On The Web

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Deals

MFS Africa Leads $2.3M Seed Round in Ugandan Fintech Startup Numida

April 13 2021

• in
• Loans
• Uganda

“Small businesses in Africa need digital banking services including plenty of credit. Although these businesses drive economic growth and contribute up to one-third of the continent’s GDP, they are often financially excluded from credit and other financial services due to their size and informality. One such company tackling this challenge in the eastern part of […]

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Global

Airtel Uganda, MasterCard Partner to Launch a Virtual Debit Card

January 12 2021

• in
• Cards
• Uganda

“Telecommunication firm, Airtel Uganda today announced a partnership with MasterCard and launched a virtual debit card allows Airtel Money customers to make online transactions safe, convenient and secure without the need of having a bank account. The virtual card is attached to the subscriber’s Airtel money wallet.”

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Global

Uganda’s Banks Have Been Plunged Into Chaos by a Mobile Money Fraud Hack

October 12 2020

• in
• Data breach
• Uganda

“A major hack that compromised Uganda’s mobile money network has plunged the country’s telecoms and banking sectors into crisis. The Oct. 3 hack was a result of a security breach on a consumer finance aggregator, Pegasus Technologies, which mainly affected bank to mobile wallet transfers, according to an Oct. 8 statement by MTN Uganda, the […]

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Global

Bank of Uganda, telecom operators ask govt to rescind mobile money tax

August 10 2018

• in
• Financial regulators
• Uganda

“The Bank of Uganda and mobile phone operators have asked the government to scrap mobile money tax, saying mobile money revenue has dipped by more than UGX 600 billion since the introduction of the tax, The Observer reported. This reduction, they say, has affected revenue collection from Mobile Money transactions. Bank of Uganda director of […]

On The Wires

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Companies

MTN Uganda and Mastercard diversify Mobile Money services in Uganda

September 25 2018

• in
• Mastercard
• Uganda

“MTN Uganda in partnership with Mastercard and United Bank for Africa (UBA) have announced a new service that will enable quicker, safer and more convenient online payments globally. Through this partnership, MTN MoMo customers will use a virtual card to shop or make payments at the vast network of global outlets accepting Mastercard payments.”