Cybersecurity in Africa’s Financial Sector: How Far Have We Come Since the World Bank’s Call to Action?

Three years ago, the World Bank released a sobering report, "Cyber Threats to the Financial Sector in Africa," which painted a dire picture of the continent’s preparedness against cybercrime. It warned of vulnerabilities in Africa’s rapidly digitalizing financial systems and urged immediate action to fortify defenses. Now, in 2025, we must ask: how far has Africa come in addressing these challenges? The answer, unfortunately, is that progress has been slow, and much work remains to be done.

The Current Threat Landscape: A Growing Storm

Africa’s financial sector continues to be a prime target for cybercriminals. Recent findings from Check Point Research reveal that in the second quarter of 2023, African financial institutions faced an average of 2,164 cyberattacks per organization each week, a 23% increase compared to 2022. These attacks include phishing schemes, ransomware, and sophisticated fraud operations, targeting the very heart of Africa’s economic engine.

Financial losses remain catastrophic. TechCabal estimates that Africa loses approximately $4 billion annually to cybercrime. However, the cost goes beyond dollars; it erodes customer trust, damages reputations, and exposes sensitive data to malicious actors. In one notable case, a leading bank in Nigeria suffered a data breach in 2023, resulting in the theft of millions of dollars and personal data, underscoring the stakes for the financial sector.

Legislative Progress: Patchy at Best

The World Bank’s report highlighted Africa’s fragmented legislative landscape as a critical vulnerability. In 2021, only 29 of 54 African countries had enacted cybersecurity laws. By 2024, this number has grown modestly. Countries such as Kenya and South Africa have taken steps to strengthen their regulatory frameworks, with Kenya’s Computer Misuse and Cybercrimes Act and South Africa’s Protection of Personal Information Act (POPIA) leading the way. However, enforcement remains a significant challenge, leaving gaps for cybercriminals to exploit.

Cross-border regulatory inconsistencies exacerbate the issue. With financial institutions operating across multiple jurisdictions, the lack of harmonized policies creates opportunities for threat actors to exploit weaker systems. A unified continental approach is urgently needed.

Human Vulnerabilities: The Weakest Link

The World Bank’s report emphasized the critical role of human error in cyber breaches, citing research that 88% of data breaches are caused by employee mistakes. This remains a significant challenge for African financial institutions. A 2023 survey by KnowBe4 found that 67% of African businesses reported successful phishing attacks in the past year, highlighting the need for robust employee awareness programs.

While some organizations have implemented training initiatives, the scale and frequency of these efforts remain insufficient. Without widespread education campaigns and regular drills, human vulnerabilities will continue to undermine even the most advanced technological defenses.

Technology and Infrastructure: Lagging Behind

Africa’s financial institutions are struggling to keep pace with rapidly evolving cyber threats. Many lack advanced threat detection systems, real-time monitoring tools, and comprehensive incident response plans. The African Cyber Threat Barometer (2023) noted that only 42% of surveyed financial institutions had dedicated cybersecurity units, leaving the majority ill-equipped to respond to attacks.

In addition, mobile money services, a cornerstone of Africa’s financial ecosystem, remain particularly vulnerable. Fraud cases involving mobile money platforms increased by 34% in 2023, according to the Barometer. These incidents highlight the urgent need for targeted investments in cybersecurity infrastructure.

Pockets of Progress: Learning from Success Stories

While challenges persist, there are bright spots. Kenya’s establishment of the National Computer Incident Response Team Coordination Center (KE-CIRT/CC) has enhanced its capacity to address cyber threats. Zambia’s Data Protection Act (2021) has also laid the groundwork for better data security, though its impact is limited by slow implementation.

These examples demonstrate that progress is possible with the right combination of legislative action, institutional commitment, and public-private collaboration. However, these efforts must be scaled and replicated across the continent.

What Needs to Happen Now?

To secure Africa’s financial future, a multi-pronged approach is essential:

Harmonized Policies: Policymakers must prioritize the development of unified cybersecurity regulations across Africa to close legislative gaps and facilitate cross-border cooperation.
Increased Investment: Financial institutions must allocate more resources to advanced cybersecurity technologies, including AI-driven threat detection and encryption tools.
Capacity Building: Governments and private sector leaders should invest in training programs to develop a skilled cybersecurity workforce. Scholarships, partnerships with international organizations, and local training initiatives can help bridge the talent gap.
Public Awareness Campaigns: Large-scale education initiatives are needed to empower individuals and businesses to recognize and mitigate cyber threats.
Public-Private Partnerships: Collaboration between governments, financial institutions, and cybersecurity firms can pool resources and expertise to create more resilient systems.

A Call to Action

Africa’s financial sector stands at a crossroads. The digital revolution offers unparalleled opportunities for growth and inclusion, but these gains are at risk if cybersecurity challenges are not addressed. Three years after the World Bank’s call to action, progress has been slow and uneven. It is time for all stakeholders to act decisively.

At Cyber Future Africa, we believe that cybersecurity is not just a necessity but a foundation for trust, innovation, and economic resilience. By working together, we can build a secure and prosperous digital future for Africa.

Cyber Future Africa