Uganda launches joint anti-fraud platform to tackle soaring financial cybercrime

In a bold move to combat the rising tide of cyber-enabled financial fraud, the Uganda Bankers Association (UBA) has unveiled the Financial Sector Anti-Fraud Consortium, a multi-agency platform aimed at boosting coordination and response across the financial ecosystem.

The consortium brings together regulators, banks, fintechs, telecoms, law enforcement agencies, and the public to anticipate, detect, and prevent fraud in Uganda’s increasingly digital financial landscape. With cybercrime evolving in sophistication and scope, industry players say only a united, cross-sector approach can safeguard trust and protect billions in financial assets.

“This initiative is about tightening regulation, building resilience, and most importantly, restoring public confidence in the financial system,” said Twinemanzi Tumubweine, Bank of Uganda’s Executive Director for National Payment Systems. Tumubweine, who also chairs the new consortium, said the group is pushing for stronger deterrents—starting with a proposal to bar individuals convicted of fraud-related offenses from accessing financial services or registering telecom lines for a defined period.

The call for action comes amid staggering losses to cybercrime. According to the Uganda Police Annual Crime Report 2024, the country lost 72 billion shillings to cyber-related crimes last year alone, with 474 cases reported. But experts warn that the actual figures could be much higher due to underreporting and poor detection systems.

Jane Frances Abodo, the Director of Public Prosecution (DPP), described the initiative as a critical step in dismantling what she called “a sophisticated criminal enterprise” that poses a growing threat to Uganda’s digital economy.

“Fraud has gone global, but our enforcement is still fragmented. We need to break the silos and move together,” Abodo said. She revealed that Uganda is estimated to lose between 2.4 and 24.9 billion shillings annually to banking fraud. Her office, she pledged, would work closely with the consortium to streamline evidence sharing and expedite prosecution of fraud cases.

To strengthen the legal front, the consortium is also seeking to influence legislative reform. Ronald Azairwe, CEO of Pegasus Technologies and a member of the consortium, argued that current laws are outdated and not punitive enough to deter tech-savvy criminals.

“We’re engaging Members of Parliament to introduce tougher laws. We also plan to train the Judiciary and CID officers to improve their capacity in handling cybercrime cases,” Azairwe said.

For the police, the challenge is as much about capacity as it is about technology. Chelimo Beata, Deputy Director of the Criminal Investigations Directorate (CID), admitted that the force is grappling with a lack of specialized training.

“Most of our officers haven’t received adequate training in managing cybercrime. Meanwhile, fraudsters are educated, well-funded, and globally connected,” she said.

Wilbrod Owor, Executive Director of the Uganda Bankers Association, emphasized the importance of inter-institutional cooperation. “Every institution must put in place strong anti-fraud systems and report fraud cases. Information sharing is key to staying ahead of fraudsters,” he noted.

As Uganda’s financial sector continues to digitize, experts agree that cybersecurity can no longer be viewed as an IT problem—it’s a national economic priority. The consortium, they say, is the first real step toward treating it as such.