advertisementBuy ZESA tokens online

MTN Uganda loses billions to mobile money fraud involving employees


Ugandan news sources reported this week that African mobile giant, MTN, reportedly lost billions of Ugandan Shillings from its mobile money service in a fraud case involving the operator’s employees. Though information about the fraud and the investigations around it is only surfacing this week, the fraud itself is reported have occurred in 2011.

MTN employees working together with the fraudsters outside the company apparently exploited some holes in the verification system of the mobile money service to syphon money out of the company. The exact amount of the billions of shillings lost to the fraudsters has not been disclosed. At the current bank rate, a billion Ugandan Shillings is equivalent to about US $410,000.

MTN launched the mobile money transfer (MMT) service in Uganda in March 2009 in partnership with Fundamo, a startup that was eventually acquired by VISA last year. MTN launched in 1994 and operates in 21 countries in Africa, Asia and the Middle East.

[Source ]

Quick NetOne, Telecel, Africom, And Econet Airtime Recharge

If anything goes wrong, chat with us using the chat feature at the bottom right of this screen

You might also like

Standard Chartered responds on the matter of the 2% Tax collections

Standard Chartered asking customers to pay 2 YEARS of the 2% Tax in 3 months

Financial Clearing Bureau is now offering tenant vetting services

Windows is now 35: Here are my first memories. What are yours?