By Sizwe Dlamini
In 2023, Eswatini lost E12.4 million to cybercrime. This was revealed by Nokuthula Hlophe of the Eswatini Communications Commission (ESCCOM) under the Cybersecurity Arm.
Hlophe disclosed this during the second annual FINNOVATION FINTECH Summit, themed “Innovating for Inclusive Finance: Transforming Financial Inclusion Together.”
The event, held at the Happy Valley Hotel, was sponsored by leading organizations committed to advancing FINTECH, including Swaziland Building Society (SBS), TaiwanI CDF, Eswatini Bank, Eswatini Mobile e-Mali, SNAT SACCO, Creative Arts and Design, Matsapha Municipality, and OTT, and was hosted by Digimage.
Hlophe noted that the global cybercrime industry was worth a whopping $8 trillion (approximately E148.64 trillion).
“According to the World Economic Forum, cybercrime is a growing threat, with the global cost of online criminal acts expected to surge to $23.84 trillion (approximately E443.23 trillion) by 2027, up from $8.44 trillion (approximately E156.77 trillion) in 2022 and $8 trillion (approximately E148.64 trillion) in 2023, according to Statista, the FBI, and IMF data,” she said.
“Cybercrime was ranked as the 5th most practiced criminal activity worldwide in 2023,” Hlophe stated.
She also pointed out the concerning fact that Eswatini’s law enforcement, particularly the Royal Eswatini Police, is currently ill-equipped to tackle the growing menace of cybercrime.
At the same event, Digimage CEO Sindiso Dlamini underscored the importance of the summit in addressing the intersection of technology and finance. He emphasized that while the fintech industry is experiencing rapid growth and innovation, significant challenges persist, including cybersecurity threats.
“Over the past few years, the fintech landscape has undergone remarkable transformations, from the rise of digital payments to the adoption of artificial intelligence. However, with these innovations come great responsibilities,” Dlamini said.
He stressed the need for solutions that not only drive innovation but also enhance financial inclusion and protect sensitive financial data.
Dlamini also highlighted key challenges facing the fintech industry, including financial inclusion, payment inefficiencies, limited access to credit, and the growing threat of cybercrime.
“A large portion of the population remains unbanked or underbanked, particularly in rural or economically disadvantaged areas,” he noted, adding that the current payment processes are often slow and costly, hindering economic growth.
The FINNOVATION FINTECH Summit served as a crucial platform for discussing these issues, bringing together industry leaders to explore how technology can be harnessed to create a more inclusive and secure financial system in Eswatini.