Connected Banking Summit 2025: Pioneering Digital Transformation, Cyber Resilience, and Financial Inclusion in Africa

The 18th Edition of the Connected Banking Summit – Innovation & Excellence Awards 2025, held at the Kempinski Hotel Gold Coast City, was a landmark event that underscored the transformative impact of digital innovation on Africa’s financial sector. With the theme “Empowering Sustainable Banking through Digital Inclusion & Innovation,” the summit convened industry leaders, banking executives, fintech pioneers, and policymakers to explore how technology can revolutionize banking, enhance financial inclusion, and fortify cybersecurity in an increasingly digital world.

From discussions on AI-driven banking solutions and composable financial platforms to fraud prevention and cyber resilience, the summit highlighted both the opportunities and challenges of digital transformation in the financial sector.

Empowering Africa’s Growth Through Digital Innovation

The rise of digital banking has fundamentally reshaped how financial services are delivered across Africa. In recent years, the continent has witnessed a 55% increase in mobile money accounts in Sub-Saharan Africa (2011-2022), demonstrating the shift towards digital transactions. However, key challenges remain—accessibility in rural areas, regulatory hurdles, and cybersecurity threats.

Dr. Dominic Oduro-Antwi, President of the Global Africa Trade Advisory Chamber, highlighted the pivotal role of fintech in financial inclusion. “We must ensure that digital banking is not just a privilege for the urban elite but a tool that truly empowers every African, regardless of where they are. Fintech is breaking down barriers, but without the right regulatory frameworks and public-private collaborations, its impact will be limited,” he emphasized.

Supporting this vision, Folake Egunjobi, Senior Business Development Manager at Thunes, spoke about the need for seamless B2B payment solutions for SMEs. “Small and medium-sized enterprises are the backbone of Africa’s economy. Yet, access to finance remains a major hurdle. Digital banking and fintech solutions can bridge this gap, offering cross-border payment solutions that empower businesses to expand beyond local markets,” she explained.

However, as digital banking grows, customer experience remains a key differentiator.

Customer-Centric Digital Transformation: Knowing and Serving Customers Better

Beyond access to financial services, banks must understand customer needs and personalize their services accordingly.

Ellen Ohene-Afoakwa, Managing Executive of Corporate and Investment Banking, underscored the importance of customer relations in banking transformation. “Technology should not just be about innovation; it must be about solving real problems for customers. Knowing your customer means understanding their needs, predicting their challenges, and proactively offering solutions,” she stated.

Laurinda Addy, a seasoned customer experience expert, built on this, advocating for banks to “walk in their customers’ shoes”. “Customer trust is not built on technology alone; it is built on reliability, problem-solving, and genuine human connection. A bank that truly listens and responds to customer concerns will always have the competitive edge,” she remarked.

With digital services becoming the norm, the challenge is no longer accessibility alone but security.

Cyber Resilience: The Urgent Need to Strengthen Digital Defenses

With cybercrime costing Africa $4 billion in 2024, securing digital financial services has become a top priority for banks and regulators alike.

During his keynote on Cybersecurity Regulatory Imperatives, Dr. Albert Antwi-Boasiako, Director-General of Ghana’s Cyber Security Authority, cautioned against the escalating risks posed by AI-powered cyber threats. “Cybercriminals are evolving just as fast as our technology. Our response must be even faster. This requires robust regulations, stronger enforcement, and deeper collaboration between financial institutions and cybersecurity agencies,” he asserted.

Expanding on this, Benjamin Okolie, Presales Manager for Africa at Kaspersky, discussed the new wave of AI-driven phishing attacks and malware threats. “AI has given hackers a new advantage. They can now mimic financial transactions, create deepfake identities, and manipulate banking systems at an unprecedented scale. We need multi-layered security protocols that can detect and stop these threats in real time,” he warned.

But beyond technology, building a cybersecurity culture within banking institutions is essential.

Diana Yorke on Cyber Resilience: A Call to Fortify Defenses Against Evolving Threats

One of the most compelling discussions of the summit came from Diana Yorke, a Fraud Prevention and Compliance Expert with a strong track record in identity verification and risk management across West Africa. She played a key role in the Power Panel discussion on Cyber Resilience, focusing on how banks can protect themselves from the rising tide of cyberattacks and recover quickly when breaches occur.

Speaking on identity verification as a frontline defense against fraud, she stated:

“Fraudsters today are sophisticated. They exploit weak identity verification systems to commit financial crimes. Banks must move beyond traditional authentication methods and adopt biometric verification, behavioral analytics, and AI-driven fraud detection. Identity is the foundation of security. If you cannot verify who is transacting, you cannot guarantee safety.”

She also emphasized the importance of risk management strategies in cyber resilience.

“Risk management should not be a reactionary process. It must be proactive. Banks need to simulate cyberattacks, stress-test their systems, and build resilience into their operations. It’s not about if an attack will happen; it’s about when. The speed of detection and recovery is what will differentiate a secure bank from a vulnerable one,” she noted.

On fortifying defenses against evolving cyber threats, Diana Yorke outlined three core strategies:

1. Real-time Threat Detection and Response – Banks must adopt AI-driven monitoring systems that can detect suspicious activity instantly.
2. Zero Trust Security Frameworks – Financial institutions should implement strict access controls, ensuring no transaction is automatically trusted.
3. Employee and Customer Awareness – Human error remains the weakest link. Regular cybersecurity training can prevent phishing attacks and fraud attempts.

Her insights were echoed throughout the panel, which stressed that cyber resilience is no longer an option but a necessity.

Next-Gen Banking: The Power of Composable Platforms and AI

As the summit looked ahead, the focus shifted to next-generation banking models, particularly composable platforms and AI-driven financial services.

Sriranga Sampathkumar, VP and General Manager for the Middle East and Africa at Infosys Ltd, explained how composable banking platforms are revolutionizing how financial institutions operate. “Legacy banking systems are slow, expensive, and inflexible. Composable platforms allow banks to integrate new technologies seamlessly—whether it’s AI-powered chatbots, blockchain for trade finance, or real-time fraud detection systems,” he said.

AI is also driving a new era of financial intelligence. From automated customer support to predictive analytics, AI is transforming how banks interact with customers and manage risk.

Benjamin Okolie reinforced this by highlighting how AI is being used on both sides of the cybersecurity battle. “AI can help banks detect fraud before it happens. But cybercriminals are also using AI to bypass security systems. This digital arms race requires financial institutions to stay ahead with AI-driven defense mechanisms,” he noted.

The Road Ahead for Africa’s Financial Sector

The Connected Banking Summit 2025 concluded with a resounding call for action:

• Digital transformation must be customer-centric, ensuring that financial services are accessible, seamless, and secure.
• Cyber resilience must be prioritized, with banks investing in identity verification, AI-driven threat detection, and Zero Trust security models.
• Regulatory frameworks must evolve to balance innovation with security, enabling Africa’s financial sector to grow sustainably.

As Africa continues its digital financial revolution, the banks that embrace innovation, security, and customer experience will lead the way. Those that fail to adapt risk being left behind in an increasingly competitive and digital-first world.

The future of banking in Africa is not just digital—it is secure, inclusive, and customer-driven.

By Evelyn Naadu Borquaye