The recently launched Mobile Credit Score by gnuGridCRB and Airtel Mobile Commerce Uganda Limited (AMCUL) promises to further unlock access to credit for the vast majority of Ugandans in the informal sector, including agriculture which employs the largest proportion of Ugandans, Wilbrod Owor, the Executive Director of Uganda Bankers Association (UBA) has said. Speaking at the launch of the groundbreaking solution, Mr. Owor said that using alternative data to aid decision-making in lending would scale up access to credit for those who need it most. “I’m very excited. Today’s launch of the Mobile Credit Score, speaks to impact. It is…
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Moses Ogwapus, the Commissioner of Financial Services, Ministry Of Finance, Planning And Economic Development has hailed gnuGrid and Airtel Mobile Commerce Uganda Limited’s Mobile Credit Score as an “innovative mobile credit scoring system” and a “paradigm shift” that would revolutionise financial services to the underserved segments of the population, especially the women and youth. Mr. Ogwapus whose department oversees policy and regulation of the entire financial services sector in Uganda⏤ banking, microfinance, digital financial services, capital markets, insurance and retirement benefits, was speaking at the launch of the service on January 24th, 2024, at the Kampala Serena Hotel. “The…
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Airtel Uganda, the second largest telco, on March 4th, released its very first post-listing results, showing that for the first time in five years since 2019, it made an 8.8% drop in net profit⏤ from UGX 326 billion in 2022 to UGX 297 billion at the end of 2023. This is UGX160 billion short of the UGX457 billion the company promised prospective IPO investors during its listing drive in late 2023. This 8.8% drop, the company, said was ” impacted by an increase in the site running costs due to an increase in rental and energy costs on the additional…
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Airtel Mobile Commerce Uganda Limited (AMCUL) the mobile money and digital payments arm of Airtel Africa Plc needs to overhaul its outdated mobile money system to a more dynamic and secure system if it is to avoid repeated hacks in which billions of money have been stolen- an ICT and Cyber Security expert familiar with the AMCUL system has told CEO East Africa Magazine. The expert was commenting on the recent “Root Cause Analysis Report” shared by AMCUL’s Chief Executive Officer, Mr. Japheth Aritho Kinyua with the CEOs and the ICT/Cybersecurity Committee of the Uganda Bankers Association (UBA). According to…
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After the 27th October 2022, digital fraud incident in which a number of banks lost several billions of shillings from their Airtel Money Wallets (OVAs) held at Airtel Mobile Commerce Uganda Limited (AMCUL), the mobile money company has spoken out, explaining how the incident happened. According to a very confidential letter to the Chief Executive Officers of Financial Institutions that belong to the Uganda Bankers Association (UBA), written by Mr. Japhet Aritho Kinyua, the AMCUL Chief Executive Officer, the heist was carried out by fraudsters with “detailed knowledge about the highly confidential configuration of the integration with partners” which they…
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Airtel Mobile Commerce Uganda Limited (AMCUL) attained recognition for Technology Services Digital Excellence – Gold accolade and Financial Services Digital Excellence – Silver accolade at the recently concluded 2022 Digital Impact Awards Africa (DIAA). In accepting this recognition, the Managing Director AMCUL, Japhet Aritho, appreciated DIAA for coming up with such initiatives and platforms that not only bring together key players in the digital financial space but also recognise the tremendous progress made as far as digital financial inclusion goes today. “Today’s growth and utilization of digital financial services is evidence of the firm steps taken in the delivery of…
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Unknown hackers, on Friday, 28th October struck Airtel Mobile Commerce Uganda Limited (AMCUL) systems making off with unspecified amount of money, said to be in billions, CEO East Africa Magazine can exclusively reveal. AMCUL, a subsidiary of Airtel Uganda, trades as Airtel Money. According to our sources, the hackers gained unauthorized access to the Airtel Money central systems and wired money to bank accounts in various banks connected to the Airtel to Bank Wallet services. The money was then evacuated via several banking agents across the country as well as mobile money agents. However, according to our sources, a sudden…
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Airtel Mobile Commerce Uganda Limited (AMCUL), the leading mobile financial solutions provider in the country, has today appointed Hon. Maria Kiwanuka as Board Chair. The appointment that was announced by Airtel Money Africa’s Group CEO Vimal Ambat, is part of changes that have also seen AMCUL’s CEO Aritho Kinyua Japheth and Big Drum Advisory Services’ Team Leader, John Muhaise Bikalemesa join the AMCUL Board. Maria Kiwanuka, an accomplished development and finance expert, was Uganda’s Minister of Finance, Planning and Economic Development between 2011 and 2015. In addition, she has over 15 years working experience at the World Bank as an…
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Japhet Aritho, previously the Senior Vice President at Airtel Money Group has been appointed as the Airtel Mobile Commerce Uganda Limited Chief Executive Officer, CEO East Africa Magazine can exclusively reveal. In his previous Senior VP role, he was overseeing the Airtel Money business operations in Africa. Airtel Mobile Commerce Uganda Limited is the second biggest mobile money service provider, in Uganda. The company was spun off Airtel Uganda in June 2021, following the enactment of the National Payment Systems (NPS) Act, 2020, on 4th September 2020. The company was in May 2021 one of two first licensees for the…
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Asiimwe Colin, until recently the Head of Marketing at Multichoice Uganda has been snapped up by digital money firm, Wave Mobile Money Uganda as its Marketing Lead, CEO East Africa Magazine can exclusively reveal. According to very close sources in the industry, as Marketing Lead, Colin, will be in charge of “market transformation, above the line marketing, digital communications, corporate affairs and below the Line marketing,” amongst others. Wave, which started from Senegal in West Africa, and is now in Cote D’Ivoire and Uganda amongst others, in October 2021, got a license got a Payment Service Provider from Bank of…
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