For years, Uganda’s digital lending sector has expanded at breathtaking speed, but without the underlying visibility required to support responsible growth. Borrowers have increasingly turned to mobile money as their…
Hardly two years after arriving in Uganda to take up her very first CEO role at Uganda’s largest telco, MTN Uganda, Sylvia Mulinge has emerged as Uganda’s most admired CEO, in the CEO East Africa Magazine’s inaugural 100 Leading & Most Admired CEOs In Uganda Survey. The 2-in-1 CEO East Africa Magazine’s Most Trusted and Respected Companies & The Most Admired CEOs in Uganda Survey 2024 is part of the magazine’s thought leadership agenda that seeks to create a body of knowledge on what exactly great companies and great leaders are made of, as well as recognise them. “This, we…
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To expand financial inclusion and extend much-needed credit to the financially underserved, Airtel Mobile Commerce Uganda Limited (Airtel Money) and Letshego Uganda have launched LetsGo Pesa digital loans. The unsecured microcredit facility that offers digital loans of between UGX20,ooo to UGX700,000 is made possible by gnuGrid CRB’s Mobile Credit Score. Launched in January this year, the gnuGrid CRB’s Mobile Credit Score, unlike the traditional and more conservative credit scoring system, relies on over 400 alternative data points, such as client mobile financial behaviour, to create a more comprehensive and inclusive credit score that assesses both the ability and willingness to…
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Public and private sector stakeholders as well as development partners, in Uganda’s financial services ecosystem, have welcomed GnuGrid CRB and Airtel Mobile Commerce’s Mobile Credit Score as a significant milestone in the journey towards unlocking the transformative power of digital financial services in extending especially credit to the largely unbanked potential borrowers at the bottom of the pyramid. Speaking at the launch of the mobile credit scoring system on 24th January 2024 at Kampala Serena Hotel, Moses Ogwapus, the Commissioner of Financial Services at the Ministry Of Finance, Planning And Economic Development and the guest of honour at the launch,…
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GnuGrid CRB, Uganda’s first and only indigenous credit reference bureau to be licensed by the Bank of Uganda and Airtel Mobile Commerce Uganda Limited, a provider of affordable and secure financial services in Uganda have today unveiled Uganda’s first-ever mobile credit scoring system. Aptly named, Mobile Credit Score, the solution has been developed with the support and regulatory guidance from the Bank of Uganda and the Uganda Microfinance Regulatory Authority. Unlike the traditional and more conservative credit reports available on the market today, which rely only on credit history supplied by regulated financial institutions, the more innovative and proactive gnuGrid…
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Airtel Mobile Commerce Uganda Limited (AMCUL) will continue to send money to other networks in Uganda, East Africa and the world, for as low as UGX100, following the fintech’s decision to maintain, for good, a price-cutting campaign it launched in December 2022. In a media statement, Airtel Money said it would maintain the reduced transaction charges announced last year, in the #PakaKuGround drive, which cut rates by up to 95%. Japheth Aritho, the AMCUL Managing said that the move was aimed at addressing affordability challenges as well as enhancing interoperability, as the fintech moves to enhance digital financial inclusion. …
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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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Following CEO East Africa Magazine, breaking a story that fresh details have emerged on how the multi-billion digital fraud was carried out. According to a brief prepared by Airtel Uganda, to the Uganda Banker’s Association (UBA), which CEO East Africa Magazine, has seen, it all started on October 27th, 2022. Yet-to-be-identified people, believed either to be hackers, former insiders, or insiders, gained unauthorized access to an interface belonging to Airtel’s third-party partner. Therefrom, the digital thieves then accessed the platform of other aggregators and banks and dipped their digital hands into the operational virtual accounts (OVAs) held by banks in…
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