Uganda is facing a growing cybercrime threat as criminals increasingly target people’s phones, online accounts and digital transactions instead of physical cash.
Reported cybercrime cases increased from 245 in 2023 to 474 in 2024, representing a rise of more than 93 percent, before slightly falling to 412 cases in 2025.
Bank of Uganda Governor Michael Atingi-Ego has warned that the growing threat could damage public trust in digital financial services and eventually affect the country’s financial stability.
He said Uganda’s rapid shift to mobile money, online banking, internet-based commerce and digital government services has created new opportunities for criminals to steal money and information.
Atingi-Ego said criminals no longer need to break into people’s homes or physically steal cash because much of the money Ugandans use is now stored and moved digitally.
He warned that criminals can compromise people’s phones, online accounts and other digital systems to access their money.
The Governor said the fight against cybercrime can no longer be left to individual institutions, urging banks, telecommunications companies, payment platforms, regulators and government agencies to work together.
He said the country’s financial and communication systems are interconnected, meaning that a security weakness in one institution can potentially expose other institutions.
A national assessment by NITA-U found that about four in every 10 small and medium enterprises in Uganda have already experienced some form of cyberattack.
Atingi-Ego described cybersecurity as more than just a technical issue, saying it has now become a macroeconomic and financial stability concern.
He urged financial institutions and other players in the digital economy to strengthen their security systems and share information about emerging cyber threats.
Telecom companies are also increasing their efforts to stop fraud. Airtel, for example, has invested in technology using big-data analytics and artificial intelligence to identify patterns in scam messages and help block spam SMS campaigns.
The Governor’s warning comes as Uganda’s digital population continues to grow, with about 23 million Ugandans now online.
While the expansion of digital services has created opportunities for businesses and consumers, Atingi-Ego said it must be matched with stronger protection against cyberattacks.
He stressed that cybersecurity is a shared responsibility, warning that protecting one institution alone is not enough when financial and communication systems are closely connected.
