E-Business
Africa: 2023 Cyberthreats Landscape, Next Year Predictions

By Yusuph Kileo
In recent years, of African countries are working hard to adopt 2030 African digital transformation agenda. Finance, education, agriculture, government, security, and manufacturing, are actively adopting digital technologies and transitioning their operations to online platforms.

As we advance in technology throughout the continent, nations need to remember, cybersecurity and personal data protection are fundamental principles in the implementation of the digital transformation project in order to minimise the challenges that come along with the technology.
The year 2023 was filled with countless cyberattacks across many countries — Some of these attacks targeted critical infrastructure, financial institutions, governments and other companies.
As African countries are now pushing for digital transformation and experiencing rapid economic development, cybersecurity remains a pressing concern for businesses across Africa.
Unfortunately, some of the African countries indicate inadequate security measures to fight off cybercrime, leaving them highly susceptible to cyberattacks — They have weak prevention mechanisms to combat cyber threats and poor intrusion detection systems, thereby placing sensitive transactions at significant risk.
There is an increase in the volume and sophistication of cyberattacks in financial institutions.
According to the 2023 Africa Financial Industry Barometer, 97% of surveyed leaders of financial institutions in Africa rank cybercrime and regulatory constraints on cybersecurity as the leading threat to the financial services industry alongside worsening economic conditions.
These massive cyberattacks in the region threatens the security of the growing economy and critical infrastructure.
MTN Nigeria, lost $53 million from its mobile money service which forces them to sue several banks in the Nigeria, financial institutions and e-citizen portal where halted by distributed denial of service attack in Kenya, South Africa there is an increase in backdoor and spyware attacks with an alarming 106,000 recorded attempts.
There are many similar cybersecurity incidents in other African countries and there is a need of urgent action to strengthen protection measures.
Failure to counter cyberthreats can have serious consequences for individuals, businesses and the socio-economic development of the continent.
Africa is not alone in this, In September alone other part of the world experience massive cyberattacks — To mention few notable cyberattacks; On September 6, the travel booking company Sabre experienced a serious ransomware attack where by 1.3 terabytes of data were stolen by Dunghill and just few days letter, on September 11th another ransomware attack on save the children lead to the loss of 6.8 terabyte of data and entertainment company MGM Resorts also suffered a cyberattack which was made public on X saying that the security incident severely impacted its business operations.
The following day on September 12, Hong Kong-based cryptocurrency exchange platform, CoinEx, saw the loss of US$70 million in cryptocurrency following a cyberattack launched against it.
In 2023, the most common cyberthreats in Africa includes Insider threats, Social Engineering, Software update supply chain attacks, Phishing attacks, Mobile malware, online shopping fraud, Ransomware, Man-in-the-middle (MitM) attack, Cryptojacking attacks, IoT botnet DDoS attacks and Malware attacks among others.
According to the year 2023 Positive technology report, the most targeted organizations with cyberattacks were those in the financial sector (18%), followed by telecommunications companies (13%), government agencies (12%), and organizations from the trade (12%) and industrial (10%) sectors.
The impact brought by these growing cyberattacks includes, Loss of customer/business, Loss of organisation critical data, Threat to organisation/National Security, Damage of goodwill and Reputation, Loss of Revenue — Economic Losses, Temporary or permanent closure, Lawsuits and arbitrations, Danger of terrorism, Time wastage and System down time — reduce productivity.
2024 cyberthreats prediction
Many report shows Africa being the most targeted region with cyberattacks, the year 2024 new techniques of cyberattacks will likely emerge, such as the increase in AI usage, hacktivism and targeting of smart home tech.
New botnets and rootkits will also likely appear, and hacker-for-hire services might increase, as will supply chain attacks, which might be provided as a service on cybercriminals’ underground forums.
According to Kaspersky, Advanced Persistent Threats (APT) is expected to expand surveillance efforts to include more smart home technology devices, such as smart home cameras and connected car systems.
This is particularly interesting for attackers because those devices are often uncontrolled, not updated or patched and subject to misconfigurations. This is also a concern because more people work from home nowadays, and their companies could be targeted via weak points in the home worker devices.
More hacktivism is expected affect many parts of Africa. Hacktivists will run Distributed Denial of Service attacks, increasingly use tools for Deepfakes and impersonation/disinformation. In addition, destructive and disruptive operations can be done. T
he use of wipers in several current political conflicts or the disruption of power in Ukraine are good examples of both types of operations.
Cybercriminals are also expected to develop new methods for automating cyberespionage. One method could be to automate the collection of information related to victims in every aspect of their online presence: social media, websites and more, as long as it relates to the victims’ identity.
State-sponsored cyberattack numbers also have the potential to surge, amid increasing geopolitical tensions. These attacks will likely threaten data theft or encryption, IT infrastructure destruction, long-term espionage, and cyber-sabotage.
The generative AI tools usage will increase, this will facilitate the mass production of spear phishing email content, which is often used as the initial vector of infection when targeting organizations. The messages written by the tools are more persuasive and well-written compared to the ones written by cybercriminals. It might also mimic the writing style of specific individuals.
The widespread use of technology, combined with insufficient cybersecurity measures, lack of right skillset, inadequate legislation in the field of information security, and a low level of public awareness concerning information security, creates favorable conditions for cybercriminals. Moreover, many African countries are facing economic constraints, making it difficult to allocate sufficient funds for cybersecurity.
African governments must develop, implement and regularly update national cybersecurity policies and strategies, involving a wide range of stakeholders in the process.
Establishing a dedicated national institution (Cybersecurity authority) to coordinate cybersecurity activities, respond to cyber incident, monitor threats and help organizations recover from major cyberattacks should be a top priority for governments.
Governments should work on creating and implementing legislation for the protection of personal data. This legislation should combat cybercrime, guarantee the protection of personal data, and maintain the digital security of citizens and organizations.
Regular cybersecurity awareness should be conducted. People should be educated on potential privacy risks when working in virtual environments.
Governments should identify critical information infrastructure, disruption of which could cause non-tolerable events at the level of industries and countries.
Collaboration between governments and industry peers is also recommended to enhance collective defense against cyberattacks and exchange best practices and thoughts.
Organisations should implement best practices in safeguarding personal and corporate data.
Organizations should have an up to date incident response plan that will help in case of cyberattack. The plan should contain steps to take, as well as a list of people and services to reach in case of emergency. This plan should be regularly tested by conducting attack simulations.
Network segmentation might limit an attacker’s exploration of compromised networks. Critical systems in particular should be totally isolated from the rest of the corporate network.
Establishing continuous vulnerability assessment and triage as a basement for effective vulnerability management process
Implementing strict access controls is highly recommended. The principle of least privilege should always be in use for any resource. Multifactor authentication should be deployed wherever possible.
Mr Yusuph Kileo is an award-winning Cyber security and Digital Forensics Expert
E-Business
Access Holdings, Coronation Partner Tate Modern to Spotlight Nigerian Modernism

