Police have arrested a Stanbic Bank employee who is believed to have masterminded the recent hack job in which Billions of shillings were reportedly stolen.
The suspect was identified by the Police as Alvin Mugerwa.
According to the Police CID Spokesperson Charles Twiine, Mugerwa is this afternoon slated to appear before Buganda Road Court where he will be charged.
Mugerwa is believed to have been behind the October 3rd cyber-attack on the systems of Stanbic Bank as well as telecom companies MTN and Airtel Uganda.
The attackers targeted Pegasus Technologies, a third party company which integrates mobile money transactions between telecoms, banks, and other local, regional, and international money transfer services.
Sources told media at the time that billions of shillings were lost to the hackers.
Following the attack, the three companies immediately suspended their Bank to Mobile Money transaction services as Police embarked on the hunt for the perpetrators.
MTN and Airtel control at least more than 90 per cent of the mobile money market and hold escrow accounts with Stanbic Bank.