As the digital payments landscape in Africa expands, the need for robust cybersecurity measures becomes increasingly urgent.Trust and security are foundational to financial services, and as cybercriminals continue to become more aggressive and sophisticated, addressing any vulnerabilities is key to safeguarding the integrity of Africa’s digital financial ecosystem.
And, as in an interconnected landscape a single weak link can jeopardise the entire network, it is critical that the continent’s financial institutions, governments and decision-makers come together to collectively work towards establishing and maintaining baseline security standards across the industry.
Fortunately, investment in cybersecurity has seen a notable increase over the past five years, reflecting a growing recognition of its importance. The rise of artificial intelligence and sophisticated cyber threats has driven firms to allocate more resources towards cybersecurity. Digital payment networks like Onafriq have strengthened their security posture by investing in intelligent tools that predict and proactively address potential threats.
Harmonising regulations across different African countries is essential to create a consistent and secure environment for digital payments by adopting best practices and global standards. This is necessary to avoid fragmentation of the digital payments landscape while effective enforcement of these standards is vital to maintaining a secure financial ecosystem.
More than this, there is a growing need to build the cybersecurity capacity needed to sustain the digital payments landscape. Africa faces a shortage of skilled cybersecurity professionals, which hampers the ability to address emerging threats effectively.
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