Patrick Mweheire, Standard Bank Group’s Regional Chief Executive for East Africa said the bank is delighted to welcome Mumba to the Standard Bank Group—in particular, to the Stanbic Bank Uganda team. “His extensive experience in the banking sector and understanding of this market, coupled with his leadership expertise, makes him ideal to lead our business in Uganda,” he said. “The Board is confident that his strategic thinking, business acumen, and passion for excellence will continue to drive growth, innovation, and customer satisfaction.”

Mumba brings to the team nearly 30 years of post-qualification experience, 20 of which have been in the banking sector, mostly in senior leadership roles covering business development, risk management, strategy formulation, and finance strategy in three African markets including Botswana, Zambia, and for the last five years—Uganda.

“I am pleased with the opportunity to embark on this new challenge,” said Mumba. “Together with the other leaders across the organization, I am looking forward to building on the bank’s solid foundation and contributing to the purpose of driving Uganda’s growth, creating even more shared value for all stakeholders.”

Damoni Kitabire, Board Chairman, Stanbic Bank Uganda said the bank has enjoyed a strong growth journey in recent years and they are confident that under Mumba’s leadership, the bank will continue to experience even more success as they execute their commitment to drive Uganda’s growth.

Mumba holds a master’s degree in business administration (MBA) from Herriot Watt University (Scotland) and is a Fellow of the Association of Chartered Certified Accountants (United Kingdom) and the Association of International Certified Professional Accountants (AICPA, UK).

The post Mumba Kenneth Kalifungwa Appointed as New CEO of Stanbic Bank Uganda appeared first on PC Tech Magazine.

The agreement was executed in September 2024, with the first tranche of UGX5 billion disbursed. MOGO Loan will continue to release funds phased by phase as needed for on-lending purposes, with full utilization expected by the end of 2024. This phased approach ensures the customer can align loan disbursements with their operational needs, reinforcing flexibility and support throughout the deal lifecycle.

The structured loan will be repaid over a maximum period of 30 months, empowering hundreds of riders to own environmentally friendly electric bikes that are cheaper to maintain and operate.

Speaking at the signing of the memorandum of understanding, the Executive Director and Head of Markets for Absa Bank Uganda, David Wandera, said the deal underscores the bank’s commitment to supporting the transition to a low-carbon economy and enabling even greater financial inclusion.

“This partnership goes beyond a typical loan transaction. We are aware that a significant share of economic activity is within the informal sector, however, access to financial services remains the main obstacle to the growth of informal businesses and could be a possible incentive for them to formalize,” said Wandera. “We are pleased to enter this unique arrangement with MOGO Loans, which will drive greater financial inclusion, delivering credit to the last mile, while also contributing to a green economy.”

MOGO Uganda CEO Mikhail Vydryn said, “MOGO Uganda has demonstrated significant investment in the country, with a net loan portfolio totaling EUROs 28 million (approx. UGX110.35 billion) funded primarily through equity, shareholder loans, and offshore debt.” He added, “Absa’s involvement through local currency funding mitigates MOGO Uganda’s FX risk, creating a perfect alignment between Absa’s Environmental, Social, and Governance (ESG) values and MOGO’s efforts to tackle unemployment in Uganda’s informal sector.”

Mikhail revealed that since their launch in May, they have successfully financed nearly 870 e-boda units, enabling their clients to travel over 2.5 million kilometers using clean electricity. “This initiative has not only resulted in a significant reduction of approximately 70 tonnes of CO₂ emissions but has also created substantial economic benefits for the riders,” he added.

The electric bikes funded through this loan offer a groundbreaking solution to Uganda’s ‘boda boda’ industry. With no emissions, they are environmentally friendly, aligning with global trends toward greener transportation. The bikes also present significant cost savings for riders: for just UGX8,000, riders can charge their bikes for 80 kilometres, far more efficient than fossil fuel bikes, which cost UGX10,000 for 70 kilometres.

The lower operational and maintenance costs make this an innovative and economically viable alternative.

Speaking about the facility, the bank pointed out that this was a landmark agreement, requiring navigation of complex negotiations and multi-jurisdictional legal frameworks to protect all parties involved.

“Despite the lack of tangible security, Absa Bank Uganda confidently entered this partnership based on the strength of MOGO Loan’s corporate guarantees and the potential of the project,” said Wandera. “At Absa Bank, we believe that our clients’ stories are central to everything we do. Every transaction we engage in is a testament to our commitment to empower, uplift, and transform the communities we serve.”

