG will stop services on October 7, 2021 . The decision is being made in the long term interest of the Ugandan telecom sector,” the company announced to its employees” Africell announced in September.

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