Uganda’s banking sector is growing, but e-fraud remains a challenge. Measures are being taken to combat e-fraud

Despite the growth of Uganda's banking sector, e-fraud remains a major challenge, according to the newly-elected chairperson of the Uganda Bankers' Association (UBA), Mr. Julius Kakeeto. In recent months, at least two local banks have filed e-fraud cases with the police. The banking industry's reliance on numerous third parties to deliver services may contribute to the challenge of e-fraud.

To address this challenge, the banking sector has implemented a number of measures, including customer education and collaboration with law enforcement. However, Mr. Kakeeto believes that more needs to be done to combat e-fraud. He has called on banks to invest in new technologies and to work together to share information and best practices.

The banking sector is also working with the government to develop a legal framework to address e-fraud. The Electronic Transactions Act, which was passed in 2011, provides a legal framework for electronic transactions in Uganda. However, Mr. Kakeeto believes that the Act needs to be updated to address the evolving nature of e-fraud.

According to Mr. Kakeeto, the managing director of Post Bank, e-fraud is also occurring due to limited awareness among the population. People are unknowingly giving away their own access and security credentials.To address this challenge, banks need to invest in customer education. Customers need to be aware of the risks of e-fraud and how to protect themselves. Banks can provide educational materials to customers and conduct training sessions.

Banks also need to work together to share information and best practices. By sharing information about e-fraud trends and tactics, banks can help each other to prevent and detect e-fraud.

The government can also play a role in combating e-fraud by developing a legal framework that addresses e-fraud and by working with banks to raise awareness of e-fraud.As the newly-elected chairperson of the Uganda Bankers' Association, Mr. Kakeeto is in a position to devise policies that the sector can work with to curb e-fraud. He has already identified customer education and collaboration as key areas of focus.

Mr. Kakeeto's experience as deputy chairperson of the association will be valuable in his new role. He has a deep understanding of the challenges facing the banking sector and is committed to working with other stakeholders to address these challenges.The banking sector is confident that Mr. Kakeeto will be a strong leader and that he will help to make Uganda's banking system more secure.

The Uganda Bankers Association is working to grow a large base of good borrowers. This is a challenge, but it is essential for credit expansion.Mr. Kakeeto, the newly-elected chairperson of the association, says that credit expansion thrives in an environment where people are able and willing to pay back what they borrow. A good credit culture is essential for a healthy banking sector.

The association is working to promote a good credit culture in Uganda. This includes educating people about the importance of repaying their debts on time and providing access to credit for people who may not have a traditional credit history.The banking industry in Uganda is also faced with high operational costs and climate-related challenges.

High operational costs can make it difficult for banks to lend to businesses and consumers. This can lead to a slowdown in economic growth.Climate-related challenges can also pose a risk to the banking sector. For example, if a bank lends money to a farmer who is affected by a drought, the farmer may not be able to repay the loan. This can lead to losses for the bank.

The banking sector is working to address these challenges. For example, banks are working to reduce their operational costs and to develop new products and services that can help businesses and consumers to adapt to climate change.

The banking sector is also working with the government to address these challenges. For example, the government is working to improve infrastructure and to develop policies that support climate change adaptation.By working together, the banking sector and the government can help to address the challenges facing the industry and promote economic growth in Uganda.