"Mobile Money was invented in 2007, its about time we protected our balances".
Electronic money (e-money) is broadly defined as an electronic store of monetary value on a technical device that may be widely used for making payments to entities other than the e-money issuer. The device acts as a prepaid bearer instrument that does not necessarily involve bank accounts in transactions. E-money products can be hardware-based or software-based, depending on the technology used to store the monetary value.
Why Get e-Wallet Protection?
If you lose your phone you are potentially at risk of identity theft and fraudulent purchases.
If your email gets hacked, this can lead to theft of funds on your e-wallet account.
Your phone SIM can be taken over by a fraudster and your e-Wallet account put at risk.
What Is Covered?
Money Lost in Your e-Wallet
Fraudulent Wallet Transactions
We cover unauthorized Mobile Money and e-wallet spending in Uganda and overseas.
We cover the money stolen in your Mobile Money and e-wallet.
We cover all Mobile Money accounts on multiple digital devices phone and tablet.
We cover unauthorized MM Merchant Account Transactions.
- We will reimburse you the full amount of your related financial loss, up to a % of your insured annual coverage, in each single event.
NO – you cant change the amount of coverage during the insurance period.
NO – Supplementary Mobile Money and e-Wallets are not covered.
NO – we do not cover basic accounts, meaning those that are only registered with mobile numbers and email addresses as well as device-based SVF (e.g. the valued is stored in an electronic chip on a card or physical device such as watches and ornaments).
NO – we will only cover e-Wallets that are operated by licensees of Bank of Uganda.
NO – We only cover verified e-Wallet accounts that are registered with your personal information (e.g. name, birth date, ID card).