UBA, Visa Unite Stakeholders at Cyber Security Summit 2025 to Safeguard Uganda’s Financial Sector

Uganda’s financial sector is stepping up its cyber defences as banks and global payment giant Visa pledged deeper collaboration to combat rising digital threats. Speaking at the Cyber Security Summit 2025 held at the Sheraton Hotel Kampala on Wednesday, leaders from the Uganda Bankers Association (UBA) and Visa East Africa underscored the urgency of building resilience in the face of increasingly sophisticated cybercrime.

Wilbrod Humphrey Owor, Executive Director of the UBA, said the sector had learned hard lessons from years of operating in silence whenever cyber incidents occurred. Banks, he noted, once kept attacks under wraps for fear of exposing weaknesses—but this culture has shifted with the creation of the Anti-Fraud Consortium, uniting regulators such as the Bank of Uganda, the Financial Intelligence Authority, the Uganda Communications Commission, payment providers, and commercial banks.

“We realised we were losing more by keeping quiet,” Owor said. “Confidence is the currency of banking. To protect it, we had to share intelligence, raise awareness, and build joint infrastructure to prevent and respond to threats before they happen.”

The consortium is working on a four-point agenda that includes raising cybersecurity awareness, investing in data-driven defences, strengthening Uganda’s legal framework, and promoting proactive responses to threats. Owor warned that loopholes in existing laws, limited understanding of cyber complexities within the justice system, and insider collusion still expose banks to risks.

He emphasised the importance of global collaboration: “Cybercrime is no longer about breaking safes for cash; today, it’s e-money. We benefit when we learn from global experiences and apply them here, but also when we share our domestic lessons with partners like Visa.”

Chad Pollock, Vice President and General Manager of Visa East Africa, echoed these concerns, stressing that digital transformation—mobile banking, digital wallets, and real-time payments—has expanded opportunities but also widened the attack surface.

“Cybercrime is no longer a future risk. It is here, growing in scale and complexity,” Pollock said. “Trust is the foundation of digital commerce. Without it, innovation stalls, adoption slows, and the financial ecosystem weakens.”

Pollock outlined Visa’s strategy, which includes deploying advanced authorisation tools, AI-driven fraud detection, real-time analytics, and cybersecurity training programs through Visa University. He emphasised that technology alone cannot win the fight, highlighting the need for human-centred solutions.

Chad Pollock, Vice President and General Manager of Visa East Africa

“Human error remains the leading cause of successful cyberattacks,” he noted. “We must build a culture of diligence, train our teams, and empower customers to recognise and respond to threats.”

The summit brought together regulators, bankers, payment providers, law enforcement, and international security experts to examine case studies, discuss prosecution challenges, and showcase best practices. Both speakers underscored that cybersecurity is now a 24/7 global business, with some state and criminal actors treating it as a revenue stream.

As Uganda’s financial industry continues its rapid digital evolution, Owor said the path forward depends on stronger collaboration and vigilance: “We must remain proactive—not just responding after attacks, but foreseeing them. Only then can we safeguard the trust that underpins our business.”

Comments

comments