Cellulant Group, Kenya’s Fintech Startup Gets Approval from the National Bank of Uganda to Offer Digital payment solutions
Cellulant Group, a Pan-African payment technology startup based in Kenya, has received a Payments Systems Operator license from the National Bank of Uganda under the National Payments System Act, 2020, to provide online payment solutions in the country.
With this license, Cellulant will be able to expand its operations locally and regionally while assuring its business partners that the company complies with local and international security regulations.
Also, the digital payment service provider has partnered with 6 financial institutions and over 50 merchants in Uganda to provide proximity mobile banking and checkout solutions to its merchants across the country.
Speaking on the development, Frances Diribe, Cellulant’s Chief Risk & Compliance Officer said “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.”
Furthermore, Cellulant has an 80% market share in providing payment solutions for all African airlines, including Emirates, Kenya Airways, Jambojet, and Ethiopian Airlines. They also work with Rubis, Oryx, Jumia, Kiku, MultiChoice, StarTimes, Zuku, National Water, and Umeme, among others. Every year, the company facilitates over 300 million transactions worth billions of dollars.
The Pan-African Payments pioneer also recently announced a partnership with global technology company Mastercard to enable millions of African consumers to join the global digital commerce market via their virtual payment solution. Cellulant has also recently partnered with LC Waikiki in Zambia and Orange Money in Botswana.
Cellulant will now leverage this approval from Uganda to advance its mission of creating opportunities and accelerating economic growth across Africa.
About Cellulant Group
Since its debut in 2003, Cellulant Group has been providing innovative technical and financial solutions that are implemented with a seamless user experience. Today, the company handles collections and payouts for thousands of businesses in a variety of industries across 35 African countries.
Cellulant began operations in Uganda in 2009, and its single API payments gateway – Tingg – enables global, regional, and local businesses to collect payments online and offline, serving customers with locally relevant payment methods such as mobile money, cards, and banks.