Bank of Uganda (BoU) Governor Michael Atingi-Ego has advised Ugandans who believe they have been defrauded through mobile money to first report the matter to their service provider and, if dissatisfied, escalate it to the central bank, particularly where mobile-money operations are involved. The Governor, in a statement today noted that the BoU is not aware of any unresolved complaints routed through the proper channels and invited the public to share concerns with the Directors of Communications & Public Relations and National Payments Systems for follow up. The governor’s notice comes as Airtel Mobile Commerce Uganda Limited (Airtel Money) issued…
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Equity Bank Fires Nearly 200 Staff in Sweeping Integrity Crackdown Following M-Pesa and Account Audit Uganda’s UGX 65 Billion Loan Fraud and UGX 4 Billion Visa Losses Reveal Deeper Regional…
Kenneth Onyango, the Equity Bank Executive Director of Commercial Banking, has stepped down. He has been with the bank for nearly 8 years serving as Head of Risk, Head of Operations and Head of Business, before being elevated to head Commercial Bank as an Executive Director. His resignation takes place around the same time the bank has admitted to possible digital lending fraud. A couple of other bank staff are also being investigated over the matter. According to our sources, we understand up to UGX65 billion was lent out to undeserving clients who either didn’t qualify or did not put…
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Over the last few months, a previously little-known law firm, Balon Advocates has been in the news, for all the wrong reasons. The New Vision of Saturday, August 21st 2022 reported that Police was hunting for two directors, of Bonded Stores Limited who allegedly conned a US Company- Council for Trade and Investment Promotion (CTIP) of over UGX306 million in a bogus public procurement deal. CTIP is an international trade and investment association based in New Jersey, United States of America, promoting the State of New Jersey as a trade and investment destination. It is alleged that two directors of…
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Pride Microfinance Limited a government of Uganda-owned deposit-taking Microfinance institution was early May 2023 hacked and UGX1.3 billion stolen, CEO East Africa Magazine can exclusively reveal. Although the financial institution denied the loss, claiming it was a mere attempt, Luke Owoyesigire, the Kampala Metropolitan Police Deputy Spokesperson confirmed the digital theft, saying that the bank reported it to Kira Road Police, a day after the heist. “Pride had an attempted fraud, and we are in the process of investigating the incident. Given our robust controls in place, none of our customers’ funds was accessed, and we assure them of our…
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On the evening of Friday, 09th September 2018, unknown persons hacked the mobile money float accounts of a payments aggregator company called Beyonic Ltd and originated payments amounting to UGX2,617,761,200. According to police, the money was wired to and withdrawn in via 83 different MTN Mobile Money and Airtel Mobile money accounts/SIM cards. The fraud was detected 07 days later, the mobile accounts were blocked around the 16th of September. Investigations showed that the beneficiary SIM cards had been registered without the consent and or knowledge of the registered owners. A couple of months later, between the 13th of March…
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All organisations and individuals are subject to fraud risk. It is therefore essential to prioritize fraud prevention and detection to protect every organisation’s and its stakeholders’ interests. Fraud can come in many forms, from simple company property theft to complex financial schemes. It can cause significant financial loss and damage to an organisation’s reputation, as well as legal and regulatory problems. While most of clients do not commit fraud, some do, leading to losses for the defrauded. To prevent and detect fraud, it is important to establish strong internal controls and implement effective risk management practices Although it is impossible…
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Stanbic Bank Uganda, has spoken out about the brazen theft of USD1.8 million from one of its customers, Nile Energy Limited. In a brief statement released today, the bank acknowledged the incident, but at the same time denied there was an intrusion of its systems as had been reported in the media. “Stanbic Bank Uganda acknowledges the arrest of ten people, with the help of the Uganda Police, suspected of fraudulently withdrawing money off a bank customer’s account using forged documentation. The suspects have since been produced before the anti-corruption court and charged with “causing financial loss and money…
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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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UGAFODE Microfinance Limited, one of five licensed micro deposit-taking financial institutions (MDI) in Uganda, has been hit by digital fraudsters, making off with an amount said to be about UGX400 million before, the bank moved in and shut down the suspicious accounts used to carry out the fraud. An insider at the bank who spoke to CEO East Africa Magazine, on condition of anonymity said the fraudsters, strongly believe to be either insiders or working with insiders, used ‘doctored’ Know-Your-Customer (KYC) documents to open seemingly legitimate bank accounts, which were then credited from the inside and money was then withdrawn…
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