The African Development Bank extends a grant of US$2 million to strengthen cybersecurity and boost financial inclusion in Africa
To address cybercrime in Africa and leverage the resilience of digital financial ecosystems, the Board of Directors of the African Development Bank has granted US$2 million to set up the African Cybersecurity Resource Center (ACRC) for financial inclusion. The project hinges on three dimensions: a) creation of an affordable shared platform to monitor cyber-attacks against financial service providers and individual customers, b) rollout of individualised advisory services to enable organisations to bolster their cybersecurity, and c) enhancement of cybersecurity talent development to ensure that African demand for expertise can be met. It targets 250 million vulnerable customers and 2,000-3,000 financial institutions across Africa. ACRC further seeks to enhance cybersecurity for 20-25 million women in five years and to employ a workforce made up of at least 39% women. The Africa Digital Financial Inclusion Facility, a blended finance vehicle, will be responsible for the disbursement of the award.