Zimbabwe: Zim Banks Have Robust Cybersecurity Systems - RBZ
In its 2025 Monetary Policy Statement (MPS), the Reserve Bank of Zimbabwe (RBZ) underscored the importance of building cybersecurity resilience in the banking and microfinance sectors.
RBZ Governor Dr John Mushayavanhu said according to results of the bank's assessment conducted in 2024, the majority of financial institutions demonstrated satisfactory levels of cybersecurity. The assessment highlighted robust risk management systems able to effectively safeguard valuable data and enable swift detection and response to cyber threats.
"The assessment indicated satisfactory cyber maturity across most institutions, with well-established risk management systems safeguarding critical data and supporting effective threat detection and response."
He further emphasised that while most financial institutions had developed cyber resilience strategies, work was underway to enhance these frameworks.
"The survey noted that the majority of institutions have developed cyber resilience strategies, while the rest are in the process of developing cyber resilience strategies," he stated.
The RBZ also stressed the importance of cyber awareness programmes in strengthening resilience. "It was also noted that the majority of the financial institutions are carrying out cyber awareness programmes."
As part of its ongoing efforts, the central bank said it would continue monitoring the sector's resilience and sharing detailed reports to encourage best practices.
"The reserve bank will continue monitoring sector resilience and share specific reports with the market to encourage adherence to best practices," the Governor affirmed.
Mr Raymond Madziva, a seasoned banker, echoed the same sentiment, emphasising the pivotal role of cyber resilience in maintaining financial stability.
"In today's digital age, where cyber threats are increasingly sophisticated, robust cybersecurity measures are not just a necessity but a competitive advantage," Mr Madziva remarked.
He said most financial institutions in Zimbabwe had taken a proactive stance to invest in cutting-edge technologies and skilled personnel dedicated to cybersecurity.
The RBZ also acknowledged the growing role of Artificial Intelligence (AI) in the financial sector.
"The role of Artificial Intelligence (AI) in banking is expected to continue growing in the years to come. Against this background, the Reserve Bank will continue to monitor and assess the use of AI-based applications," the Governor stated.
According to the bank's 2024 survey, the financial services sector is progressively adopting AI-driven solutions.
"Preliminary survey results depicted a growing AI maturity, with many institutions establishing foundational risk management and reporting systems, notably automated report generation and real-time compliance tracking," the Governor revealed.
However, advanced AI tools such as predictive compliance modelling remain largely unadopted, indicating the sector is still in the early stages of AI governance. Technology expert Morris Shumba weighed in on the importance of structured AI implementation.
"Clear policies and strategies are crucial to harnessing AI's full potential while mitigating associated risks," Mr Shumba advised.
He emphasised the need for continued investment in AI education and infrastructure to foster responsible innovation.
Looking ahead, the RBZ's commitment to monitoring and assessing AI applications in financial services reflects a proactive approach to technological advancement.
As financial institutions refine their cyber resilience strategies and expand AI capabilities, the stage is set for a more secure, innovative, and technologically advanced banking sector in Zimbabwe.
Read the original article on The Herald.