The Body of Bank Chief Executive Officers in Nigeria said the N120 billion invested by four financial institutions in infrastructure and technology in the first quarter of 2026 is aimed at building a more resilient economy. According to Leadership, the body's chairman, Oliver Alawuba, made the remarks at the 19th Chartered Institute of Bankers of Nigeria event, highlighting the sector's commitment to strengthening economic stability through technology spending.

According to Punch, Nigeria's top banks raised their technology budgets by 43% in the first quarter of 2026, investing N119 billion in digital infrastructure. This increase aims to enhance services and address the growing demand for digital transactions.

Experts warn that Nigeria's cybersecurity defense is increasingly compromised due to the migration of skilled professionals abroad. This brain drain is weakening the country's ability to protect its expanding digital economy from a rise in cyberattacks targeting banks, government institutions, and private businesses. Despite a growing interest among young Nigerians in cybersecurity careers, the exodus of talent poses significant challenges to national security, according to industry analysts.

The Central Bank of Nigeria has warned banks, fintechs and other financial institutions about growing cybersecurity dangers linked to third-party technology risks, according to Tribune Online. The caution highlights concern over external digital services used by regulated firms and the need to manage vulnerabilities that could affect operations, data and customers within Nigeria's financial sector.

Kenya experienced over three billion cyberattack attempts aimed at government systems, businesses, and critical digital infrastructure in the three months leading up to June. This surge underscores the escalating cybersecurity threats confronting the nation, which is recognized as one of Africa's rapidly advancing digital economies. The findings are detailed in a report by the National Computer and Cybercrime Coordination Committee (NC4).

Lars Gumede highlights the urgent need for South Africa to prioritize cybersecurity, noting that Eskom reports over 1 billion cyber attacks monthly and a 1,200% increase in deepfake scams over the past two years. These statistics underscore the growing threat of cybercrime in the country.