FinanceThe Big Story

Hackers break into mobile money system, make off with unspecified billions belonging to Airtel, MTN, Stanbic, and other financial institutions

by Muhereza Kyamutetera
Although Ronald Azairwe (right), the Pegasus Technologies Managing Director declined to talk on record about the incident, Anne Juuko (left), Wim Vanhelleputte (2nd left), and VG Somasekhar (2nd right), the CEOs of Stanbic Bank Uganda, MTN Uganda, and Airtel Uganda respectively, admitted there was an “incident”, but did not give details. Police has also confirmed that an electronic fraud matter has been lodged with them and investigations are in the offing.
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Unidentified hackers broke into the systems of Pegasus Technologies, a company that integrates mobile money transactions between telcos, banks, and other local, regional, and international money transfer services, making off with a yet to be known sum, but said to be in billions of Shillings. The most affected firms are the leading telcos, Airtel and MTN Uganda, as well as Stanbic Bank, Uganda

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About the Author

Muhereza Kyamutetera is the Executive Editor of CEO East Africa Magazine. I am a travel enthusiast and the Experiences & Destinations Marketing Manager at EDXTravel. Extremely Ugandaholic. Ask me about #1000Reasons2ExploreUganda and how to Take Your Place In The African Sun.