Bank of Zambia warns of rising cybercrime threat in financial sector, restates readiness to tackle menace

The Bank of Zambia (BoZ) says it remains vigilant to the growing risks posed by digitalisation, particularly the increasing threat of cybercrime targeting the country’s financial sector.

This comes in the wake of a recent service disruption at Access Bank Zambia, which was prompted by a suspected external threat detected within its banking infrastructure.

In response, the bank temporarily suspended certain digital services as a precautionary measure to safeguard customer accounts, systems, and data.

BoZ Governor, Denny Kalyalya, noted that while digitalisation has brought immense benefits to the financial industry and wider society, it has also exposed institutions to a new wave of cyber-attacks.

He called for heightened vigilance and collaboration among stakeholders, warning that cybercriminals often operate from within local communities.

His remarks were delivered in a speech read on his behalf by BoZ Assistant Director of Prudential Supervision, Owen Mooka, during the re-opening of First National Bank (FNB) Zambia’s Cairo Branch in Lusaka last week.

“As we urge banks to be innovative and leverage technology, we do so with a firm focus on safeguarding the integrity of the financial system,” Kalyalya said. “The Bank of Zambia remains especially mindful of the emerging cyber-risks associated with digitalisation.”

He disclosed that the central bank has refined its supervisory framework to address these risks, acknowledging the rapid transformation of banking operations through technology.
Kalyalya further urged financial institutions and payment service providers to strengthen their cyber-risk management systems and regularly test their resilience against potential attacks.

Meanwhile, Kalyalya also underscored the importance of promoting environmentally sustainable banking practices.

He encouraged financial institutions to develop eco-friendly products and actively raise awareness among their clients.

He pointed to BoZ’s recent response to the 2023–2024 drought — which severely affected food production and electricity supply — through the introduction of a K5 billion Stability and Resilience Facility.

“Under this facility, the Bank provides financing to eligible financial service providers for onward lending to viable businesses affected by electricity shortages,” he said.

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