Bank of Uganda Approves Payments Operations of Cellulant
The National Bank of Uganda has issued a Payments Systems Operator license to the pan-African payment technology business Cellulant in accordance with the National Payments System Act, 2020. The Act sets guidelines for streamlining Uganda's expanding fintech sector.
KAMPALA, Uganda, November 9, 2022/ — The National Bank of Uganda has issued a Payments Systems Operator license to the pan-African payment technology business Cellulant in accordance with the National Payments System Act, 2020. The Act sets guidelines for streamlining Uganda’s expanding fintech sector.
Founded in 2003, Cellulant Group has a reputation of offering innovative technical and financial solutions with a smooth user experience. Today, the organization manages collections and payouts for tens of thousands of enterprises throughout 35 African nations.
Cellulant began operations in Uganda in 2009, and with its single API payments gateway – Tingg – it enables global, regional, and local businesses to collect payments online and offline, offering its clients mobile money, cards, and banks.
By acquiring this license, Cellulant will be able to expand its local and regional activities while assuring its business partners that it complies with local and international security standards. Having worked with six financial institutions and more than fifty merchants in Uganda, Cellulant provides its merchants with proximity mobile banking and checkout solutions.
Cellulant’s Chief Risk & Compliance Officer, Frances Diribe, stated, “We appreciate this development and are thrilled that the Bank of Uganda has officially licensed Cellulant Uganda as a Payment Systems Operator” (large funds transfer). Uganda has more than 800,000 registered enterprises and a rapidly expanding digital youth population. We are on track to increase our efforts to provide these businesses and their customers with dependable payment choices. By reducing the business payment procedure, companies are able to focus on expansion.”
Cellulant holds a market share of 80% in the provision of payment solutions to all African airlines, including Emirates, Kenya Airways, Jambojet, and Ethiopian Airlines, among others. In addition, they provide solutions for companies such as Rubis, Oryx, Jumia, Kiku, MultiChoice, StarTimes, Zuku, National Water, and Umeme. The company conducts over 300 million transactions worth billions of dollars annually.
The pioneer of Pan-African Payments recently announced a partnership with the global technology giant Mastercard to enable millions of African consumers to participate in the global digital commerce industry via their virtual payment system. Cellulant has also recently partnered with LC Waikiki and Orange Money in Zambia and Botswana, respectively.
With this accreditation in the Pearl of Africa, the company intends to advance its purpose of creating opportunities and accelerating economic development throughout Africa.
Distributed on behalf of Cellulant by APO Group.
