Offshore hackers have stolen 62 billion Ugandan shillings ($16.8 million) from Uganda’s central bank, according to a report by the state-owned New Vision newspaper on Thursday.
The hackers, operating under the name “Waste,” allegedly breached the Bank of Uganda’s IT systems earlier this month and illegally transferred the funds, according to Reuters.
Citing unnamed sources at the bank, New Vision reported that the hacking group, believed to be based in Southeast Asia, transferred a portion of the stolen money to Japan.
The New Vision reported that the central bank had managed to recover more than half of the stolen funds. Following the attack, President Yoweri Museveni has ordered an investigation into the matter, according to the newspaper.
In a separate report, Uganda’s leading independent newspaper, the Daily Monitor, suggested that the theft may have involved collusion by insiders within the central bank.
Cyber thefts targeting banks and financial service providers, including telecom firms, are not uncommon in Uganda. However, police officials have noted that some institutions are reluctant to disclose such incidents publicly, fearing potential reputational damage and customer alienation.
Cyber attack in Africa
Cyberattacks in Africa are on the rise as the region undergoes rapid digitization. Weak cybersecurity systems and minimal regulatory frameworks across the continent leave many countries vulnerable to significant cyber threats. Annual estimates place the cost of cybercrime in Africa between $4 billion and $10 billion.
In October, the Communications Authority of Kenya reported that the country lost approximately Sh10.71 billion ($83 million) to cybercrime in 2023. This makes Kenya the second most affected country in Africa, following Nigeria, which recorded losses of $1.8 billion (Sh232.2 billion). Other countries significantly impacted include Uganda with $67 million (Sh8.6 billion), Botswana with $39 million (Sh5 billion), and Lesotho with $2.3 million (Sh296.7 million).
In Kenya, businesses and agencies targeted by cyberattacks spent an average of Sh561 million ($4.35 million) to restore their services, highlighting the financial toll of such breaches on the economy.
