Bank of Uganda Launches the e- Supervision Project (Sup Tech)
Bank of Uganda Governor Dr. Michael Atingi-Ego during the launch of the Sup Tech Project
Kampala – Bank of Uganda officially launched the E-Supervision (SupTech) Project, a landmark regulatory technology initiative to modernize financial sector supervision. The project will use automation, data standardization, and advanced analytics to allow for quick, preventive, and informed oversight improving compliance, trust, and stability in Uganda’s financial system. Speaking at the launch, Governor Dr. Michael Atingi-Ego described SupTech as a transformational step toward smarter, faster, and more transparent regulation. He emphasized that technology is only a tool, and collaboration with stakeholders will be key to success. The event brought together regulators, financial institutions, fintechs, and development partners, illustrating the value of partnerships in shaping Uganda’s digital financial future. This marks the beginning of a smarter regulatory ecosystem—one that promotes transparency, builds market confidence, and positions Uganda’s financial system to thrive in the digital age.
According to the Deputy Governor Bank of Uganda, Prof. Nuwagaba Augustus, one of the growing concerns globally is cybersecurity. The global cybersecurity market size was valued at USD 193.73 billion in 2024. The market is projected to grow from USD 218.98 billion in 2025 to USD 562.77 billion by 2032. This implies that the importance of cybersecurity is a critical investment for protecting financial systems, businesses, and individuals from cyber threats. We need to enhance our risk management frameworks and stay ahead amid evolving threats. Our financial sector is not immune to cyber threats, and fintech companies are more vulnerable.
What do we need to do?
- a) Prioritise cybersecurity awareness and education, and this, among others, involves understanding the risks and taking proactive measures to create a safer digital environment.
- b) Invest in safeguard measures such as intrusion detection to safeguard sensitive financial data
- c) Collaboration is key. We need to work with cybersecurity experts and law enforcement agencies to devise means of protecting our systems from cyber threats. Finally, let us take cybersecurity as everyone’s responsibility. Whether you are an individual, a business, or a government agency, take precautionary steps to protect yourself from these threats.
