BoU Governor, Prof. Emmanuel Tumusiime-Mutebile
The Bank of Uganda has assured the public that it will continue to safeguard the stability and integrity of Uganda’s financial sector.
The assurance comes on the day Africell Uganda Limited ceases to deliver mobile money services.
This, after the company voluntarily exited Uganda market.
Africell has been offering mobile money services in partnership with Stanbic Bank.
To this, the Bank of Uganda has advised Africell Uganda customers to approach Stanbic Bank with their identification details and an alternative phone number or bank account to which payment shall be made.
“Stanbic Bank shall pay all beneficiaries over a period of ninety (90) days with effect from October 8, 2021,” Bank of Uganda says.
After the expiry of this period, the Central Bank says, “the details of any unpaid beneficiaries and the respective amounts shall be transferred to the Bank of Uganda. Africell subscribers can obtain guidance from Stanbic Branches across the country.”
Thereafter, the bank says that any customer claims shall be made through the Bank of Uganda’s National Payments Systems Department.
“Bank of Uganda assures the public that it will continue to safeguard the stability and integrity of the financial sector.
In a text message Thursday, the telecom company said: “You must now switch to an alternative mobile provider. To claim compensation for unused airtime or data balance, dial *111#.”
The company, which cited fierce competition in the telecom sector for folding its operations in Uganda, told its customers that the compensation process was available up to October 15.
“Thank you for being a loyal Africell UG customer,” it added. When it announced it would wind up its operations in Uganda effective October 7, 2021, it had less than a month to come up with money to fulfil the tough exit conditions set by Uganda Communications Commission, the sector regulator.
The conditions included paying its creditors before it would formally wind up operations on the set date.
