Bank of Uganda lost millions after international payments were diverted

The Bank of Uganda said on December 1, 2024 that it had suffered two incidents in which international payments were diverted from their intended beneficiaries. The central bank said investigations would clarify how the transfers had been initiated and processed through its systems, and declined to comment further while an internal review ran.

Reported losses differed sharply. Officials and much of the local press cited 62 billion Ugandan shillings, roughly 16.8 million U.S. dollars. The Daily Monitor reported that 47.8 billion shillings had actually been taken. State Minister for Finance Henry Musasizi told parliament that the accounts had been hacked, but not to the extent being reported, and asked for time while an audit was completed.

The diverted funds were traced to accounts in the United Kingdom and Japan. UK authorities froze about 7 million dollars, although some had already been withdrawn, and roughly 6 million dollars was traced to Japan. The bank said it had recovered more than half of the money. A group calling itself Waste, reported to operate from Southeast Asia, was blamed for the transfers.

Uganda's police Criminal Investigations Directorate and the Auditor General opened investigations. In February 2025, nine officials from the Ministry of Finance, including senior Treasury staff, were detained in connection with the case.