A report published on 7 November by the European Investment Bank (EIB) provided information on the major factors that are an obstacle to the increased digitalization of banking transactions in sub-Saharan Africa.

Le rapport intitulé “la finance en Afrique : “Unlocking investment in the age of digital transformation and climate transition” was essentially based on a survey conducted among 51 banks operating south of the Sahara between February and March 2024. It is mentioned that around 65% of situées en Afrique subsaharienne banks consider cybersecurity risks as a major obstacle to accelerating their digital transformation. According to the document, cybersecurity fears in banking are perceived as a moderate or minor obstacle to the pursuit of digital transformation by 31% of the institutions surveyed. In reality, the provision of digital services is now an essential offer of traditional banks in the region. The three most common digital services are nationwide remittances (90%), receiving payments from customers (80%), and paying bills or suppliers (75%).

In addition to cybersecurity, several other factors are involved. These include lack of know-how and limited IT knowledge (36%), competition from telecom and fintech companies (35%), KYC requirements (29%), and non-existent, inaccurate, or uncertain regulatory requirements (23%). The document said that nearly nine out of ten banks active in the region are investing in specialized training to improve the digital skills of their staff