Cross-border Lending declared illegal by Uganda Court and big hack of mobile money
A Kampala High Court has held that cross-border lending is illegal if done without the Central Bank’s permission. This has upset East Africa’s syndicated loan market. However, according to ENSafrica an appeal is being organized which has a good chance of success.
Meanwhile, Ugandan police are investigating the hacking of Pegasus Technologies Ltd, which processes mobile money transactions for MTN Uganda, the east African country’s largest telecom operator, and Airtel, a unit of India’s Bharti Airtel. In Uganda a total of $20 billion worth of transactions passed through the mobile money system in 2019, according to the central bank.
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