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Telecom giant Airtel Uganda, in collaboration with the Uganda Communications Commission (UCC) and the Bank of Uganda (BoU), has issued vital safety tips to help Ugandans guard against the rising…
Uganda is experiencing an economic crime crisis, with businesses and individuals losing over USD 272 million (UGX 1.02 trillion) in 2024 due to fraud, cybercrime, and financial misconduct. This represents a sharp rise from UGX 930.5 billion lost in 2023, highlighting the growing sophistication of financial crimes. While the total number of reported economic crime cases saw only a 1.6% increase, from 12,924 in 2023 to 13,132 in 2024, the financial damage inflicted has become far more severe. Cybercrime alone saw a staggering 4,700% increase in financial losses, jumping from UGX 1.5 billion in 2023 to UGX 72.1 billion in…
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Even though the number of financial and economic crimes rose mildly, by 1.6%, from 12,924 cases in 2023 to 13,132 cases in 2024, the severity and amount of money lost in these crimes grew more significantly. According to the Uganda Police Annual Crime Report 2024, total financial losses due to economic crimes surged past UGX 1.02 trillion (USD272 million), up from UGX 930.49 billion in 2023. However, financial losses associated with these crimes grew by 16.4%, escalating from UGX 930.5 billion in 2023 to UGX 1,082.7 billion in 2024, indicating that while the number of cases increased, the severity of…
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Unknown hackers, on Friday, 28th October struck Airtel Mobile Commerce Uganda Limited (AMCUL) systems making off with unspecified amount of money, said to be in billions, CEO East Africa Magazine can exclusively reveal. AMCUL, a subsidiary of Airtel Uganda, trades as Airtel Money. According to our sources, the hackers gained unauthorized access to the Airtel Money central systems and wired money to bank accounts in various banks connected to the Airtel to Bank Wallet services. The money was then evacuated via several banking agents across the country as well as mobile money agents. However, according to our sources, a sudden…
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Business Risk Management, especially with the challenges imposed by the Covid-19 Pandemic, is one of the areas that have been earmarked as critical for businesses continuity and survival. CEO East Africa Magazine talks to Risk Management Expert, Samuel Gitta about how businesses can weather the storm during this time. With 15 years of experience and a strong bias towards ICT risk management, Gitta currently leads the Risk & Compliance division at MTN Uganda where he serves as the General Manager Business Risk Management and Compliance. He shares how the largest tax payer has kept afloat and managed to post impressive…
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