Bank of Uganda explores AI shift following engagement with U.S. delegation

The Bank of Uganda has intensified efforts to adopt artificial intelligence (AI) in its operations following high-level engagements with officials from the United States Embassy in Kampala.

The development follows a meeting between the Governor, Michael Atingi-Ego, and William Popp, where both sides discussed potential areas of collaboration, including technological advancement in the financial sector.

Subsequently, a delegation from the American Embassy held a technical meeting with Collin Babirukamu and members of the Bank’s Technology Directorate to assess the institution’s readiness to transition towards AI-driven systems.

The U.S. delegation included AI expert Vivek Mohindra, who brings experience from both public and private sectors in harmonizing artificial intelligence policies.

During the engagement, Babirukamu revealed that the central bank already has an approved AI Strategy and Policy in place. He noted that collaboration with global experts would help strengthen the Bank’s approach by aligning it with international trends and practical use cases.

Officials said embracing AI could enhance efficiency in areas such as financial supervision, data analysis, fraud detection, and overall decision-making within the central bank.

In a related development, Atingi-Ego also hosted Monzer Selim, Ambassador of the Arab Republic of Egypt to Uganda, who paid a courtesy call at the central bank.

The Egyptian envoy was accompanied by directors from Banque du Caire, the parent company of Cairo Bank Uganda, signaling growing interest in strengthening financial sector cooperation between Uganda and Egypt.

The engagements highlight the Bank of Uganda’s broader push to modernize its operations and deepen international partnerships as it positions itself to harness emerging technologies in the evolving global financial landscape.