Home SOCIETY GIST COMMUNITY GIST MTN AND AIRTEL LOSE BILLIONS TO HACKERS

MTN AND AIRTEL LOSE BILLIONS TO HACKERS

2 min read
0
0

MTN and Airtel Uganda have suspended all mobile money service transactions between their networks temporarily after unidentified hackers accessed their systems.

The attack has affected MTN, Airtel and Stanbic Bank Uganda the most. The hackers broke into the system of Pegasus Technologies, a third-party integrating service provider which links the mobile money systems of telecom companies with banks, and reportedly siphoned billions of shillings from MTN, Airtel and Stanbic Bank Uganda.

MTN Uganda (55%) and Airtel Uganda (35%) possess a combined 90% of the mobile money market share in the country and hold escrow accounts with Stanbic Bank Uganda which facilitates majority of the mobile money transactions. Unconfirmed reports claim that Airtel may have lost over 1.5 billion shillings while MTN might have lost about twice that amount after the hack.

Xclusive Videos

Following the Pegasus system hack, MTN, Airtel and Stanbic Bank Uganda have moved to shut down all bank to mobile money/e-wallet services among them. In a joint statement signed by Wim Vanhelleputte, VG Somasekhar and Anne Juuko, the CEOs of MTN, Airtel and Stanbic Bank Uganda respectively, the companies acknowledged the hack but did not disclose details of the incident.

Xclusive Videos

Load More Related Articles
Load More In COMMUNITY GIST

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Check Also

JUST IN: LAGOS RELAXES CURFEW FURTHER

. Now 10pm to 6am The Lagos State Government has announced a further relaxation of the cur…