Banking, Finance and Insurance
BOU advises Africell customers
The Central Bank of Uganda (BoU) has advised Africell customers with pending mobile money balances on how they can claim this money from their accounts.
In a press statement released on Thursday, October 7, BoU clarified that customers with such balances can claim their monies through Stanbic Bank Uganda.
“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,” BoU Governor Prof. Emmanuel Tumusiime Mutebile said in the statement.
“Stanbic Bank shall pay the beneficiaries over a period of ninety (90) days with effect from October 8, 2021. After the expiry of this period, the details of any unpaid beneficiaries and the respective amounts shall be transferred to Bank of Uganda. Africell subscribers can obtain guidance from Stanbic Branches across the country,” the statement reads further.
Adding further; “Thereafter, any customer claims shall be submitted together with supporting identification details to the Office of the Director, National Payment Systems Department, Bank of Uganda, P.O. Box 7120, Kampala.”
Africell has been offering mobile money services in partnership with Stanbic Bank Uganda Limited, with the approval of the Bank of Uganda, and thus the partnership to remit the pending balances to their customers.
Prof. Mutebile reassured the public that the Central Bank will “continue to safeguard the stability and integrity of the financial sector.”
The development comes after Africell reached its set date of October, 7, to cease any further operations in Uganda as it announced exit of the Ugandan market.