He concludes by saying “This partnership with MOGO Loan reflects our ongoing investment in solutions that address local challenges while promoting sustainable growth.”

With this financing, MOGO Uganda projects that they will be able to reach 1,000 electric motorbikes issued through the hire purchase arrangement by the end of November 2024, easing the financial burden on many informal operators who are often expected to pay upfront for these assets with large sums of money they may not have.

The post Absa Uganda Seals a UGX19Bn Loan Facility With Mogo Uganda appeared first on PC Tech Magazine.

“We have heard your call,” said Kituuka, during his departure at Entebbe International Airport on Thursday. “Equity is not just about banking, it is about understanding and supporting our customers wherever they are. I am joining the team that has already been on the ground, working closely with our customers in the UAE.”

For the past two weeks, the Equity Bank team in Dubai has been offering personalized services to Ugandan expatriates and other UAE customers. The staff has been addressing customer queries, reactivating accounts, opening accounts, and issuing ATM cards. The team also links customers to mobile and online banking as they open their accounts.

Laura Bahemuka, Equity Bank’s Head of Micro Segment currently stationed in Dubai said, “The feedback has been incredibly positive. Our customers have expressed appreciation for getting one-on-one support and resolving long-standing issues.”

Kituuka will hold a keynote address at the Smart Minds Business Conference tomorrow (Oct. 25th), at the prestigious Dubai Royal Pillar Events Auditorium. His address, eagerly anticipated by business leaders and entrepreneurs, will focus on building successful businesses back home. He will also speak on how strategic partnerships can drive growth.

“Equity Bank exists to champion the socio-economic prosperity of the people of Africa and for this reason being a keynote speaker at such an event is not just a professional duty for me, it is a personal duty,” said Kituuka. Adding, “I am looking forward to sharing insights on how we can be a catalyst for the expansion of wealth.”

Kituuka will also speak at the 3rd annual Uganda-UAE business forum on October 31st, engaging with the public and private investors, and Ugandans doing business in Dubai. Beyond the conference, Kituuka will host informal sessions with Ugandans, particularly Equity Bank’s customers living in Dubai, offering them an opportunity to interact with him directly.

The Dubai engagement comes a day after Equity Bank hosted the India-Uganda trade mission, which attracted investors from India. The two-day mission saw Ugandan businesses hold discussions with counterparts from India and has resulted in substantial undertakings.

Equity teams continued effort is an example of how financial institutions can serve customers across borders, ensuring that no one feels far from home.

The post Equity Bank MD, Anthony Kituuka Travels to Dubai to Engage and Serve Customers appeared first on PC Tech Magazine.

Being at the helm of regulating the operation of microfinance institutions, UMRA’s collaboration with Wendi is a key milestone in enhancing financial inclusion through streamlining the operation of Savings and Credit Cooperatives (SACCOs), Village Savings and Loan Associations (VSLAs), Self-Help Groups, and Non-Deposit Taking Microfinance Institutions (NDT-MFIs)—into the digital age, thus championing sustainable financial inclusion especially in the hard to reach places where there are no physical banking facilities.

Andrew Kabeera PostBank’s Executive Director, stated that their partnership with UMRA is timely as it will help the bank boost financial literacy skills and ensure savings groups have access to essential financial services, regardless of their banking affiliation.

“The bank is dedicated to fostering prosperity for Ugandans through innovative and tailored financial products,” he told the press during the launch at UMRA Offices. “With Wendi, we are delighted to empower individuals and groups, especially those underserved by traditional financial institutions, to access secure savings accounts, earn 10% annual interest on daily savings, and conduct various financial transactions.”

Kabeera added that “Wendi was designed to offer seamless financial services to underserved and last-mile customers, hence PostBank or non – PostBank customers can access, manage, and transact funds efficiently both on a smartphone and a feature phone.”

Executive Director of UMRA, Ms. Edith Tusuubira emphasized the transformative impact this partnership will have on Uganda’s financial landscape.

“Leveraging Wendi to digitize savings groups across the country is a great initiative and we thank PostBank for taking this innovative approach because it aligns with Uganda’s National Financial Inclusion Strategy of bridging the gap of access to financial services for millions of Ugandans,” said Tusuubira. “By embracing digital technology, we will enhance financial literacy, security, and convenience for our people while fostering economic empowerment,”

Tusuubira pointed out that UMRA commits to continuously support sector players like PostBank who have introduced services like the Wendi which addresses key challenges faced by informal savings mechanisms since the Authority is trying to streamline operations as the regulator.”

