From left to right: Mastercard Chief Government Affairs and Policy Officer, Tucker Foote; Global Chief Executive Officer, Michael Miebach; President Bola Tinubu of Nigeria Chief of Staff to the President, Femi Gbajabiamila; and Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, during the visit of the Mastercard Global Team to President Tinubu at the State House
Global payments technology company, Mastercard, has said cybersecurity is fundamental to driving economic resilience and growth across Africa
The company made the assertion as Africa’s digital economy is projected to reach $1.5 trillion by 2030, underscoring the urgent need for stronger collaboration to tackle rising cyber threats
According to Mastercard, cybercrime is increasing sharply across the continent, resulting in significant economic losses each year, with only an estimated 35 per cent of incidents officially reported
This underreporting is driven by cyber maturity gaps, limited detection capabilities, and reputational concerns, thus creating a fragmented view of the threat landscape and weakening coordinated response efforts across the region. South Africa is the continent’s most targeted market, accounting for around 29 per cent of ransomware attacks and 40 per cent of phishing incidents in Africa, while Nigeria ranks among the most affected markets for ransomware and dark-web threat activity
The company stated this while announcing the launch of its Africa Cybersecurity Centre of Excellence, a pan-African initiative aimed at strengthening cyber resilience, enhancing collaboration and safeguarding the trust that underpins Africa’s rapidly expanding digital economy
The announcement was made during a visit to South Africa and Nigeria by Mastercard’s Chief Executive Officer, Michael Miebach
Speaking on the initiative, President of South Africa, Cyril Ramaphosa, said: “We recognise that for digitization to be inclusive, it must be trusted and secure. Mastercard has long been a trusted partner to South Africa, and its Cybersecurity Centre of Excellence is a welcome step to build on that foundation, drawing on the country’s best and brightest to meet a challenge no government or company can solve alone.”
Also speaking, President Bola Tinubu said: “As Nigeria deepens its digital transformation, secure and trusted systems will be critical to inclusion and growth. We welcome collaborations that strengthen our digital economy and build resilience for the future.”
Meanwhile, CEO, Mastercard, Michael Miebach, said: “Africa is dynamic, fast-growing, and ready to scale its digital future. That won’t happen without trust. People don’t use what they don’t trust. That makes cybersecurity foundational to driving economic resilience and growth across the continent. By doing more to connect public and private sector efforts and share best practices, we can strengthen collective defense and secure a more confident and inclusive digital economy.”
