Ugandan Economist Warns of Rising Cyber Threats Amid Surge in Mobile Money Use
Kampala, Uganda
Prof. Augustus Nuwagaba, Deputy Governor at the Bank of Uganda, is urging urgent action to strengthen Uganda’s cybersecurity defenses.
He noted that while mobile money has dramatically expanded financial inclusion, it also exposes users and institutions to significant digital risk — citing past losses from SIM-swap fraud, phishing, and identity theft.
Nuwagaba called for a tri-part strategy: public awareness, investments in secure infrastructure (firewalls, intrusion detection), and stronger cooperation between fintech firms, regulators, and law enforcement.
Why It Matters:
As mobile money usage grows, cyber risk could undermine financial inclusion gains and lead to large-scale losses.
Lack of strong cybersecurity can erode trust in digital finance systems, especially in a country where mobile money is critical.
Coordinated action could boost Uganda’s resilience to cyber threats — and protect everyday users.
This push could shape policy and regulation ahead of the 2026 elections, especially as digital systems become more central to governance and business.
What to Watch:
Whether the Bank of Uganda or UCC (Uganda Communications Commission) acts on the call to tighten regulations.
Possible partnerships with cybersecurity firms or international bodies for capacity building.
Public campaigns: will there be training or awareness programs on phishing and fraud for mobile money users?
Cybercrime prosecutions: will law enforcement start cracking down more on online scams?
