BoU warns on rising cyber fraud as banks deepen digital shift
The Bank of Uganda has warned of rising cyber crime risks as more Ugandans shift to digital banking platforms, with fraud losses hitting Shs 1.02 trillion in 2024. The warning was issued during the launch of new digital platforms by NCBA Bank Uganda, where BoU said the rapid growth of online
Museveni Demands Report on $21m BoU Fraud Scandal
President Yoweri Museveni has directed Finance minister Henry Musasizi to provide a detailed report on a fraud involving $21,013,562.31 (about Shs77.1 billion) at the Bank of Uganda (BoU). The funds, which were meant for servicing Uganda’s external debt, were instead diverted through fraudulent transactions to MJS International Ltd in London,
BoU Sets Shs 50 Million Daily Cash Withdrawal Limit for Individuals
The Bank of Uganda (BoU) has announced new over-the-counter cash withdrawal limits for bank accounts, set to take effect on January 1, 2027. Under the new guidelines, individual account holders will be limited to a daily cash withdrawal cap of Shs 50 million and a weekly limit of Shs 500
BoU Clears Absa Takeover of Standard Chartered Retail, Wealth Business
The Bank of Uganda (BoU) has approved the sale of Standard Chartered Bank Uganda’s Wealth and Retail Banking (WRB) business to Absa Bank Uganda, marking a major development in the country’s banking sector. The regulatory greenlight paves the way for Absa to take over Standard Chartered’s retail and wealth portfolio,
Five Police Officers Remanded Over Bank of Uganda Break-In Probe
Buganda Road Chief Magistrate Rophine Achayo has remanded five police officers and three private security guards over their alleged involvement in the break-in at the Bank of Uganda headquarters. The suspects were charged with neglect of duty to prevent a felony and were subsequently remanded to Luzira Prison pending further
Two Arrested Over Bank of Uganda Break-In
At least two suspects have been arrested in connection with a break-in at the Bank of Uganda headquarters in Kampala, police have confirmed. The arrests were announced by police spokesperson Kituuma Rusoke, who said the suspects were picked up following an intelligence-led operation. Investigators say the incident occurred in the
Bank of Uganda Break In: Five Officers Arrested
At least five police officers have been arrested in connection with the break in at the heavily guarded headquarters of the Bank of Uganda in Kampala. The officers who were on duty that are being held at Railway Police station. According to sources, the officers’ phones were confiscated pending investigations
How Thugs Broke into Bank of Uganda, Steal Laptops
A suspected inside operation is under investigation after intruders gained access to the heavily guarded Bank of Uganda headquarters in Kampala and stole several laptops along with critical equipment. Investigators say the break in occurred in the early hours of Monday, with the attackers reportedly exploiting internal weaknesses to access the
BoU turns to Gold to Fortify Uganda’s Reserves
The Bank of Uganda (BoU) has unveiled a three-year pilot programme to buy domestically mined gold, marking astrategic shift aimed at strengthening the country’s foreign exchange reserves while bringing order to the largely informal gold sector. The central bank said it had already begun test purchases under the Domestic Gold
Banking Disputes Trap Shs 7 Trillion, Threaten Uganda’s Growth
Uganda’s economy is bleeding billions in stalled financial activity, with an estimated Shs 7 trillion locked up in unresolved banking disputes, according to Michael Atingi-Ego, Governor of the Bank of Uganda. He warned that the growing backlog of cases is quietly suffocating investment and slowing economic momentum. Speaking at the