Access Holdings Plc and Coronation Group have partnered with Tate Modern to commemorate World Art Day with a virtual session highlighting the global significance of Nigerian modernism.

Access Holdings
The event, titled “In Conversation with Osei Bonsu: Inside Nigerian Modernism,” featured a virtual tour of the Nigerian Modernism exhibition and discussions on the evolution of modern art in Nigeria.
The session brought together staff members across both organisations, reflecting growing institutional engagement with arts and culture as a driver of societal development.
Speaking at the event, Chief Communications and Marketing Officer of Coronation Group, Ngozi Akinyele, emphasised the role of art in shaping identity and national development.
She said that beyond financial capital, cultural and intellectual capital are essential in defining a nation’s prosperity and inspiring dialogue.
Akinyele noted that both organisations were committed to democratising access to art, ensuring it is accessible to a wider audience rather than a select few.
The discussion also featured insights from Tate Modern Curator, Osei Bonsu, and art expert Daniel Wallis, who examined the development of Nigerian modernism and its global relevance.
Bonsu said Nigerian modernism represents an independent reimagining of global art, rooted in the country’s diverse cultural heritage and expressed through unique visual languages.
According to him, the movement challenges narrow, Eurocentric definitions of modernism and highlights the richness of African artistic expression.
The session further underscored the growing international recognition of Nigerian art, particularly through exhibitions at Tate Modern.
Participants also reflected on the visit of Bola Ahmed Tinubu to the exhibition, described as a milestone in promoting Nigeria’s cultural heritage globally.
In his closing remarks, Chief Communications Officer of Access Holdings, Amaechi Okobi, reaffirmed the organisation’s commitment to advancing African narratives on the global stage.
He said the collaboration with Tate Modern aligns with broader efforts to promote dialogue, preserve cultural identity and support the creative sector.
The event reinforced a shared commitment by Access Holdings, Coronation Group and Tate Modern to elevate African art globally and ensure Nigerian cultural narratives continue to shape international conversations.
E-Business
NDPC Issues Critical Advisory as Hackers Target Nigeria’s Key Digital Systems

Nigeria Data Protection Commission (NDPC) has issued a regulatory advisory to data controllers and processors across the country following what it described as escalating threats to Nigeria’s data security architecture.

