Management of Stanbic Bank, MTN, and Airtel have downplayed reports that billions of shillings have been lost as a result of Saturday’s shutdown of the mobile money system.

Pegasus Technologies, one of the leading companies that integrate mobile money transactions between the three firms shutdown down its systems over the weekend, a move that impacted banks to mobile money transactions.

Thousands of employees were unable to move their money from bank accounts to mobile wallets as a result or vice visa. It is unclear whether any money was lost in the process but reports according to the CEO of the East Africa Magazine suggest billions of shillings were lost.

In a joint statement, the trio said: “Stanbic Bank Uganda, MTN Uganda, and Airtel Uganda inform the public and their customers that on Saturday 3 October 2020, a third-party service provider experienced a system incident which impacted Bank to Mobile Money transactions.  All Bank to Mobile Money/Wallet services have since been temporarily suspended.”

Joint statement by Stanbic, MTN, and Airtel on system collapse


According to the statement, the incident has had no impact on any balances on both Bank and Mobile Money accounts. “Our technical teams are analyzing the incident and will restore services as soon as possible. We apologize to all customers for any inconvenience that this has caused and reiterate our commitment to delivering seamless banking and mobile money services,” the joint statement added.

It is not clear whether Pegasus is the third party service provider allegedly hit by hackers. However, Pegasus Technologies has over the years enabled banks to telecom ecosystems to interconnect. The company has enabled the payment of utility bills, thereby cutting the long ques in banking halls.

Established in 2007, Pegasus has over the years gained prominence in the development of financial solutions for companies, emerging as a leading payment services aggregator with vast experience in the development, configuration, deployment, support, and maintenance of financial and billing solutions for businesses and institutions.