The Bank of Uganda has unveiled a Financial Sector Anti-Fraud Consortium, signalling a unified and strategic effort to combat financial crime and protect the integrity of the country’s financial system.
Leading the initiative is Dr Tumubweinee Twinemanzi, executive director for National Payment Systems at the central bank, who will chair the consortium.
His appointment underscores the central bank’s commitment to taking a proactive stance in the face of increasingly sophisticated fraud threats.
The consortium brings together a powerful coalition of institutions from across the financial and regulatory landscape.
Founding members include the Financial Intelligence Authority (FIA), Uganda Communications Commission (UCC), Uganda Bankers' Association (UBA), and the Payment Systems Providers Association (PSPA).
Their collaboration reflects a recognition that financial fraud cannot be tackled in isolation but requires an integrated and coordinated national response.
According to the Bank of Uganda, the consortium’s mission is to anticipate, detect, prevent, and respond to financial fraud in a manner that is timely, coherent, and consistent across the sector.
It aims to unite regulators, financial institutions, payment service providers, law enforcement, and the general public in a collective defence of Uganda’s financial ecosystem.
Central to the consortium’s operations will be the launch of a Fraud Incident Reporting Portal, to be hosted by the Financial Intelligence Authority.
The portal is expected to serve as a central hub for gathering, analysing, and responding to reports of fraudulent activity, allowing stakeholders to act more quickly and decisively.
Alongside this, the consortium will roll out a nationwide public awareness campaign designed to sensitise Ugandans about common fraud tactics and promote financial literacy.
Citizens will be equipped with practical tools to detect scams and protect themselves from financial exploitation.
To strengthen the enforcement of financial crime laws, the initiative will also support capacity building for police officers, prosecutors, and judicial officers.
Specialised training sessions will focus on enhancing their ability to investigate, prosecute, and adjudicate complex fraud cases.
In addition, the consortium will engage in targeted advocacy to address legal loopholes that have historically been exploited by fraudsters. By identifying and recommending necessary reforms, the group hopes to fortify the legal framework and ensure that offenders are held accountable.
The launch of the Financial Sector Anti-Fraud Consortium marks a significant milestone in Uganda’s efforts to build a resilient and trustworthy financial system. By fostering cross-sector collaboration, enhancing transparency, and empowering both institutions and individuals, the initiative aims to restore public confidence and deter future financial crimes.