This is part four of Taarifa’s investigative series into the alleged multi-billion franc fraud at Equity Bank Rwanda.
As our investigation deepens, one thread of the story has demanded its own examination; the role of the mobile money infrastructure and MoMo Rwanda, through which hundreds of transactions were allegedly routed, in technical terms, it is called cashing out.
Documents reviewed by Taarifa Rwanda indicate that over Rwf4.1 billion in unauthorized transactions were allegedly channelled through hundreds of MTN MoMo wallets, raising urgent and legitimate questions that the public, regulators, and the broader financial ecosystem deserve to have answered.
This is not an indictment of MTN Rwanda or Mobile Money Rwanda Ltd. It is not an attempt to deflect scrutiny away from Equity Bank Rwanda, whose own obligations and accountability remain firmly within the scope of this series.
And it is not an attempt to pin blame where it has not yet been established.
It is, simply, a pursuit of clarity.
When billions of francs allegedly move through a telecom-financial ecosystem; touching SIM cards, MoMo wallets, agents, and transfer systems; every institution in that chain owes the public a transparent account of what happened, what was detected, and what was not.
That is the standard this series holds for all parties, without exception.
Taarifa Rwanda put its questions directly to MTN Rwanda’s management. Below are excerpts from that interview.
Can MTN confirm whether the 341 numbers referenced by Equity Bank were MTN SIM cards linked to MoMo wallets?
Yes, the majority of the referenced numbers are MTN Rwanda SIM cards linked to MoMo wallets.
How were such a large number of SIM cards acquired without triggering internal fraud alerts?
These SIM cards were not acquired at once or through bulk registration. They were registered individually over an extended period, with many active on the network for a long time; some of them goes back to 2018 and 2019, only 12 got acquired in 2026; and all with full KYC compliance.
Were these SIM cards newly purchased, recycled dormant numbers, or existing active lines?
These were primarily existing active SIM cards. Please refer to the explanation provided in question 2.
Over what time period were these SIM cards registered and activated?
The SIM cards were registered over a long period, not at the same time. Some date back as far as 2019, with only 12 SIM cards registered in 2026. Overall, registrations span between 2019 and 2026.
Were multiple SIM cards registered using the same national ID, biometric details, addresses, or repeated customer information?
All registrations are compliant with KYC regulations. It is important to note that no single national ID can be used to register more than three SIM cards. Some registrations predate the biometric requirements but remain compliant with the regulations in force at the time.
Did any dealers, agents, or service centers register multiple suspicious SIM cards for the same persons or coordinated groups?
No. All SIM cards were properly registered in line with procedures. This was also validated in coordination with the regulator.
What are MTN’s controls regarding bulk SIM acquisition, and were they breached?
MTN has strict controls governing bulk SIM acquisition. In this case, there was no bulk registration; each SIM was registered individually in full compliance with requirements.
Once acquired, how were these SIM cards converted into active MoMo wallets capable of receiving funds?
After SIM registration and completion of KYC requirements, customers must independently activate their MoMo wallets by setting a PIN. Both GSM and MoMo services follow strict KYC processes.
Does every new MTN SIM automatically qualify for a MoMo wallet, or are further checks required?
A properly registered prepaid SIM qualifies for a MoMo wallet; however, activation requires the customer to complete the process by setting a PIN. KYC compliance remains mandatory.
Were all the wallets fully KYC-compliant, and can MTN verify the true identities behind them?
Yes, all wallets were KYC-compliant, and this has been validated in collaboration with the regulator.
Did any of the wallets begin receiving or moving unusually large sums immediately after activation?
Most of these SIM cards and wallets had been active for a considerable period and were operating as normal customer accounts. Only 12 were newly registered in 2026, and these followed standard usage patterns initially.
If so, why did those transactions not trigger automated restrictions or enhanced due diligence?
The transactions observed were within the defined thresholds and limits applicable to customer accounts. For more detailed insights, MoMo operational teams can provide additional clarification.
Were any of the wallets linked to registered MoMo agents, merchants, or aggregator accounts?
Some wallets were associated with registered MoMo agents. These agents are fully compliant, properly registered, and have been active on the network for several years, with some dating back to 2018–2019.
How many suspicious wallets and SIM cards have now been frozen, blocked, or deregistered?
The relevant wallets and transactions have been blocked. SIM cards remain active to support ongoing investigations and tracing efforts.
Did MTN identify forged IDs, identity theft, ghost registrations, or insider collusion in the creation of these accounts?
All KYC records were found to be compliant with regulatory requirements, and this has been reviewed and validated with the regulator.
What role, if any, did MTN dealers or third-party agents play in facilitating access to these SIM cards?
The SIM cards were registered individually over several years (from 2018/2019 to 2026) through standard processes and are fully compliant with registration requirements.
Are any MTN or MoMo employees under internal investigation?
No, there are currently no employees under investigation in relation to this matter.
Does MTN accept that weaknesses in SIM registration or wallet onboarding may have enabled this fraud?
No weaknesses have been identified in the SIM registration or wallet onboarding processes.
Has MTN changed its SIM activation or wallet creation procedures following this incident?
No gaps have been identified that require changes to the current SIM activation or wallet creation processes.
Why should customers trust that criminal networks cannot again acquire multiple MTN SIM cards and create wallets used to move billions of francs?
MTN has strong controls in place, particularly around bulk SIM registration. This case does not involve bulk acquisition, as the SIM cards were registered individually over a long period (from 2018/2019 onward), in full compliance with regulations.
Has MTN been asked by regulators to explain how hundreds of linked numbers were activated and used?
Yes, and as explained, these SIM cards were individually registered over an extended period and have been validated by the regulator with no issues identified in the registration process.
Can MTN provide a full timeline showing when the SIM cards were issued, when wallets were activated, and when suspicious transactions began?
Yes, a detailed timeline has been compiled and shared with the relevant authorities. Some of the SIM cards date back to as early as 2019.
Were any of the numbers activated outside normal retail channels or through privileged internal processes?
No, all activations were conducted through standard and approved channels.
How much money has been frozen or recovered through MoMo systems so far?
The amounts identified have been blocked, and this information has been shared with the relevant authorities.
Finally, who inside MTN or MoMo will be held accountable if internal controls failed?
No failure in SIM registration controls has been identified.
Editor’s note: Our next episodes will focus on interviews with RIB, BNR & Equity Bank for updates on the ongoing investigations.