A recent study by FinScope revealed a sharp increase in the adoption of SACCOs and mobile money services in Uganda since 2018. SACCO usage rose from 5% in 2018 to 15% in 2023, while Mobile Money usage jumped from 23% to 42% over the same period. Despite this growth, many Ugandans still store money at home, signaling a lack of confidence in both formal and informal financial service providers.

Furthermore, only 2 in 10 Ugandans save electronically, emphasizing the urgent need for digital solutions like Wendi to bridge the gap in financial inclusion. Wendi promises to offer secure and convenient financial services to help address these challenges.

See also: PostBank, MTN Mobile Money (U) Limited launch a digital microlending solution

The post UMRA, PostBank to Digitize Tier IV Microfinance Institutions with Wendi Platform appeared first on PC Tech Magazine.

This visit dubbed “Equity Goes To UAE,” is a component of International Customer Service Month 2024, whose theme is “Above & Beyond” —also aims to strengthen relationships with the Ugandan community in the UAE and provide banking solutions that meet their needs.

The Head of International Banking, Winfred Wanjiru, said, “Equity Bank Uganda has in the past played an integral role in supporting the Ugandan diaspora by offering seamless banking, financial, and investment solutions that enable workers to remit funds back home to their families, manage their finances remotely, and invest back home.”

Wanjiru adds, “With this visit and our interactions with Ugandans in the UAE, we will deepen our engagements with customers by addressing their needs, which emphasizes Equity’s commitment to customer-centric banking services tailored for Ugandans in the diaspora.” She continues, “Our vision is to be the champion of the socio-economic prosperity of the people of Africa.”

The visit will generate awareness of Equity Bank’s presence in the UAE and drive engagement with the Ugandan diaspora community and other residents who have in the recent past often faced challenges accessing reliable banking services that cater to their unique needs.

Anthony Kituuka, Equity Bank Uganda’s Managing Director said it’s not a typical —instead, it represents the bank’s ongoing commitment to working with its clients to provide easily accessible financial services. “These efforts demonstrate our willingness to serve Ugandan and international customers. It also allows us to increase our client and customer relations by providing diaspora banking services while growing the bank’s footprint in the Middle East.”

Equity Bank will also provide financial literacy education and sensitization on secure banking. Ugandans in the UAE have been the target of financial fraudsters. The bank will also offer financial services such as opening diaspora accounts, responding to loan requests and applications, advising on investments, processing VISA card applications, and promoting savings options during the visit.

The post Equity Bank Uganda Responds to Ugandan Diaspora’s Financial Needs in UAE appeared first on PC Tech Magazine.

Suppose you’re looking to revolutionize how your customers interact with money while boosting your brand. In that case, this is your guide to launching a white-label mobile wallet solution that will have you riding the digital payments wave in no time.

Why white-label: the shortcut to innovation

When you think of mobile wallets, names like Apple Pay, Google Pay, or PayPal probably come to mind. But what if your business could offer the same level of convenience and security with your brand at the forefront?

A white-label solution lets you do just that — you get a fully customizable mobile wallet, ready to be personalized with your branding, and packed with the latest features.

Key features of a white-label digital wallet

Your white-label mobile wallet will come packed with features that make it a dream for businesses and users. Here’s what you can expect under the hood:

1. Multi-currency wallets

Your mobile wallet can be configured to support multiple currencies, making it perfect for international customers. Whether your users need fiat, crypto, or digital assets, you’ve got it covered. Offering seamless currency exchange within the app also opens up additional revenue streams.

2. Secure P2P payments

The mobile wallet supports peer-to-peer (P2P) payments, letting users transfer money to friends, family, or businesses with just a few taps. Whether it’s splitting a bill, sending a gift, or paying for services, these transfers are instant, secure, and hassle-free.

3. Contactless payments

The future is contactless, and your white-label mobile wallet will be fully equipped for it. Tap-and-go payments with NFC technology enable users to pay at merchants, stores, or online platforms using their mobile devices, ensuring frictionless transactions.

4. Loyalty and rewards programs

Imagine rewarding your customers for using your wallet! Loyalty programs and rewards are built right into the app, allowing you to offer cashback, points, discounts, and more. You can create customized incentives that drive user engagement and retention, all under your brand.

