January 5, 2021 Jim Teicher

What is the key to Fintech growth?

Cybercrime poses a significant threat to financial inclusion and efforts to bring the unbanked into the formal financial system. The need for cybersecurity education came up several times during the cybersecurity discussion I led at Nigeria Com and West Africa Com. Joining me in the discussion was the preeminent IT lawyer in the region, Leon Patrice Sarr..

Three key cybersecurity education takeaways:

– Consumer education and “hand-holding” is key to assure the safe and trustworthy growth of Fintech in West Africa. The responsibility for cybersecurity education mostly rests with MTN, Orange, and the other dominant fintech players in the region. They have the expertise and resources to assure the integrity of transactions via mobile apps, and to address the breadth of cybersecurity dangers.

– Although the public appreciates the convenience of Fintech services such as mobile money, many users are barely literate. They do not have the capacity to protect themselves from becoming victims of cybercrime, including online scams and identity theft, money loss, and other risks.

– Individual mobile phones and personal computers lack essential security software necessary to help keep hackers from stealing passwords and taking over mobile money and social media accounts.

Watch the conference session video “Cybersecurity Roadmap to Promote the Growth of Telecom.”

About the Author

Jim Teicher Jim Teicher founded CyberSmart Africa in 2007 with the single minded vision for every school to deliver a meaningful and affordable 21st century education—especially focusing on the poor schools others ignore. Jim is cofounder and CEO of CyberSmart Education (USA), a leader.. see more