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Beware! Fake Financial Institution Defrauding Ugandans Exposed

A fake financial institution defrauding Ugandans of their hard earned money has been revealed.

According to the Bank of Uganda (BoU), Uganda’s Central Bank, “ONE COIN DIGITAL MONEY” is not licensed by the BoU under the Financial Institutions Act, 2004, and is thefore conducting business outside the regulatory purview of BoU.

“The above entity’s website address is and it has opened up an office on the Fourth Floor, Mukwano Courts, Buganda Road, Kampala. The company is still in its formative stages but it is aggressively encouraging members to buy digital money and promising very high returns and rewards on ‘first-come-first-served’ basis,” Prof. Emmanuel Tumusiime-Mutebile, Governor, BoU, said in a press statement dated February 14, 2017.

He added: “Bank of Uganda warns the general public that whoever wishes to invest their hard earned savings in Cryptocurrency  forms such as One-coin, Bitcoin, Ripple, Peercoin, Namecoin, Dogecoin, Litecoin, Primecoin, Blackcoin or any other forms of Digital Currency is taking a risk in financial space where there is neither investor protection nor regulatory purview.” Mutebile warned the public against dealing with  “ONE COIN DIGITAL MONEY”, noting that whoever engages with it does so at his or her own risk.

Taddewo William Senyonyi
William is a seasoned business and finance journalist. He is also an agripreneur and a coffee enthusiast.

One thought on “Beware! Fake Financial Institution Defrauding Ugandans Exposed

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