Cellulant Licensed By Bank Of Uganda
Pan-African payment technology company Cellulant has been granted a Payments Systems Operator license by the National Bank of Uganda in line with the National Payments System Act, 2020. The Act provides guidance in streamlining operators in the burgeoning fintech space in Uganda.
Cellulant launched operations in Uganda in 2009 and through its single API payments gateway – Tingg – enables global, regional and local businesses to collect payments online and offline serving its customers with locally relevant payment methods, including mobile money, cards & banks.
By obtaining this license, Cellulant will be able to develop its operations locally and regionally while providing reassurance to its business partners that Cellulant complies with local and international security regulations. Having partnered with 6 financial institutions and over 50 merchants within Uganda, Cellulant is availing proximity mobile banking and checkout solutions to its merchants across the country.
According to Frances Diribe, Cellulant’s Chief Risk & Compliance Officer, “We welcome this development and are delighted that the Bank of Uganda has now licensed Cellulant Uganda as a Payment Systems Operator (large funds transfer).
Uganda currently has over 800,000 registered businesses and a fast-growing digital youthful population. We’re on course to double down our work in offering these businesses and their clients dependable payment options. By streamlining the business payment process, they can concentrate on growing themselves.”
Cellulant boasts an 80 per cent market share in providing payment solutions for all airlines in Africa including Emirates, Kenya Airways, Jambojet, and Ethiopian Airlines, among others. They also provide solutions for the likes of Rubis, Oryx, Jumia, Kiku, MultiChoice, StarTimes, Zuku, National Water, and Umeme, among others. The company facilitates more than 300 million transactions per year with volumes in billions of dollars.
The Pan-African Payments pioneer recently announced its partnership with the global technology company, Mastercard, to empower millions of consumers across Africa to join the global digital commerce market through their virtual payment solution. Cellulant also recently partnered with LC Waikiki in Zambia & Orange Money in Botswana.
With this accreditation in the Pearl of Africa, the company looks to progress its mission to create opportunities and accelerate economic growth for all of Africa.