With digital fraud on the rise, MoMo has taken a leading role in the fight to secure Uganda’s financial ecosystem. MoMo CEO Richard Yego on Thursday afternoon joined other industry leaders at the Criminal Investigations Directorate (CID) Headquarters for a crucial meeting of the Financial Sector Anti-Fraud Consortium (AFC).
This collaboration between telecommunication companies, financial institutions, and law enforcement is a powerful step toward safeguarding the trust that underpins Uganda’s rapidly growing digital economy.
The meeting, hosted by the Director, CID, AIGP Tom Magambo Rwabudongo, at his office in Kibuli, focused on strengthening key pillars in the fight against fraud: collaboration, information sharing, capacity building, and public awareness.
As a digital financial services leader, MoMo recognises that trust and security are paramount. Yego’s presence and comments underscored the company’s commitment to proactively protecting its customers and the broader financial landscape.
MoMo’s Proactive Stance on Security
Whereas mobile money has become a cornerstone of daily life for millions of Ugandans, it has also become a target for sophisticated fraudsters.
According to reports from the Uganda Police Force, cybercrimes, including those targeting mobile money, have led to billions of shillings in losses and eroded public trust in digital systems.
MoMo’s participation in the AFC is, therefore, a clear signal that the company is taking these threats seriously.
The consortium, which also includes the Uganda Bankers’ Association, the Uganda Communications Commission, and Airtel Money Uganda, represents a unified front against financial crime.
As Yego reiterated, MoMo’s role is not just to regulate within its ecosystem, but also to contribute to a national strategy. Key to this strategy, he noted, is the sharing of information, which allows law enforcement and financial institutions to track and anticipate fraudulent activities more effectively.
Yego stated, “We continue to invest in strong partnerships and proactive measures to protect our customers and the ecosystem at large.”
This commitment, according to Yego, includes but is not limited to:
Collaboration with Law Enforcement
Working directly with the CID to provide data and intelligence needed to investigate and prosecute cybercriminals.
Public Awareness Campaigns
MoMo actively educates its customers on how to spot and avoid common scams, such as phishing and SIM swaps, which are major threats to user accounts.
Technological Investment
The company continuously invests in security measures, including a 24/7 risk monitoring team, to detect and block suspicious transactions. He highlighted that MoMo’s recent launch of a virtual card, for instance, allows for secure online transactions without exposing sensitive bank details.
Building a More Secure Financial Landscape
The AFC’s collective action is vital for building a resilient financial system. The consortium’s focus on capacity building will help law enforcement and the judiciary better understand and handle complex digital fraud cases, leading to higher conviction rates and a stronger deterrent.
Ultimately, this collaboration is a powerful force for protecting Uganda’s financial inclusion gains. By working together, the public and private sectors are creating a safer environment where digital financial services can continue to thrive, giving more Ugandans access to secure and convenient financial tools.