Mobile Money business has since outwitted the banking sector because Ugandans for many reasons find it reliable to use.
The public says it is fast, visible (even in remote areas) and cheap (you can transact any amount of money) on mobile money and above all the business can be transacted at anytime of the day and night.
However, Ugandans are known for using mobile money in transactions of little money.
It is shocking that former Bank of Uganda Executive Director of supervision Justine Bagyenda sent her son Robert Muhumuza half a billion on mobile money.
Bagyenda, as you read is being investigated for money laundering by Financial Intelligence Authority(FIA) and also by the Inspectorate of Government over her source of wealthy.
We established shs 20 billion was found stashed on Bagyenda’s different bank accounts in Uganda, leaving authorities dismayed how a civil servant accumulated all these monies in 6 years from 2013.
Bagyenda earned a shs 36 million gross as salary while at Bank of Uganda.
Mobile money records from MTN telecom obtained by the media show Bagyenda made transactions to the tune of Shs499,428,906 million in just a period of three years
Going by the documents, Ms Bagyenda’s mobile number (07727*86*9), is indicated as having made transactions totalling close to Shs 500m with another number (07890*17*5) that belongs to a one Robert Muhumuza.
Robert Muhumuza is one of Bagyenda’s three children.
According to the leaked mobile money documents, another account in the names of Kalumbu General Agencies Limited Kampala, also received several transactions on Bagyenda’s line.
It remains unclear whether Bagyenda and her son are conducting business together.
