Bank of Zambia (BoZ) Governor, Denny Kalyalya has underscored the importance of enhanced information sharing at both national and regional levels to safeguard the integrity of the banking sector.
Speaking during the launch of PricewaterhouseCoopers’ (PwC) 2025 Zambia Banking Industry Survey Report at Southern Sun Hotel in Lusaka on Wednesday, Kalyalya cautioned that insider threats and collusion between employees and external actors remained among the most serious risks facing financial institutions.
He further warned that while Artificial Intelligence (AI) and machine learning presented opportunities for efficiency and innovation, they could also introduce new vulnerabilities if not carefully managed.
“Criminals are becoming increasingly sophisticated. They often approach institutions through high-ranking officials, present large sums of money, and use advanced methods to compromise systems,” Kalyalya said.
The BoZ chief urged banks to remain vigilant and proactive against cybercrime, stressing that many scams originate from insiders who exploit privileged access while posing as legitimate investors.
He noted that the rapid digitisation of financial services had made the sector an attractive target for fraudsters and cybercriminals.
PwC Zambia Country Senior Partner, Andrew Chibuye, said the survey—covering the period August 2024 to June 2025 with input from all licensed commercial banks—provided a comprehensive overview of the industry.
According to the report, cybersecurity, digital transformation, revenue growth, liquidity management, and broader economic conditions are the sector’s top priorities.
Cyber threats such as phishing, social engineering, and AI-driven financial crimes emerged as the most pressing challenges, with 79 percent of banks identifying AI adoption as a key cybersecurity concern.
The report further emphasised the need for closer collaboration between banks, regulators, government agencies, and technology partners to effectively address these risks.
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