Cellulant secures payment system operator license in Uganda

By : Samira Njoya

Date : vendredi, 11 novembre 2022 13:29

In September 2022, in line with its ambition to conquer Africa, Cellulant signed a partnership with Orange Money, to implement card-to-wallet transfers for eight banks in Botswana.

Pan-African fintech Cellulant Corporation announced, last Tuesday, it had secured a payment systems operator license from the National Bank of Uganda, per the 2020 Act that governs the national payment system. 

According to Frances Diribe, Cellulant’s Chief Risk & Compliance Officer, the license marks another evolutionary step for the company founded in 2003. "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," he said. 

Mobile and digital payments are gaining momentum across Africa. In its "State of the Industry Report on Mobile Money 2022," the Global System Operators' Association (GSMA) estimates that the continent was home to more than half of the world's active mobile money accounts in 2021. It had 184 million subscribers compared to 161 million the year before. This leads to a fairly high transaction volume (36.7 billion transactions and US$701.4 billion in value), up by 39% year-on-year. 

The license allows Cellulant to expand its operations locally and regionally while assuring its business partners of its compliance with local and international security regulations. By partnering with six financial institutions and over 50 merchants in Uganda, Cellulant offers mobile banking and cashiering solutions throughout the country.  It claims payment collection and payouts powered to thousands of businesses in 35 African countries. 

Cellulant launched operations in Uganda in 2009 and through its single API payments gateway – Tingg – it 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,” it indicates. 

Samira Njoya

TECH STARS

Please publish modules in offcanvas position.