Bankers launch anti-fraud consortium

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The Uganda Bankers Association (UBA), in partnership with various financial actors, on Wednesday (April 23) launched the Financial Sector Anti-Fraud Consortium (AFC) aimed at combating rising financial crimes threatening the country’s economic stability and public trust in digital systems.

The consortium, spearheaded by the Bank of Uganda (BOU) and backed by regulators, banks, fintech firms, and law enforcement agencies, seeks to unify efforts to detect, prevent, and respond to fraud through enhanced coordination and public awareness.

Dr Tumubweinee Twinemanzi, executive director, National Payment Systems at BOU speaks to stakeholders during the event. (Courtesy photo)

“Fraud is not just about stolen money. It is a national threat, one that undermines economic stability, erodes public trust in institutions & systems, and shakes the foundations of our economy,” said Dr. Tumubweinee Twinemanzi, executive director, National Payment Systems at BOU.

Dr Twinemanzi, who doubles as the chairperson of AFC, said the consortium will focus on two pillars: enforcing compliance with anti-fraud regulations across financial institutions and fostering partnerships among stakeholders, including telecom operators, security agencies, and international partners.

He said key operational steps include establishing a centralised fraud reporting portal, public education campaigns, and capacity-building programs for law enforcement and judiciary officials.

Some of the guests who attended the event held at Mestil Hotel in Kampala. (Courtesy photo)

The annual police crime report shows that about sh72b was lost to cybercrime in 2024. The data shows that cybercrime cases reported to police increased by more than 100% from the previous year.

Jane Frances Abodo, Director of Public Prosecutions, said fraudsters are exploiting gaps within the financial system to commit fraud. She encouraged players to increase collaboration and information sharing to address the current gaps.

“These crimes are not just economic offences, they are injustices that undermine the social and economic development of our country. Fraud also tarnishes Uganda's reputation as an investment destination, and we have terrorism financing now on the rise,” she said.

Jane Frances Abodo, the Director of Public Prosecutions, speaks to stakeholders during the event. (Courtesy photo)

Ronald Mugisha, senior cyber and fraud risk officer at UBA, said fraudsters are becoming more organised, sophisticated, and operate cross-border.

Wilbrod Owor, executive director at UBA, noted that legal prosecution is critical in the fight against fraud and that there is an urgent need for immediate, coordinated steps to make fraud as painful as possible for perpetrators.

He said the sector is contemplating several measures including blacklisting fraudsters from banking and mobile services and publicly identifying convicted individuals.