Stanbic Bank, MTN and Airtel Suspend Mobile Money Services

Stanbic Bank Uganda, MTN Uganda and Airtel Uganda have announced the suspension of mobile money transactions after hackers broke in to a third-party service provider making off with unspecified billions.

The hackers broke into the systems of Pegasus Technologies, a company that integrates mobile money transactions between telecoms, banks, and other local, regional, and international money transfer services.

In a joint statement, Anne Juuko, Wim Vanhelleputte, and VG Somasekhar, the CEOs of Stanbic Bank Uganda, MTN Uganda, and Airtel Uganda respectively, releaved that they were experiencing unprecedented technical challenges in their mobile money services.

“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. All Bank to Mobile Money/Wallet services have since been temporarily suspended,” read part of the statement.

“This system incident has had no impact on any balances on both Bank and Mobile Money accounts. Our technical teams are analysing the incident and will restore services as soon as possible. We apologise to all customers for any inconvenience that this has caused and reiterate our commitment to delivering seamless banking and mobile money services,” they added.

The Managing Director Pegasus Technologies Limited Ronald Azairwe, could neither deny nor confirm the incident.

“Sadly I can’t comment on that. I can’t confirm or deny anything of the sort. I can’t speak about it. MTN/Stanbic/Airtel should be able to tell you whether it is Pegasus or not,” he said.

However ,Twiine Charles, the Criminal Investigations Directorate spokesperson confirmed  that an electronic fraud incident had been reported to police. “The fraud incident has been reported. We are constituting a team of electronic countermeasures investigators and investigations begin effective tomorrow,” he said.

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