The Bank of Uganda (BoU) has opened an investigation into reports that mobile money users are being tricked into paying strangers’ loan debts. The complaints, which first surfaced on social media in early August, claim that fraudsters are contacting users via WhatsApp and SMS, claiming to be representatives of micro‑finance institutions. Victims are instructed to transfer funds through mobile money platforms such as MTN Mobile Money and Airtel Money to settle “overdue loans” that they never took out. BoU’s Financial Intelligence Unit is working with the Communications Commission and the police to trace the transactions and identify the perpetrators. In a statement, the central bank warned the public to verify any loan repayment requests directly with their lenders and to avoid sharing personal identification numbers (PINs) or OTPs with anyone.
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