The Bank of Uganda (BoU) has dismissed claims that a recent UGX 60 billion fraud resulted from a hacking incident, clarifying that the breaches occurred outside its IT systems.
Deputy Governor Michael Atingi-Ego reassured the public, stating, “Our systems remain uncompromised and secure. Fraudulent instructions to divert funds were initiated outside the Bank of Uganda IT framework.”
The fraudulent transactions involved two significant payments. On September 12, 2024, $6.134 million intended for the World Bank was redirected to a company named Roadway Company Limited via MUFG Bank in Japan. Similarly, on September 28, 2024, $8.596 million meant for the African Development Fund was misdirected to MJS International London in the UK.
Upon discovering that the funds had not reached their intended recipients, the BoU launched internal investigations and informed relevant government agencies. So far, $8.205 million of the stolen funds has been recovered.
“We are actively pursuing the recovery of the remaining balance. The ongoing investigation will aid in these efforts,” Atingi-Ego added.