5. Bill payments and top-ups

Utility bill payments, mobile top-ups, and other everyday transactions are made simple. Users can manage their finances directly from your app, with seamless integration to service providers.

See also: Common card payments myths and misconceptions by Ugandans debunked

The business benefits of a white-label mobile wallet

Now that you know what a white-label mobile wallet can offer your customers, let’s talk about the tangible benefits for your business:

• Revenue generation

Mobile wallets open up new revenue streams through transaction fees, currency exchange commissions, and value-added services like bill payments or mobile top-ups. You can even create subscription models for premium features or offer advertising space within the app.

• Cost efficiency

Developing a mobile wallet from scratch requires significant investment in time, money, and resources. White-label solutions eliminate much of this burden, providing you with a high-quality product at a fraction of the cost. Plus, the provider typically handles ongoing maintenance and updates, freeing your team to focus on growth.

• Market expansion

With multi-currency support and cross-border payment capabilities, a white-label mobile wallet allows you to reach customers in new markets, expanding your footprint without geographical limitations.

• Data insights

One of the hidden gems of mobile wallets is the treasure trove of user data you can gather. Payment patterns, user preferences, and spending habits provide actionable insights that can fuel smarter business decisions and personalized marketing strategies.

How SDK.finance powers your white-label mobile wallet launch

SDK.finance offers a white-label mobile wallet solution to launch your PayTech product with ease. With a powerful set of features, pre-built integrations, and endless customization options, SDK.finance helps you build a wallet app that not only meets market demands but also delivers a superior user experience.

Key SDK.finance mobile wallet Platform features:

• Multi-currency accounts: Your customers can manage unlimited accounts, storing anything from traditional currencies to digital assets like crypto or even commodities such as gold or grain.
• Fast bank transfers and bill payments: Enable quick, seamless transactions, from peer-to-peer payments to bill payments and top-ups.
• Currency exchange: Let users exchange currencies directly within the app at competitive rates.
• Card issuing: Offer your customers virtual or physical cards, fully integrated with their mobile wallet accounts.
• Transaction history: Provide users with a detailed view of their past transactions, boosting transparency and trust.

Therefore, a white-label mobile wallet solution is your passport to entering the booming digital payments market with minimal risk and maximum reward. With SDK.finance, you can offer a highly secure, customizable, and feature-rich mobile wallet that puts your brand front and center. Whether you’re a bank, telecom a retail business, the opportunity to offer seamless, secure financial transactions is now within reach.

Go to market in weeks, win customer loyalty, and start generating revenue with a mobile wallet solution that’s as unique as your brand.

See also: OP-ED: How digital payments benefits customers, businesses and the economy

The post Revolutionize Payments with a White-Label Mobile Wallet Solution appeared first on PC Tech Magazine.

The conference has gathered industry leaders, innovators, and professionals eager to understand the evolving digital landscape and harness its potential for their organizations. The keynote speaker, Mr. Dave Birch, a commentator on digital financial services, shared his vast knowledge and insights in the fintech sector —among the things he shared was AI in the financial sector, the future of banking run by robots, digital trust, and quantum computing, among other things. Here’s our takeaways from his keynote;

AI replacing humans in key decision-making roles

Artificial intelligence (AI) is the most professional in many specialized areas and could be released only in few years from now. In the health department, AI is installed for medical use and is even more effective than health experts in the visual scan portion. While now practiced to validate medical availabilities, the speed with which AI is progressing suggests that such backup of human intervention is less and less certain. However, the real dislocation occurs in the wave of AI that comes later: digital agency.

The artificial intelligence market has already shifted its direction as today’s hot topic is the development of “people agents”—autonomous bots that are capable of performing human tasks. These types of bots will not only assist but also do away the need for human input in cases of analysis and probability-based decision-making. It won’t be long before companies need active inputs from humans as sources of decision making even those who are in top management.

AI in financial services: revolutionizing compliance

Machine learning and AI have focused their efforts on influencing the compliance aspect of the financial services industry. Compliance is essentially a given in the case of financial institutions for they are always guided by legislation, however for a business such as anti-money laundering and know-your-customer compliance it is an expensive and lengthy task. By and large, 50% to 70% would be spent by fintech companies on compliance activities—not on the provision of services or products in the industry.

