Regulators raise red flag over misuse of borrowers’ data

Uganda’s regulators are once again sounding the alarm on financial data privacy. This follows recent revelations by the Uganda Communications Commission and NITA-U that some actors in the credit reporting industry and among money lenders have misused borrowers’ information. Jonan Akandwanaho, President of the Money Lenders Association, admits that malpractice exists — including cases where individuals borrow using other people’s financial records. NITA-U insists that all institutions handling consumer data must register with the authority to ensure oversight and compliance with privacy laws. The warnings were issued during the launch of Uganda’s national cybersecurity awareness campaign.