Securing Digital Payments in Africa by Combating Evolving Threats in a Mobile-first Economy

Africa is in the middle of a financial transformation fuelled by mobile technology. As mobile penetration deepens and fintech solutions proliferate, millions of Africans are accessing formal financial services for the first time. Mobile money, digital wallets, and peer-to-peer lending are reshaping how people save, transact, and build businesses — with the mobile-first economy projected to generate trillions of dollars in value in the coming decade. 

But with this rapid growth comes widening cyber risk. The very tools that are driving inclusion — mobile payment platforms, cloud APIs, and digital wallets, are also becoming targets.  

Cybercriminals are capitalizing on gaps in digital literacy, weak authentication systems, and under-resourced regulatory frameworks. Threats like phishing, SIM-swapping, malware, account takeovers, and man-in-the-middle attacks are rising, and they pose serious financial and reputational risks to individuals, businesses, and the broader economy. 

We created a whitepaper that highlights how Africa’s fintech ecosystem is uniquely vulnerable: fragmented regulation, underinvestment in cyber infrastructure, talent shortages, and limited cross-border threat intelligence create a “target-rich environment” for attackers.  

According to global cybersecurity reports, a significant portion of African businesses lack full confidence in their ability to respond to large-scale cyberattacks and the cost of inaction could be as high as 10% of GDP. 

1. To build resilience, the whitepaper outlines a multi-layered security framework: 

• Strong Technical Safeguards 

• Multi-factor authentication (MFA) to go beyond passwords 

• Encryption (SSL/TLS) and tokenisation to secure data at every stage 

• Real-time fraud detection using AI / machine learning 

• Secure, PCI-DSS–compliant payment gateways 

• Regular software updates and hardened APIs
  

2. Building User Trust and Literacy

• Cybersecurity education campaigns to raise awareness 

• Transparent communication on how users’ data is protected 

• Intuitive interfaces that make safe usage easier 

• Security-first onboarding and ongoing user support 

3. Regulatory Collaboration and Governance

• Public–private partnerships for threat intelligence sharing 

• Cross-border frameworks to harmonise data protection standards 

• Investment in regulatory capacity, cyber talent, and innovation hubs 

• Strengthening policies and compliance (e.g., GDPR, PCI-DSS, NDPR) 

A central part of this vision is SeerBit’s security architecture, which combines bank-grade encryption, tokenisation, AI-powered fraud detection, 3D Secure 2.0, and real-time monitoring. SeerBit’s infrastructure supports multiple payment types across African markets, ensures PCI-DSS compliance, and provides secure developer tools (APIs, SDKs) to integrate payments safely. 

The whitepaper calls for collective action to secure Africa’s digital payments future. Technology alone is not enough, and trust must be built through informed users, skilled professionals, and smart regulation. With the right strategies, the continent can realize its full digital potential and preserve the integrity of its rapidly growing fintech economy. 

Want to dive deeper? Download the full whitepaper to explore how SeerBit’s multi-layered security model can safeguard the future of digital payments in Africa.