There are significant cost advantages in the compliance management systems including external outsourcing of these activities. Processes, which include filling AML forms and KYC checks against customers, can be performed by bots, thus saving the time of human personnel who can concentrate on economic activities that create more value. However, well crafted, systems like ChatGPT do not yet have the proficiency to conduct those functions autonomously due to the shortcomings including hallucinations- distortion in which pictures predicted by AI bear no truth. Such hallucinations in the financial services sector, where facts matter a great deal, may lead to huge fines upon some convincing regulations.

The true disruption: AI for consumers, not just banks

Many financial institutions see AI as a cost-cutting and efficiency-improvement tool for their existing business models. Nevertheless, such a view lacks depth. Its core disruptive quality is not on improving managers’ decision-making, but on changing the way customers make financial decisions. With the blooming of technology companies such as Google, Apple, and Facebook that are making AI more widely accessible, it will also have a radical effect on how mass market consumers manage their money.

For example, many people do not achieve optimal or maximum returns on their savings accounts because they do not have time or knowledge or too much administrative work needs to be done to earn the best interest. These days, most consumers have been rendered passive by the force of inertia when it comes to making financial decisions and instead tend to park large amounts of money in interest-bearing accounts that do not yield very much. On the other hand, there are no limitations to AI. For example, one consumer’s personal AI could always check checking accounts while sitting in the office, and if any of them earns more interest than the other, the funds in the performing account will be moved around to maximize the profit.

This type of AI-assisted financial management changes everything in the banking industry. For example, these bots will determine everything right down to which credit card to pay making use of the maximum rewards and minimum fees including card rank and simply optimizing interest on account for the bots making use of excessive payoff of interest rate cards.

The age of robot-to-robot transactions

As financial markets open up to artificial intelligence, we cannot rule out the possibility of robot-to-robot transactions taking place. Just in the future, all banks will more likely stop advertising their services and products to people as they will be targeting the bots managing their clients’ finances instead. The use of labels or any form of persuasive selling would be a thing of the past. The data was the central focus of the Bots, the amount of fees, and the expected output were the only determinants. Therefore the products being developed will be targeted towards these measures.

The first problem would be how to distinguish if a given transaction has been initiated by a human or a robotic market participant. For these and other reasons, it will be hard to tell the measure as these machines grow in strength. New solutions would be required on the side of banks for example to prove why certain activities that they perform are genuine in the way that they do not allow the bots operating inside banks to assist fraudsters and other people to con banks.

In summary, the realm of artificial intelligence in the financial services of the future is not one of the distant castles in the air, but clusters of clouds whose outlines clearly can be seen. From ensuring bookkeeping to customer service assistance, AI is about to change the dynamics of the industry. Banks who apply AI technology in only ways of cutting down costs and achieving minor modifications of existing services are simply ignoring the reality.

The post AI is Unpredictable and the Destruction is Going to be Big in Fintech — Dave Birch appeared first on PC Tech Magazine.

“We are excited to collaborate with MTN MoMo on the XtraCash solution, a product that delivers convenience and speaks to our purpose of fostering prosperity for Ugandans. This product is here to extend support to the millions of Ugandans who rely on mobile money for their everyday transactions,” PostBank Uganda, Managing Director, Mr. Julius Kakeeto, said at the launch of the new service.

Kakeeto emphasized the bank’s commitment to going as far as forming partnerships with stakeholders like MTN MoMo with whom they share the same vision of growth and fostering prosperity for Ugandans by ushering them into the money economy.

“When we say ushering Ugandans to the money economy, we mean revolutionizing the way people have access to money, that is, anytime and anywhere or as and when they need it,” said Kakeeto. “We are cognizant that people always run out of cash and need some XTRA Cash to keep them running, this is why we are here today, to introduce a solution that will ensure that our customers’ needs are catered for.”

XtraCash is accessible through MTN mobile money with PostBank as the financial partner providing customers with support by extending micro-loans for everyday financial needs. The innovative solution aims to address the growing demand for accessible credit, particularly for underserved and unbanked communities.

In his remarks, Mr. Richard Yego, the Chief Executive of MTN MoMo, said, “XtraCash is another step forward in our mission to provide reliable, easy-to-use, and secure financial solutions to millions of Ugandans who depend on mobile money every day. We are proud to collaborate with PostBank Uganda, a partner that shares our vision of creating financial products that serve all Ugandans.”

