Hackers steal $17 million from Uganda’s central bank; investigation kicks off

President Yoweri Museveni launches probe into central bank cyber attack.

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Uganda’s finance ministry has confirmed that hackers breached the Bank of Uganda’s IT systems and transferred 62 billion Ugandan shillings ($16.8 million) out of central bank accounts, though officials say the scale of the theft is smaller than initially reported.

State minister for finance Henry Musasizi disclosed the attack in parliament on Thursday, stating that investigations by the Criminal Investigations Department (CID) and the Auditor General are underway. “It is true our accounts were hacked into, but not to the extent of what is being reported. An audit and investigation are in their final stages,” he told lawmakers.

The state-owned New Vision newspaper reported that a hacking group known as "Waste" carried out the cyber attack earlier this month. The group, reportedly based in Southeast Asia, allegedly transferred part of the stolen funds to Japan.

An emailed statement from the Bank of Uganda neither confirmed nor denied the hacking incident but stated it was “awaiting a police report.” The bank has reportedly recovered over half of the stolen funds.

However, Uganda’s largest independent newspaper, Daily Monitor, cited sources suggesting that insiders within the central bank may have colluded with the hackers to facilitate the theft.

President Yoweri Museveni has ordered a thorough investigation into the attack, which is the latest in a series of cyber thefts targeting financial institutions and telecom firms in Uganda.

Security experts warn that financial institutions in the country are increasingly vulnerable to cyber threats, but banks often refrain from publicising such incidents due to concerns about damaging customer confidence.