Uganda is taking bold steps to protect its digital economy after losing a staggering Shs72 billion to cybercrime in 2024, according to the Uganda Police Annual Crime Report.
With just 474 reported cases, experts believe the real losses could be significantly higher, blaming underreporting and weak detection systems.
In response, the Uganda Bankers Association (UBA) has launched the Financial Sector Anti-Fraud Consortium—a powerful alliance designed to tackle financial fraud head-on.
The initiative unites banks, fintech firms, telecom operators, regulators, law enforcement, and the public in a coordinated push against cyber-enabled crime.
“Fraud is eroding public trust and draining billions. This is about restoring confidence and reinforcing security,” said Dr. Twinemanzi Tumubweine, Executive Director for National Payment Systems at the Bank of Uganda and chair of the new consortium.
Among the group’s first proposals? Bar individuals convicted of fraud from accessing financial services or registering telecom lines for a defined period. The move, Tumubweine said, is aimed at creating a credible deterrent for would-be offenders.
Uganda’s Fraud Crisis: Bigger Than Reported
The 2024 crime report estimates Shs72 billion in losses—but that’s only what was officially reported.
Director of Public Prosecution Jane Frances Abodo warned that banking fraud could actually be siphoning between Shs2.4 billion and Shs24.9 billion annually. She called the new consortium a “critical weapon” against what she described as “a sophisticated criminal enterprise.”
“Fraud has gone global, but our enforcement remains fragmented. We must break the silos,” Abodo urged, pledging her office’s support in fast-tracking fraud cases and improving evidence sharing.
A Push for Legal Reform
Ronald Azairwe, CEO of Pegasus Technologies and a consortium member, emphasized that current laws lag behind today’s digital threats.
“Our legislation is outdated. It doesn’t scare the tech-savvy fraudsters,” he said. “We’re pushing Parliament to stiffen penalties and plan to train both Judiciary and CID officers on digital financial crimes.”
Police Grapple with Capacity Gaps
Even as fraud evolves rapidly, enforcement agencies are struggling to keep up.
Chelimo Beata, Deputy Director at the CID, acknowledged that many officers lack proper training in cybercrime detection.
“Fraudsters are often smarter, better funded, and globally connected,” she admitted.
A National Priority, Not Just an IT Issue
Wilbrod Owor, Executive Director of the Uganda Bankers Association, underscored the need for constant information sharing and internal vigilance within institutions.
“Anti-fraud systems must be strong and cases must be reported promptly. Collaboration is our best defense,” he said.
With Uganda’s financial sector rapidly digitizing, the message is clear: cybersecurity is no longer a technical concern. It’s a national economic priority.
The new anti-fraud consortium marks a turning point—one that shifts the fight against financial crime from scattered responses to a united, strategic campaign.
