Stop Lamentations: Complete Your Transactions With Stanbic Bank: BoU To Stranded Africell Mobile Money Users

Bank of Uganda has advised the stranded Africell mobile money users to complete their transactions with Stanbic bank Uganda.

The communication has been delivered via a statement released by the Central Bank of Uganda revealing that Africell Uganda Limited officially ceased providing mobile money services on (7th October 2021).

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In a communique released last month, Africell indicated revealed that it would cease operations in Uganda on the 7th October 2021, as part of its plans to exit the country to focus on growth elsewhere. It appears the official closure of business has been presented to the regulators Uganda Communication Commission (the general regulator of telecommunication companies in the country) and Bank of Uganda (the regulator of mobile money).

“Bank of Uganda wishes to notify the public that Africell Uganda Limited shall cease to deliver mobile money services,” reads a statement from the Governor of Bank of Uganda, Mr. Emmanuel Tumusiime – Mutebile.

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He also adds that the ceasing of business follows the company’s voluntary exit from Uganda. the telecommunication has been offering mobile money in partnership with Stanbic Bank with the approval of the Bank of Uganda.

BoU advises Africell customers to approach Stanbic Bank with their national identity cards and alternative phone numbers or bank accounts to be able to receive their funds that might still be with their Africell lines following the closure.

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TheSpy Uganda has learnt that Stanbic Bank will be making payments to the intended beneficiaries over a period of 91 days with effect from the 8th day of October 2021, and after that date, any pending payments will be made by the Bank of Uganda where the money will be transferred.

Meanwhile, when the money is forwarded to the Bank of Uganda, beneficiaries will be required to contact the bank through the Director of the National Payment Systems Department, Bank of Uganda.