Yego shared that MTN MoMo is committed to driving financial inclusion and ensuring that every Ugandan has access to financial services, regardless of their location or economic standing. He also emphasized the critical role that financial services like XtraCash play in empowering underserved and unbanked populations.

“By making micro-loans easily accessible to users, we are providing financial relief and opening doors to opportunities that can improve livelihoods and support businesses,” said Yego. “We believe this solution will have a significant impact on the day-to-day lives of many Ugandans by ensuring that they can access funds whenever they need them, especially in times of urgent need.”

XtraCash highlights MTN Mobile Money Uganda Limited’s commitment to financial inclusion and innovation, reinforcing the collaborative effort between both institutions in delivering impactful solutions to the Ugandan market.

To qualify for the XtraCash loan, one must be 18 years or older, an active MTN mobile money user for at least six (6) months, and maintain regular usage of MTN MoMo. Eligible users can use the MTN MoMo App or use the USSD code by dialing *165*5#, selecting XtraCash, and instantly checking the maximum loan limit they can access.

In addition to XtraCash, PostBank and MTN MoMo have previously partnered to disburse funds to the last mile beneficiary through Wendi mobile wallet as well as MOMO advance which are all aimed at driving financial inclusion by bringing and keeping more Ugandans in the money economy.

The post PostBank, MTN MoMo Launch a Digital Micro Lending Solution appeared first on PC Tech Magazine.

Cyber fraud also known as electronic fraud, is an unfortunate concept born out of using computing power and other technologies to steal money and other resources of pecuniary value from unsuspecting navigators of online spaces. This has become an issue in Uganda and is prevalent amongst persons who use mobile-enabled and online financial services such as banking, transfers, and online purchases.

Indeed, according to a Financial Sector Deepening (FSD) Report on banking and the status of financial inclusion in Uganda: Insights from FinScope 2018 Survey, 12% of persons with back accounts prefer mobile banking as the channel of choice, and 2% preferred internet banking as the mode or channel used to access banking/financial services.

But again, the online domain has transformed retail and commerce. Digital marketplaces have made goods more accessible. Specialized websites and dedicated apps have quickly multiplied and have simplified access to all types of commodities and services. The transformation of legal commerce has also been reflected in the criminal domain.

We have also recently observed a couple of trends viz; synthetic identity fraud, the use of AI-based attack vectors, the rise in fraud-as-a-service, contactless fraud from contactless mobile payments, pig butchering where fraudsters search dating and social media sites for victims and create fake accounts to interact with them inter alia.

Effects:

The impacts of a single, successful cyber fraud attack can have far-reaching implications including financial losses and loss of consumer confidence and trust. The overall monetary impact of cyber fraud on society and government is estimated to be billions of dollars a year. It is no wonder statistics estimate that cyber fraud has grown to become a hundred billion industry globally and it is expected to triple by 2025. The most outstanding effect remains the jeopardisation of financial transaction integrity.

Response of the law:

Uganda has laws that govern online conduct, transactions etcetera. The most famous is the Computer Misuse Act Cap. 96. It defines electronic fraud under Section 19 to mean deception, deliberately performed intending to secure an unfair or unlawful gain where part of a communication is sent through a computer network or any other communication and another part through the action of the victim of the offense or the action is performed through a computer network or both.

I have previously expressed reservations over the depth of this definition’s coverage vis-à-vis modern cyber fraud. Also given that this is from over 13 years ago, its spirit didn’t foresee and is out of touch with the rate of sophistication in computing power, emerging technologies, and other variables that have made the modern threat landscape murky waters for the authorities and victims.

See also: President Museveni signs the Computer Misuse (Amendment) Act, 2022 into law

On to sophistication; the modes of cyber fraud have changed over the years to also include ransomware which has become rampant these days. In my unpublished undergraduate thesis from May 2021, I argue at the time that the internet, in particular, was a great tool for scammers and other miscreants, since it allowed them to ply their trade while hiding behind a shield of digital anonymity. This posed significant challenges to law enforcement agencies, regarding their ability to investigate complex crimes, occur in a virtual environment, incorporate multiple (often international) jurisdictions, and have a very low reporting rate.

… the internet, in particular, was a great tool for scammers and other miscreants, since it allowed them to ply their trade while hiding behind a shield of digital anonymity

I have since harbored a fresh perspective that differs from that position which is that emerging technologies such as general purpose and generative artificial intelligence have made it easier for rogue cyber actors to execute their attacks in ways that are so deceptive the victims will usually never see it coming.

