Lusaka, Zambia – As the digital revolution accelerates across Africa’s financial systems, regulators, bankers, and tech leaders convened at the 2025 Banking Industry Symposium to confront a rising global imperative: data privacy.
Held under the banner “The Impact of Data Privacy on Financial Institutions,” the symposium gathered influential voices, from the Bank of Zambia to regional data protection authorities and ICT innovators, united by a common goal: to build trust in an increasingly data-driven financial ecosystem.
“We are here to protect trust,” said. Felix Mutati, Zambia’s Minister of Technology and Science, in a powerful keynote address. “Containing cyber threats is a war, and the digital finance industry is valued at over $10 trillion globally.”
Mutati outlined five strategic pillars to reinforce public trust including: digital literacy; robust infrastructure, including energy reliability; upgrading Zambia’s credit rating to investment grade; innovation in digital services; and cross-sector partnerships
He also urged the banking sector to play a more active role in reducing the cost of capital, a key enabler of Zambia’s ambitious goal to reach 80% financial inclusion by 2026.
Lowani Chibesakunda, Chairperson of the Bankers Association of Zambia (BAZ), set the tone by emphasizing the sector’s duty to defend consumer trust.
“Financial institutions must enhance governance structures to prevent unauthorized access to personal data,” she said.
Stanbic Bank CEO Mwindwa Siyakalima echoed this urgency, advocating for privacy-by-design frameworks and the mandatory appointment of Data Protection Officers (DPOs). He underscored the value of cross-border data flows, noting they can bolster both digital adoption and financial inclusion when handled responsibly.
AI threats
Dr. Schmidt Chintu, Director General of the Zambia Cyber Security Agency, warned of a new wave of AI-powered cyber threats, including ransomware and phishing attacks. However, he applauded Zambia’s leap on the Cybersecurity Readiness Index—from 68.8% in 2021 to 92% in 2025.
From a regulatory perspective, Lyness Mambo of the Bank of Zambia (BoZ) stressed that data is the new currency, and breaches now carry profound legal and reputational risks.
Representing BoZ Governor, Denny Kalyalya Mambo detailed sweeping reforms aimed at fortifying the digital finance landscape. These include Revised Electronic Money Issuance Directives; New Cyber and Information Risk Management Guidelines; A soon-to-be-launched Financial Sector Cyber Response Team; and A centralised electronic Know-Your-Customer (e-KYC) platform.
“Data privacy must be a strategic governance priority, not just a technical issue,” Mambo concluded.
The 2025 Banking Industry Symposium reinforced a hard truth: in the digital economy, trust is the currency, and data is its foundation.
