Customers accessing mobile money services from, mobile operator stalls
Customers accessing mobile money services from, mobile operator stalls

Money Heist As Hackers break into Uganda Mobile Money Platforms and Banking Integrator Systems

Anonymous hackers break into mobile money integrator system, making off with unspecified billions belonging Airtel, MTN, Stanbic, and other financial institutions.

This past week unidentified hackers broke into the systems of Pegasus Technologies undetected fleecing Billions from big Fintech institutions such as MTN ,Airtel & Stanbic.

Pegasus the company handling integrations with mobile money transactions between large telecommunications companies in Uganda, banks, and major regional, and international money transfer services system was this Thursday breached. The hackers managed to enter their system undetected and make the unsuspecting attack over the weekend when fewer transactions take place. It is reported that sums of billion of shilling were unscrupulously transferred and reportedly went missing.

Three of the biggest Fintech firms in Uganda came out with joint public statements to confirm about the cyber incident that led to the shutdown of mobile money services over the weekend but did not give details

Details of the hack have not been brought to the light since, but according to investigations from our reporters from Spotlightmag who managed to get in contact with a source preferred not to be named in the cyber crimes division of Uganda police. The source claims that the hackers penetrated Pegasus system on thursday and were undetected till Saturday. On Saturday the perpetrators succeeded in withdrawing 900 million shilling through Airtel Uganda.It is said they wanted to make off with more than 1.3 billion. MTN Uganda and Stanbic bank Uganda are also understood to have lost billions of unspecified amounts of money.

Our team at spotlight will keep you informed and up to date on the situation as we await more confirmation and more statements from the respective fintech companies.

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