Ugandan authorities have arrested nine finance officials, including senior personnel from the Treasury Department, in connection with a major cyberattack on the Bank of Uganda. The hack, which occurred in November 2024, resulted in the loss of approximately USh 62 billion ($16.87 million).
The cybercriminals, allegedly operating under the alias “Waste,” executed fraudulent transactions, raising concerns about the security of Uganda’s financial institutions.
This incident has further eroded public confidence in Uganda’s financial institutions, with many questioning the role of internal corruption or negligence.
Uganda’s central bank breach is part of a broader pattern of rising financial fraud across Africa. In South Africa, the South African Banking Risk Information Centre (SABRIC) reported a surge in fraud cases, including a 100% increase in fraudulent applications for vehicle asset financing and a 46% rise in mortgage fraud.
To rebuild trust and prevent future breaches, Uganda and other African nations must prioritize cybersecurity enhancements. This includes upgrading banking IT systems, implementing stricter internal oversight, and ensuring that financial institutions are transparent in their operations.