What needs to be done:

We need to wake up to the reality that the Internet dominates commerce, communication, and access to information. The digital transformation of our economies, societies, and private lives is progressing fast and will continue to impact all aspects of life.

From the regulators’ perspective, the Bank of Uganda (BoU) needs to continuously issue risk management guidelines to the Supervised Financial Institutions (SFIs). They also should increase oversight surveillance capacity through new methodologies of risk-based supervision as well as financial innovations in development, deployment, and use.

Increased research into the modes, and the threat vulnerabilities that allow rogue cyber actors to prey in the unsuspecting victims. This will inform efforts for continuous policy development so that laws maintain their relevance in a contemporary setting. Incidentally, an amendment of Section 19 of the Computer Misuse Act Cap. 96 will ensure that we maintain the relevance of that very provision.

Relatedly, policymakers and regulators should guide policy discussions to focus on the regulation of financial innovations. Financial innovations are on the rise and ever-evolving, this means that the lacuna will always equally be evolving and this calls for the maintenance of a robust regulatory and supervisory framework. Such a framework should possess the capability to identify threats posed by the transition and provision of prompt alleviation actions.

Training and awareness campaigns are important for all in society. There is a need for a structured training and certification program/framework for cybersecurity-related careers in Uganda. Campaigns like Beera Steady targeting users will continue to play a great role in creating awareness and vigilance around cyber fraud-related issues. As the saying goes; educated consumers are empowered consumers.

Also read:

• • OP-ED: Getting a hold of cybersecurity
  • OP-ED: Architecting cybersecurity for Uganda’s fintech sector
  • Navigating the digital maze: A guide to online safety and cybersecurity
  • Hackers predict: The biggest cybersecurity worries in 2024

Awareness at critical levels enables and promotes the identification and reporting of cyber fraud attacks. Conducting cyber awareness amongst the employees of these financial institutions and the law enforcement agencies such as the cybercrimes division of police on electronic fraud, investigation and as I previously opined, inculcation of threat intelligence know-how to detect these threats as and when they are posed and to devise measures to counter these threats.

The government also has an important role to play in raising funding awareness among the public and other financial and ICT service providers. This means enhancing the capacity of staff to evaluate ICT risks and conduct ICT audits. Education/awareness will go a long way in enabling us to create and curate a database of all reported cases for predictive analysis and education of the authorities to have a meaningful implementation in the investigation as well as assessing the scale of damage and threat posed by the cyber fraud scourge.

As I take leave of the matter …

Digital financial services (DFS) promise to enable financial inclusion and thus help improve people’s lives. Due to the impact of technology in the banking sector, customers are moving away from using cash and checks and relying more on electronic banking to complete transactions.

We need a proactive approach to policing online fraud in the banking sector of Uganda. This will take a concerted effort from all parties along the value chain, those that develop these technologies, the financial institutions that roll out or deploy them, the regulator, and the users of these technologies.

The post OP-ED: Is Cyber Fraud Breaking Frontiers? appeared first on PC Tech Magazine.

The new digital savings products were introduced with a disruptive campaign dubbed ‘Kaboxi,’ illustrating the traditional ways in which a vast population saves their money in a piggy bank. The campaign also highlighted the vulnerabilities of these traditional saving methods to theft and physical damage.

Equity Bank’s Managing Director Anthony Kituuka said, “As a bank committed to championing digital transformation, we are dedicated to introducing innovative digital banking products that simplify financial transactions and empower our customers to achieve their financial goals.”

Nelson Bamwiine, Equity Bank’s Senior Manager of Client Solutions and Business Integration said the new solutions align with the Bank’s mission to champion financial inclusion by offering integrated financial solutions that socially and economically empower its customers.

To start digital savings, a customer logs into his or her existing account, clicks on the saving icon, and picks the savings options of either Goal, Call, Classic, or Fixed Deposit savings. Customers will not only earn competitive interest on their savings but also the digital savings account bears no charges.

• The Goal digital savings account allows customers to save any amount towards short-term or long-term goals while earning daily interest.
• The Fixed Deposit account allows customers to save for long-term while earning competitive interest while on the other hand, the Call Savings account allows short-term daily savings that pay interest starting from a shorter minimum time and allow for partial withdrawal whenever the customer needs the money.

The post Equity Bank Introduces Innovative Digital Savings Tools For Smarter Saving appeared first on PC Tech Magazine.