Cyber Security in Africa 2023

Mobile money payments have transformed how people transact in Africa, especially in rural areas where access to traditional banking services is limited. This development has also increased risk and made cyber attacks more frequent. 

With nine of the IMF’s 15-fastest growing economies in Africa, governments across the continent are bolstering their legal and regulatory approaches to cyber space and create stronger cyber security practices across their banking and financial sectors. This guide sets out: 

• The way in which many countries are harmonising their cyber security strategies 

• The legal and regulatory frameworks adopted by Kenya, Namibia, Nigeria, South Africa and Zambia 

• How cyber crime damages and impedes the growth of these economies, even as digital advances present new opportunities for greater prosperity