The Ugandan government has confirmed a cyberattack on the Bank of Uganda’s accounts but denies claims that hackers stole 62 billion Ugandan shillings (£13.3 million).
The Minister of State for Finance, Henry Musasizi, assured Parliament that the breach, though serious, had been exaggerated in some reports.
“I wish to state that our accounts were hacked but not to the extent being reported,” Musasizi said, as he addressed lawmakers. He added that investigations by the Auditor General and the Criminal Investigation Department are underway, with findings expected within a month.
Musasizi urged caution over speculative claims, stating, “As of now, any matter I disclose on this issue will risk misrepresentation of facts.”
His statement came in response to concerns raised by opposition leader Joel Ssenyonyi, who questioned the government on the rising vulnerability of Uganda’s banking sector.
Ssenyonyi noted that multiple commercial banks have experienced fraud in recent months.
“It alarmed me because this is our Central Bank. I thought the government should help us understand; it is important that we know what exactly is happening,” he said.
Local reports revealed that hackers, identifying themselves as “Waste,” allegedly breached the Bank of Uganda’s IT systems and transferred funds to offshore accounts, including some in Japan. However, officials confirmed that more than half of the stolen amount has been recovered.
While President Yoweri Museveni has ordered a full investigation, sources suggest the theft may have involved insider collusion.
Cybercrimes targeting financial institutions are not new to Uganda, but they often remain unreported due to concerns over reputational damage.
Uganda joins other African nations struggling with the rising cost of cybercrime, as weak cybersecurity frameworks expose the continent to increasingly sophisticated threats.
