The cybersecurity project aims to better protect the continent’s digital financial systems to expand its financial inclusion and support its economic and human development.
Photo: Cyber4Dev is a non-profit consortium of private and public partners from Luxembourg and Africa / Credits © Mati Mango / Pexels
Digital transactions in Africa, which are typically conducted through unsecured cell phones, are estimated to have cost African countries about $3.5 billion in 2017, recalls the Cyber Resilience for Development (Cyber4Dev) consortium.
The consortium’s mission is to promote cybersecurity in public and private enterprises in developing countries.
Also, in order to better protect digital financial systems in Africa and support its economic and human development, its Luxembourg branch (Cyber4Dev Luxembourg) and its partners are launching the African Cybersecurity Resource Center for Financial Inclusion (ACRC).
250 million vulnerable clients
ACRC’s ambition is to support the estimated 250 million vulnerable clients and 2,000 to 3,000 financial institutions across the continent.
Similarly, the project will specifically aim to improve cybersecurity for 20-25 million women within 5 years and employ a workforce that is at least 39% female.
It intends to support thousands of inclusive finance institutions (microfinance, microinsurance, digital financial services, fintechs), as well as their tens of millions of clients, all of whom are currently dependent on cyber threats. The center will also support central banks and policy makers.
With funding of $2 million from the African Development Bank and €4 million from Luxembourg, TARC will be progressively deployed in sub-Saharan countries with two resource centers based in Senegal and East Africa. Within 5 years, the center should have more than 100 African cybersecurity experts.
Cyber4Dev is a non-profit consortium of private and public partners from Luxembourg and Africa, which brings together experts from SECURITYMADEIN.LU, the cybersecurity agency for the Luxembourg economy and municipalities, Excellium Services and SnT, the interdisciplinary research center on security, reliability and trust of the University of Luxembourg.
It is chaired by Pascal Steichen.