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Stanbic Bank Uganda Suspends Bank to Mobile Money Services

Stanbic Bank Uganda Suspends Bank to Mobile Money Services

Stanbic Bank Uganda has temporarily suspended its bank to mobile money services following a third-party service provider experiencing a system incident on Saturday.

The situation affected Bank to Mobile Money transactions. However, the bank has assured customers that no impact has been felt on any balances on both Bank and Mobile Money accounts.

In a joint statement issued by Anne Juuko, Wim Vanhelleputte, and VG Somasekhar who head Stanbic, MTN and Airtel Uganda they said, “…All Bank to Mobile Money/Wallet services have since been temporarily suspended,” reads a statement from the affected.”

“This system 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 apologise to all customers for any inconvenience that this has caused and reiterate our commitment to delivering seamless banking and mobile money services,” they add.

According to the bank’s 2019 financial year report,  over 85 percent of all the bank’s transactions are executed digitally – branches are less than 15 percent from 40 percent less than 3 years ago.

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