As Uganda’s financial sector undergoes rapid digital transformation, sector leaders are raising urgent concerns over the need to prioritize cyber security and customer trust in the face of growing cyber crime and fraud risks.
Speaking on April 29, 2025, Uganda Bankers Association (UBA) Executive Director Wilbrod Owor emphasized that as financial institutions increasingly digitize operations, the most valuable asset they must protect is not just money but public trust.
“In this business, our biggest product is money, but what we truly sell is trust. Security is absolutely essential,” Owor said during a media appearance involving Pride Bank.
He warned that financial institutions have become prime targets for cyber criminals, putting customers’ savings and the sector’s integrity at risk.
“It’s painful when your hard-earned money is targeted by fraudsters,” he added, urging banks to adopt proactive cyber security strategies as customer interactions shift online.
Owor commended institutions like Pride Bank for tailoring services to niche markets but stressed that innovation must be paired with robust digital security frameworks.
“I urge you to leverage technology with a strong focus on security,” Owor advised, underlining that building and maintaining customer confidence is vital for long-term sustainability.
Echoing this sentiment, Mr. Mackay Aomu, Director of the Non-Bank Financial Institutions Department at the Bank of Uganda, reaffirmed the central bank’s commitment to maintaining stability through enhanced risk management.
“We will continue to focus more effort where the level of risk is high,” Aomu noted, highlighting the need for active oversight and institutional resilience.
The Bank of Uganda described its collaboration with Pride Bank as a “win-win situation,” emphasizing the importance of partnerships between regulators and financial institutions in navigating emerging digital threats.
As digital finance expands rapidly across Uganda, stakeholders agree that the sector’s future will depend on its ability to implement strong cyber security measures and maintain customer confidence, cornerstones for sustainable growth and consumer protection.
