Digital fraud surges to 88%: The hidden security crisis chilling cross-border finance
Nearly half of the financial institutions surveyed across 20 African countries are prioritising growth at home. As banks and fintechs report rising digital fraud, only 11% of surveyed institutions are connected to Africa’s flagship cross-border payments network, PAPSS.
Cybercrime is on the rise in African banks and fintech companies, forcing financial institutions to shift their focus to domestic markets and slowing down cross-border integration, according to the findings of the African Financial Industry Barometer. Eighty-eight percent of commercial banks and fintech companies reported an increase in electronic financial crimes, according to the sixth edition of the report, which was presented at the Africa Financial Industry Summit in Luanda.
The security crisis is prompting lenders to abandon cross-border ambitions in favor of domestic growth, despite overall industry confidence remaining steady at 8 out of 10. The survey, conducted by Deloitte and Jeune Afrique Media Group, gathered responses from financial leaders across 20 African nations.
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