NEWS
Global banking vendor , Temenos hosts Southern Africa Digital Leaders ’ Summit in Sandton
Global banking software provider ,
Temenos , hosted an exclusive Southern Africa Digital Leaders ’ Summit in Sandton in November 2023 to discuss how the banking industry in the region needs to respond to these rapid and evolving changes for sustained success .
William Moroney
The Southern Africa event forms part of Temenos ’ pan-Africa Digital Leaders ’ Summit roadshow , which has already been East and West earlier this year and next will travel to Morocco to explore the impact of these themes and trends on the Northern Africa banking industry .
The Summit agenda was directed by findings from a recent Economist Impact report for Temenos . The Southern Africa leg of the Summit series consisted of thoughtprovoking discussions , interactive panels , and live demonstrations led by seasoned experts from Temenos alongside industry leaders from BankservAfrica , Nedbank , Liberty Group South Africa , Bidvest Bank Limited , Standard Bank Group , Tyme Bank , Barko Financial Services , EY and Microsoft .
The half-day session topics included banking trends and navigating the modernisation journey ; enhancing the customer experience through smart , personalised digital banking and seamless payments ; wealth management opportunities , and more .
“ The Summit saw the coming together of visionaries and innovators who are the charge for digital change in banking in Southern Africa . The next wave of banking trends that are already in motion and shaping the industry were discussed , setting the stage to redefine the future of banking across the region ,” said William Moroney , Managing Director , Middle East and Africa , Temenos .
The keynote presentation from Sean Berrington , Partner Technology , Consulting at EY highlighted the shift to digital as a universal imperative for banks on the continent .
Tielman Walters , Chief Technology and Information Officer at Barko Financial Services , a Temenos customer , also spoke at the Summit and stressed the crucial role that technology has played in assisting it in transitioning from a microfinance institution to become a new potential mutual bank with a wider range of digital services .
Communications Authority Kenya reports nation witnessed 860 million cyber incidents in past year
Recent cyber-attacks have targeted vital digital infrastructure in the country , impacting both public and private institutions . Entities such as Kenya Power and Lighting Company , Kenya Railways Corporation , and the National Transport and Safety Authority have fallen victim to these attacks .
Kenya ranked 25th in the world as the most likely to be targeted for malware attacks according to Check Point Research ’ s October Malware Report . Fintech companies in Kenya are grappling with a rising tide of intricate cyber-attacks . These range from phishing attempts and data breaches to the insidious scourge of ransomware campaigns .
The Communications Authority of Kenya reports that the nation has witnessed a staggering 860 million cyber incidents in the past year , with an additional 123.9 million recorded during the three months up to September . The increasing frequency , sophistication , and scale of these cyber threats are particularly concerning for Kenya ’ s critical information infrastructure .
According to John Paul Onyango , Country Manager , East Africa , Check Point Software Technologies , one significant challenge facing the sector is the separation between app development and cybersecurity teams , who tend to work in silos .
“ Bridging this gap is imperative for a comprehensive approach to cybersecurity ,” Onyango says .
To protect businesses and customers alike , Check Point recommends that firms adopt an integrated approach to cybersecurity and app development . Check Point advocates the 3C ’ s approach – Convergence , Consolidation , and Context – to ensure a unified strategy that safeguards against evolving cyber threats .
Onyango explains , “ As Kenya ’ s fintech sector continues its remarkable growth , it is imperative that cybersecurity remains a top priority . By breaking down silos between app development and cybersecurity teams and adopting a unified approach , businesses can effectively fortify their operations and protect their customers from the ever-present threat of cyber-attacks .”
John Paul Onyango
10 INTELLIGENTCIO AFRICA www . intelligentcio . com