The Uganda Bankers Association (UBA) has established the Financial Sector Anti-Fraud Consortium, a collaborative initiative designed to proactively address the escalating threat of financial cybercrime. This unified consortium integrates key stakeholders, including regulatory bodies, supervised financial institutions, payment service providers, law enforcement agencies, and the public, to foster a cohesive and robust framework for the anticipation, detection, prevention, and consistent response to financial fraud. Speaking at the launch, Twinemanzi Tumubweine, Executive Director of National Payment Systems at the Bank of Uganda and Chairman of the Financial Sector Anti-Fraud Consortium, underscored the consortium’s mandate to fortify regulatory defenses against fraudulent activities and enhance public confidence in the financial ecosystem. Tumubweine further articulated the consortium’s intent to propose stringent measures, including a comprehensive prohibition on individuals convicted of fraud-related offenses from accessing financial services or holding telecommunication numbers for a defined period. Ronald Azairwe, Chief Executive Officer of Pegasus Technologies, highlighted a key operational priority: capacity building within the Judiciary and the Criminal Investigations Directorate (CID) through targeted training programs to improve their efficacy in handling sophisticated cybercrime cases. Azairwe emphasized the consortium’s assessment that current cybercrime legislation lacks sufficient deterrent effect. Consequently, the initiative will actively engage Members of Parliament to advocate for the enactment of more robust and punitive legal measures. Jane Frances Abodo, the Director of Public Prosecution, affirmed the significance of the consortium as a pivotal and unified response to the pervasive challenge of financial crime, which poses a systemic risk to the nation’s economic integrity. “The landscape of financial fraud has evolved into a sophisticated, transnational criminal enterprise. Our current efforts, often operating in isolation, necessitate a coordinated and collaborative approach,” said Abodo. Abodo revealed that that Uganda incurs annual losses ranging from UGX 2.4 billion to UGX 25 billion due to bank fraud, cautioning that the burgeoning digital economy would remain vulnerable without concerted action. She pledged the commitment of the DPP to streamline evidence sharing and expedite the prosecution of financial fraud cases in collaboration with the Anti-Fraud Consortium. Chelimo Beata, Deputy Director at the CID, acknowledged existing operational challenges, including deficiencies in specialized cybercrime training. She noted that the limited number of officers equipped to handle such complex cases contrasts sharply with the sophistication, resources, and networks of modern fraudsters. Wilbrod Owor, Chief Executive Director of the Uganda Bankers Association, urged member financial institutions to implement and maintain robust anti-fraud mechanisms and actively participate in intelligence sharing regarding fraud incidents. Referencing the Police Annual Crime Report 2024, Mr. Owor highlighted the significant economic impact of cybercrime, revealing losses of UGX 72 billion from 474 reported cases. The establishment of the Financial Sector Anti-Fraud Consortium signifies a proactive and unified commitment to safeguarding Uganda’s financial sector and fostering a secure digital economy for all stakeholders.
