Africa’s banking security in Africa is reaching a tipping point for growing cybercrime risk

banking security
Africa’s relative lack of infrastructure is both a blessing and a curse for banks. While access to traditional services is still a challenge, innovation in technology can offer big opportunities. Mobile has become the de facto means of banking in many parts of Africa and, as mobile penetration – particularly smartphone penetration – increases, this is allowing banks to connect with more of the population than ever before, and to do so in a more targeted, personal way.
A study looking at trends in banking in sub-Saharan Africa, released in June 2015 by the European Investment Bank, noted that the Sub-Saharan Africa (SSA) region leads the world in mobile money accounts. While just 2 percent of adults worldwide have a mobile money account, in the SSA region, 12 percent have one. Although the base is still low, financial inclusion through mobile is growing fast.
While this is encouraging for the continent and the banks involved, banking CEOs are increasingly concerned about systemic risk and, more importantly, about the growing risk of cybercrime.
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