UGANDA: Bank to Mobile Money Transactions Suspended Following Electronic Fraud Incident

By :
AT Reporter

Kampala, Uganda – All Bank to Mobile Money services for Stanbic Bank Uganda, MTN Uganda and Airtel Uganda have been suspended following an electronic fraud incident, Africa Tembelea has learnt.

In a joint statement dated October 5, 2020, the CEOs of Stanbic Bank Uganda, MTN Uganda and Airtel Uganda, said the decision to suspend the mobile money service had been taken due to unprecedented technical challenges.

“Stanbic Bank Uganda, MTN Uganda and Airtel Uganda inform the public and their customers that on Saturday 3 October 2020, a third party service provider experienced a system incident which impacted Bank to Mobile Money transactions,” Anne Juuko, Wim Vanhellepute, and VG Somasekhar said on behalf of the Bank and telecom companies.

“All Bank to Mobile Money/Wallet services have since been temporarily suspended,” they added.

The trio further said that the system incident had no impact on any balances on both Bank and Mobile Money accounts, adding that the technical teams from the bank and telecoms were analyzing the incident and will restore services as soon as possible.

However, sources at the affected companies indicate that hackers broke into the system of Pegasus Technologies, a company that integrates mobile money transactions between telecom companies, banks and other local, regional and international money transfer services making off with a yet to be known sum of money.

Africa Tembelea understands that this fraud incident went on undetected from Thursday night last week to Saturday, October 3.

The telecom companies have since apologized to all customers for any inconvenience that this incident has caused, and have re assured their clientele of continued seamless mobile money services as soon as possible.

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