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June 1, 2021
On the web
Are Mobile Wallets in East Africa the Way to a ‘Crypto’ Future?
CNN
“Eversend, a Ugandan-led, mobile-only financial service, is among a plethora of apps across Africa experiencing rapid growth. “We’re growing 30% in terms of gross revenue … moving about $5 million dollars every month,” says co-founder Ronald Kasendwa. However, when it comes to funding for mobile finance, e-commerce and even cryptocurrency ventures, Uganda fintech startups lag behind those located in larger tech hubs in places such as Nigeria and Kenya.For Kenneth Ntende, co-founder of Ugandan startup DusuPay, the biggest hurdle is figuring out a way to move towards a borderless payment system. “Africa is too fragmented in the world of payments,” he says. Ntende knows first-hand the potential in East Africa but worries about the fintech bubble. “Everyone tries to capture the opportunity, but only the strongest … will survive,” he says.”
April 13, 2021
On the web
MFS Africa Leads $2.3M Seed Round in Ugandan Fintech Startup Numida
TechCrunch
“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 Africa is Ugandan fintech startup Numida . And today, the company is announcing the close of its $2.3 million seed round.”
January 12, 2021
On the web
Airtel Uganda, MasterCard Partner to Launch a Virtual Debit Card
PC Tech Magazine
“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.”
October 12, 2020
On the web
Uganda’s Banks Have Been Plunged Into Chaos by a Mobile Money Fraud Hack
Quartz (paywall)
“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 country’s largest mobile phone company. Kampala-based Pegasus Technologies provides financial and billing solutions for various companies including all the affected entities.”
September 25, 2018
On the wires
MTN Uganda and Mastercard diversify Mobile Money services in 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.”
August 10, 2018
On the web
Bank of Uganda, telecom operators ask govt to rescind mobile money tax
Telecompaper
“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 statistics Charles Abuka said that placing a charge on mobile money withdrawals would increase revenue but the tax is inefficient, uncertain and complex.”
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