NDPC
In a statement signed by Babatunde Bamigboye, lead of Legal, Enforcement and Regulations, the commission said its technical assessment revealed that some shadowy threat actors were engaged in coordinated operations targeting financial systems and critical digital infrastructure in Nigeria.
The commission urged public institutions to comply with the presidential directive of Bola Ahmed Tinubu, which emphasises the strategic importance of data in national development.
According to the NDPC, the President had declared that “data is the new oil,” stressing the need for Ministries, Departments and Agencies (MDAs) to rigorously capture and safeguard information in line with the Nigeria Data Protection Act, 2023.
The commission therefore advised all data controllers and processors to urgently strengthen their technical and organisational measures to protect personal data and ensure compliance with the law.
It listed key measures to include the appointment of trained and certified Data Protection Officers, implementation of comprehensive privacy policies and information security standards, as well as conducting Data Privacy Impact Assessments.
Other measures recommended by the NDPC include deployment of robust identity and access controls such as Multi-Factor Authentication, adoption of zero-trust security architecture, prompt remediation of system vulnerabilities, and continuous patch management.
The commission also emphasised the need to secure cloud infrastructure, application programming interfaces (APIs), databases and access credentials, alongside real-time monitoring, logging and threat detection systems.
Further recommendations include encryption and secure credential handling, regular vulnerability assessment and penetration testing of critical systems, as well as routine backup and resilience testing.
The NDPC warned that organisations that fail to implement appropriate data protection measures in accordance with the Nigeria Data Protection Act, 2023 risk legal liabilities.
It reiterated its commitment to providing regulatory support to organisations while ensuring the protection of personal data and strengthening institutional resilience across all sectors.
E-Business
Africa’s Forex Market in 2026: Key Trends Every Trader Should Watch

The forex market across Africa is witnessing more participants and more regulatory attention than it did just a few years ago. This growth is part of a bigger picture: Sub-Saharan Africa is expected to expand by 4.3% in 2026, while global forex turnover already hit an estimated $9.6 trillion daily in April 2025. However, there’s more to it than macroeconomic figures.

The trends reshaping the market are happening from within. Here are six worth paying close attention to.
1. Trading Has Moved to the Phone
The number of people accessing the market via mobile phones exceeds those accessing it via traditional bank systems. GSMA states that in Sub-Saharan Africa alone, there are more than 1.1 billion registered mobile money accounts.
The International Monetary Fund states that digitalisation and increased usage of the internet are changing payment systems in the Sub-Saharan Africa region.
Mobile access changes traders’ behavior. It lowers the barrier to entry and speeds up deposits and withdrawals. Therefore, brokers who can provide a quality mobile trading experience will have a huge advantage.
2. Regulators Are Watching
The market is becoming more structured and more transparent. In South Africa, the FSCA regulates market conduct for financial institutions. In Kenya, the Capital Markets Authority regulates capital markets and maintains a licensing system that includes online forex brokers.
Nigeria’s SEC has publicly warned that online retail forex trading can be subject to abuse when unregulated. It also provides tools for investors to check operators’ registrations.
As a result, in 2026, more traders are likely to favour brokers that can show clear licensing, transparent operations, and stronger investor safeguards.
3. Volatility Varies by Country
A common mistake is perceiving the African market as one entity. In reality, according to RegTech Afrika, there are 21 countries out of a total of 54 that have a chance of seeing their currencies depreciate in 2025, with some of them losing value by as much as 6% or more.
A trader watching the rand, naira, shilling, or cedi, regional headlines needs more than regional headlines. Country-level macro data, central bank moves, and the US dollar will still play a major role.
4. Cross-Border Payment Infrastructure Is Quietly Improving
Platforms like PAPSS are helping make payments across African countries faster and easier to complete in local currencies. According to official announcements of PAPSS, it has become operational in 18 countries across Africa, with its latest launch in Algeria in 2025. It has also become operational in Kenya through a partnership with KCB Group, as well as in Rwanda through a partnership with Bank of Kigali.
Step by step, Africa is becoming a more financially connected continent.
5. Execution Quality Is the New Standard
Data from the BIS shows that in April 2025, three-quarters of FX trades were intermediated by the global centers of the United Kingdom, the United States, Singapore, and Hong Kong. Therefore, the best liquidity and best prices are still linked to global conditions.
For local markets, this raises the bar. Forex traders are becoming increasingly aware that tight spreads, while important, mean little without reliable prices and execution. Brokers like JustMarkets that can bring all of these elements together are in a much stronger position than competitors.
6. Education as a Necessity
Regulatory disclosures from major global brokers illustrate how tough it is to trade without proper knowledge. According to publicly available disclosures, between 70% and 80% of retail investor accounts lose money when trading CFDs.
Forex traders who understand risk management and which financial news to follow have a better chance of surviving the market. Brokers who invest in education are more likely to be seen by traders as valuable partners rather than mere facilitators.
The Market Rewards the Prepared
Africa’s forex market in 2026 is shaped by volatility, stricter rules, and mobile-first trading. The traders who combine market knowledge with the right tools and the right broker will find real opportunity here, while those who don’t adapt will find the market increasingly unforgiving.
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