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A Deloitte and Jeune Afrique survey of financial leaders in 20 African countries found 88% of banks and fintechs reported more digital fraud.
The sixth edition of the African Financial Industry Barometer found that 88% of commercial banks and fintech companies reported increased electronic financial crimes.
The survey was presented at the Africa Financial Industry Summit (AFIS) in Luanda. It was published jointly by Deloitte and Jeune Afrique Media Group. It gathered responses from financial leaders across 20 African nations.
The survey said overall industry confidence remained steady at 8 out of 10, matching the previous year’s rating.
Digital fraud, meaning fraud carried out through electronic channels like online and mobile systems, can increase the cost and risk of moving money across borders.
The survey’s numbers suggest many institutions are facing more fraud attempts and are responding by limiting cross-border plans. That matters for adoption of shared payments infrastructure like PAPSS, and for broader regional integration efforts cited in the report, including AfCFTA.
Primary Source: Techcabal
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