Cyber security experts have welcomed the move taken by the Central bank to cap the daily over-the-counter cash withdrawals at Shs50 million for individuals and Shs500 million for businesses.
The move, announced in a circular to supervised financial institutions’ Chief Executive Officer and managing directors, seeks to accelerate the country’s transition towards a digital economy.
Speaking during his company’s 10-year anniversary celebrations in Kampala, Mr. Emmanuel Chagara, the Chief Executive Officer Milima Security, one of Uganda’s cyber security companies said this will not only boost Uganda’s efforts against cybercrime in the financial sector, but also help reduce the cost of moving physical cash.
Chagara noted that currently the cost of moving physical cash is about 2% of Uganda’s Gross Domestic Product.
He adds that such critical steps with no-doubt- promote the country’s push towards a cashless economy.
“Just a few days ago, Bank of Uganda passed a directive regulating how people will now be cashing out Money through checks, this is a significant milestone in our Journey of going cashless as a country, and that is a journey that we have to embrace,” Mr Chagara said.
Speaking during the same event, Ms Sophia Nantongo, the Under Secretary in the Ministry of ICT and National Guidance said the government.
Was ready to support local companies coming up with homegrown digital solutions that are tailored to secure government institutions and critical infrastructure from cyber threats.
She urged private companies to support the government’s efforts to sensitize the masses especially the business community on the increasing cyber threats.
Ms Nantongo added that as the business community continues to digitalise their various business infrastructures, they are bound to face the threat of cyber security, yet the government alone cannot manage to fully protect their enterprises without the support of the private sector.
“We find that people are embracing this technology, and upskilling themselves in cybersecurity, because we have gone into digitizing into many businesses in the government, then we have to make sure that we secure these business processes by using updated cyber security tools”, Ms Nantongo urged.
