The Bank of Uganda has launched a new regulatory technology initiative to enhance its oversight of the country’s financial sector.
The E-Supervision (SupTech) Project will use digital tools to automate supervision, standardize data and apply advanced analytics to monitor banks, fintechs and other financial institutions.
Central bank officials described the project as a “transformational step” that aims to shift regulation from a reactive to a more proactive and preventative approach. By adopting these tools, the bank expects to improve compliance and transparency, enabling quicker interventions to reduce risks.
Speaking at the launch on Monday in Kampala, Governor Dr. Michael Atingi-Ego emphasized that SupTech, short for Supervisory Technology, is a global trend that uses real-time data and artificial intelligence to detect risks before they become crises.
“SupTech represents a transformational step toward smarter, faster, and more transparent regulation,” Atingi-Ego said.
He added, “But technology is only a tool—collaboration with stakeholders will be key to success.”
Deputy Governor Dr. August Nuwagaba addressed the growing threat of cybercrime, noting that the global cybersecurity market is projected to reach $562.77 billion by 2032.
He stressed that Uganda’s financial sector is not immune to these threats, particularly fintech companies, and outlined measures to strengthen resilience, including prioritizing cybersecurity education and investing in safeguards.
The initiative aligns with Uganda’s broader digital transformation agenda and a global trend where regulators are increasingly using technology to manage risks associated with digital finance and cyber threats.
The central bank stated that the project is part of a wider effort to build market confidence and ensure stability as Uganda’s financial system continues to grow.
“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,” Atingi-Ego added.
