Reserve Bank of Zimbabwe: Our Local banks have robust cybersecurity systems, so just how true is this?

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. Lately Zimbabwe’s top telecommunications company has reportedly been hit with data breaches, reports the company has rebuffed. But if 2024 taught anything was that no company was too big to fall prey to these ransomware attacks, data breaches and system hacking with major players being hit and even paying the ransom. Always when suspicious activities happens on my bank account, it makes me wonder just how secure these systems are. The problem with our local regulations is no one is forcing corporations to report such attacks so we will not be aware of how big the problem is. So what really is going on.

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 allegedly indicated satisfactory cyber maturity across most institutions, with well-established risk management systems safeguarding critical data and supporting effective threat detection and response.”

Well if it’s anything we have learned in Zimbabwe for the past 40 years in Zimbabwe is to always not take everything at face value and not everything is always as it seems. Cyber attacks and Data breaches have been taking place in Zimbabwe for the better part of the current decade but it has been swept under the rug in a bid to keep customer confidence in the systems which are by the way failing spectacularly on the economic front.

While the RBZ boss further emphasised that while most financial institutions had developed cyber resilience strategies he reiterated that work was underway to enhance these frameworks but what is the status of the Cybersecurity landscape in Zimbabwe. Well for starters they are very few cybersecurity companies in Zimbabwe to help tackle this pandemic head on, which presents an opportunity and major gap in the market. Government should put more resources into this sector and further encourage private players to chip in and innovate because as a nation we shouldn’t be outsourcing such services as they could also expose our sensitive nation data to foreign players. Fortifying our systems should be a top priority for the government.

In it’s report 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.

How exactly are they handling this?

As to how exactly they are doing it and what methods they are deploying it but the handling of previous attacks is always cause for concern, it makes us wonder if the government is handling this right or there are things we don’t know.

What happens when there is no Transparency?

Well you would have to be living under a rock or in space to not notice the economic the challenges the country is currently facing. We have hoped from one currency to another to no avail, with the currencies value plummeting every single time the question is what factors are contributing in these systems failure every single time. While the lack of industries, corruption, mismanagement and so on are some of the reasons why these systems are failing but another underrated factor is public trust in their on systems. Mishandling and secrecy in the security of the financial systems makes people doubt the banking systems which leads to total loss of confidence in the system. There should be mandatory public reports in these cybersecurity breaches so that everyone takes the right steps to protect themselves as well.

“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 also said most financial institutions in Zimbabwe had taken a proactive stance to invest in cutting-edge technologies and skilled personnel dedicated to cybersecurity but did they really? Because everywhere i look left and right there are very few companies with such systems in place which is also a factor in reducing consumer confidence. We are now used to being fed propaganda we can no longer tell lies and truth apart.

Where does Artificial Intelligence (AI) come in?

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.

AI has been restricted in some countries in the health and financial sector so incorporating such technologies early on without any oversight will be a huge risk.

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. Always remember to always keep yourself protected and stay informed so that you safeguard your hard earned money.

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