Mastercard Calls for Stronger Cybersecurity to Protect Africa’s Digital Economy

Mastercard has emphasised the need for stronger cybersecurity measures across Africa, warning that rising cyberattacks and a shortage of skilled professionals could threaten the continent’s rapidly expanding digital economy.

In a statement released on Monday, 12 October 2026, the global payments technology company called for improvements in cybersecurity governance, digital infrastructure, workforce development, and collaboration between governments and businesses.

The warning follows the publication of Mastercard’s white paper, Africa’s Digital Defense Race, which examines the continent’s growing exposure to cyber threats amid rapid digital transformation.

According to the report, the number of mobile money users in Africa increased nearly sixfold between 2016 and 2025, while digital banking users grew 4.7-fold and e-commerce expanded 5.3-fold over the same period.

The report projected that Africa’s digital payments economy could reach $1.5 trillion by 2030, highlighting the importance of protecting digital infrastructure and financial systems against increasingly sophisticated cyber threats.

Mastercard disclosed that cyberattacks across Africa increased by more than 421 per cent between 2016 and 2025, compared with a global increase of 307 per cent.

Data from Mastercard Cyber Insights recorded 69,236 cyber events targeting African organisations in 2025, equivalent to approximately one incident every eight minutes.

The report identified Nigeria, South Africa, Morocco, and Kenya as countries facing distinct cybersecurity challenges associated with their expanding digital economies, financial services, and technological infrastructure.

It noted that South Africa accounted for 12.6 per cent of observed cyberattacks across the continent, reflecting the exposure of its concentrated financial services sector.

The technology and public and financial services sectors collectively accounted for 44 per cent of observed cyber activity, underscoring their significance to Africa’s digital economy.

The report also found that personal information, financial records, and customer-facing services represented 27 per cent of targeted assets, raising concerns about the security of sensitive data and essential digital services.

Shabir Ahmed, Mastercard’s Senior Vice-President and Customer Solutions Centre Lead for Africa, said protecting the continent’s digital growth had become a strategic priority.

“Africa’s digital growth is creating real opportunity for people and businesses across the continent, and protecting it has become a leadership priority,” Ahmed said.

He explained that increasingly sophisticated and coordinated cyber threats required equally coordinated responses involving governments, businesses, financial institutions, and other stakeholders.

According to Ahmed, Mastercard established the Africa Cybersecurity Centre of Excellence to strengthen cooperation through intelligence sharing, knowledge exchange, and the adoption of cybersecurity best practices across public and private sector organisations.

The white paper also highlighted a significant shortage of cybersecurity professionals, estimating that approximately 200,000 positions remained unfilled across Africa at the end of 2025.

The figure represented about 23 per cent of the continent’s existing cybersecurity workforce, demonstrating the need for greater investment in specialist education, technical training, and professional development.

Mastercard said the Centre of Excellence also supported organisational preparedness through scenario-based exercises designed to help security teams identify vulnerabilities, assess potential threats, and improve incident response capabilities.

The company further emphasised the importance of international cooperation in combating cybercrime, citing the results of INTERPOL’s Operation Serengeti 2.0.

The operation, conducted across 18 African countries between June and August 2025, resulted in 1,209 arrests and the recovery of $97.4 million, according to figures cited in Mastercard’s statement.

Mastercard said the operation demonstrated how coordinated intelligence sharing and cross-border enforcement could help disrupt organised cybercriminal activities.

The company reaffirmed its commitment to working with governments, financial institutions, and businesses to strengthen threat intelligence, monitor emerging risks, and improve cybersecurity capabilities across the continent.

It stressed that sustained investment in cybersecurity infrastructure, skilled personnel, and effective partnerships would be essential to maintaining confidence in digital financial services.

The report concluded that Africa’s expanding digital economy required a coordinated approach to cyber resilience to protect consumers, support businesses, and sustain long-term economic growth