Ugandans have been warned against investment scams promoted through social media, messaging platforms and impersonation of trusted individuals, urging investors to verify whether firms, products and advisers are licensed before committing their money.
The warning was issued by t he Capital Markets Authority (CMA) during the 2026 World Investor Week Conference and Technology Expo hosted by the Uganda Securities Exchange (USE) in partnership with the CMA at Protea Hotel Kampala under the theme, “Protect Today, Prosper Tomorrow: Smart Tools for the Modern Investor.”
CMA Chief Executive Officer Josephine Okui Ossiya said the growing use of digital platforms has made investing more accessible but has also created new opportunities for fraudsters to target unsuspecting investors.pressure, please pause.”
She urged investors to verify the legitimacy of investment opportunities before sending money, stressing that registration with other institutions does not necessarily mean that an investment firm is authorised to operate in the capital markets.
“Verify that the firm, the product, platform and the adviser are authorised by Capital Markets Authority,” she said.
Ossiya also cautioned the public against relying on social media posts or familiar faces as proof that an investment opportunity is genuine.
CMA Chief Executive Officer Josephine Okui Ossiya
“Do not rely on social media posts or even a familiar face as proof that an investment is legitimate,” she said. “Even familiar faces can scam you.”
She further warned market intermediaries against promising guaranteed returns, saying investors must instead be given sufficient information about the risks involved before making investment decisions.
“Let’s try and keep away from the guaranteed returns as well as ensuring that we provide our clients with enough information so that they make an informed decision,” Ossiya said.
The CMA boss called for stronger cooperation among regulators, financial institutions, telecom companies, exchanges and other players to combat increasingly sophisticated digital fraud.
“No single institution is going to be able to fight this. All of us must collaborate,” she said.
Ossiya said Uganda also needs to strengthen investor education as technology continues to transform access to financial markets.
“We believe that an educated investor is a protected investor,” she said, urging market players to incorporate investor education into their activities.
USE Chief Executive Officer Paul Bwiso said technology was removing some of the traditional barriers that prevented ordinary Ugandans from participating in the capital markets.
“Not so long ago, if you wanted to buy shares in Uganda, you needed time, paperwork and patience,” Bwiso said.
He said investors can now open Securities Central Depository accounts digitally and access investment opportunities through their mobile phones.
USE Chief Executive Officer Paul Bwiso
“What used to happen only on a trading floor now happens in the palm of your hand,” Bwiso said.
Bwiso said the USE Easy Portal and integration with mobile money platforms such as MTN Mobile Money and Airtel Money were making it easier for Ugandans to access investment services.
“If you can send money to your mother in the village, you can now invest in the capital markets,” he said. “The same phone, the same habit, a different outcome.”
He said technology had helped increase participation in the market, with total market capitalisation currently standing at Shs55.4 trillion, while domestic market capitalisation stands at Shs26.1 trillion.
Bwiso added that turnover had more than doubled compared with the same period last year, rising to more than Shs135 billion from about Shs62 billion.
He said the All Share Index had risen by 56 percent this year, while the Local Share Index had increased by 63 percent.
However, Bwiso cautioned investors against assuming that markets will always rise.
“Markets go up and markets go down, and anyone who tells you otherwise is selling something,” he said.
He said the USE would continue investing in digital solutions and new products aimed at making wealth creation more accessible, secure and seamless.
“Our goal remains simple and clear: to make wealth creation accessible, secure and seamless for every Ugandan,” Bwiso said.
Dan Tumuramye, General Manager for East Africa at Chipper Cash, said the same technology that has expanded access to financial services is also being exploited by fraudsters operating across borders.
He said Uganda’s financial sector has established an anti-fraud consortium involving institutions such as the Bank of Uganda, Uganda Bankers’ Association and payment-system players to share information and respond to fraud.
“Because of technology, we realise that actually they are not in Uganda,” Tumuramye said, noting that fraud affecting Ugandans can originate from other countries.
He said scammers were increasingly using social media, messaging applications, fake trading platforms and impersonation to lure victims.
“Investment scams have become increasingly sophisticated,” Tumuramye said. “Fraudsters use social media, messaging applications, fake trading platforms, impersonation and trusted institutions to lure people.”
Tumuramye said fraudsters can even use the images of respected individuals to make fake investment offers appear legitimate.
“I’ve seen scams where Paul’s image is there and they’re promoting a product that Paul is leading,” he said.
He urged investors to remain cautious even when an investment opportunity appears to be endorsed by someone they know or trust.
The conference brought together regulators, market players, technology companies, investors and other stakeholders as part of the International Organization of Securities Commissions (IOSCO) World Investor Week, which this year marks the 10th anniversary of the global campaign.
The discussions focused on investor resilience, digital deception and scam alerts, financial literacy and the role of technology in widening participation in Uganda’s capital markets.
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