The breach was first reported in November 2024 when State Minister for Finance, Henry Musasizi, revealed that hackers had infiltrated the central bank’s systems, Reuters reports.
The cybercriminals, allegedly operating under the alias “Waste,” executed fraudulent transactions, raising alarms about the security of Uganda’s banking infrastructure.
This high-profile cybercrime case has further shaken public confidence in Uganda’s financial institutions. With key finance ministry officials implicated, the scandal suggests that internal corruption or negligence may have played a role. Trust in government agencies handling national finances is critical, and such incidents erode public faith in the banking system.