How Namibia can safeguard its growing financial hub against cybercrime
Victor Ashikoto
Namibia is rapidly emerging as one of Africa’s top financial hubs, attracting investors and strengthening its position in regional trade.According to the latest Africa Trade Barometer (ATB), Namibia is now the continent’s second most attractive trade destination – a testament to its growing economic influence.
The country’s investor-friendly policies, abundant natural resources – including uranium, diamonds, and gold – and modern infrastructure make it a prime location for business expansion.
To fuel this growth, the government, through the Namibia Investment Promotion and Development Board (NIPDB), offers tax incentives, streamlined permits, and favourable customs duties, further enhancing Namibia’s appeal to global investors.
But with rapid growth comes new challenges. As digital transactions and cross-border trade expand, so do the risks of cybercrime.
Taking action
The digital landscape of 2024 presented new security considerations across Namibia’s economy. Over 1.1 million cyber incidents within the retail, gaming, and financial services sectors, were experienced nationwide. Despite 1.6% of all digital transactions in the first half of the year being flagged as suspected fraud, these challenges have catalysed unprecedented collaboration and innovation within the sector.
The financial services industry has responded decisively to the N$18.6 million in fraudulent activities reported in 2024. At Nedbank Namibia, we have transformed these statistics into actionable intelligence, developing sophisticated detection systems that identify and combat fraudulent activities. Our proactive approach ensures that we not only protect our customers’ assets, but also maintain the integrity and trustworthiness of our financial services.
Nedbank Namibia is leveraging these insights to pioneer a comprehensive approach to digital security. Rather than viewing cyber security challenges as obstacles, we see them as opportunities to strengthen Namibia’s digital infrastructure. Our awareness campaigns are creating a more security-conscious public, while our investments in cutting-edge technology help bridge infrastructure gaps. We recognise that building digital resilience requires ecosystem-wide solutions. That is why Nedbank Namibia is actively partnering with educational institutions to develop the next generation of cyber security experts, while also collaborating with industry peers to share threat intelligence and best practices.
The forthcoming Cyber crime Bill represents a watershed moment for Namibia’s digital economy. Nedbank Namibia has been a key stakeholder in these discussions, contributing expertise to help shape provisions for digital investigations, forensic tools, and interception measures. This legislation will provide the robust framework needed for Namibia’s digital future, and we are proud to support its development.
By transforming challenges into opportunities, Nedbank Namibia is helping to create a stronger, more secure financial ecosystem that benefits all Namibians.
Power of AI
Cyber criminals are now leveraging artificial intelligence (AI) to create convincing phishing emails, run automated scams, and even generate fake identities. The rise of cryptocurrencies has also introduced unique challenges, with criminals exploiting the trend by establishing fraudulent trading platforms and deceptive investment schemes, leading to substantial
financial losses for unsuspecting investors.
In one local case, a Namibian entrepreneur lost over N$300 000 to a fake cryptocurrency exchange platform in 2024. Additionally, identity theft has surged in Namibia, with fraudsters impersonating banks or government agencies to extract sensitive information or make payments. These scammers often create a sense of urgency through fraudulent messages, pressuring victims into making hasty financial decisions without properly verifying the legitimacy of the request. In one unfortunate incident, a 60-year-old pensioner from the Omusati Region lost N$1.1 million to scammers.
Emerging trends
The digital landscape of 2024 presented new security considerations across Namibia’s economy. Over 1.1 million cyber incidents within the retail, gaming, and financial services sectors, were experienced nationwide. Despite 1.6% of all digital transactions in the first half of the year being Namibia is rapidly emerging as one of Africa’s top financial hubs, attracting investors and strengthening its position in regional trade.
According to the latest Africa Trade Barometer (ATB), Namibia is now the continent’s second most attractive trade destination – a testament to its growing economic influence.
The country’s investor-friendly policies, abundant natural resources – including uranium, diamonds, and gold – and modern infrastructure make it a prime location for business expansion.
To fuel this growth, the government, through the Namibia Investment Promotion and Development Board (NIPDB), offers tax incentives, streamlined permits, and favourable customs duties, further enhancing Namibia’s appeal to global investors.
But with rapid growth comes new challenges. As digital transactions and cross-border trade expand, so do the risks of cybercrime.
The digital landscape of 2024 presented new security considerations across Namibia’s economy. Over 1.1 million cyber incidents within the retail, gaming, and financial services sectors, were experienced nationwide. Despite 1.6% of all digital transactions in the first half of the year being flagged as Victor Ashikoto is the chief operating officer at Nedbank Namibia, suspected fraud, these challenges have catalysed unprecedented collaboration and innovation within the sector.
*Victor Ashikoto is the chief operating officer at Nedbank Namibia.**
Namibia is rapidly emerging as one of Africa’s top financial hubs, attracting investors and strengthening its position in regional trade.According to the latest Africa Trade Barometer (ATB), Namibia is now the continent’s second most attractive trade destination – a testament to its growing economic influence.
The country’s investor-friendly policies, abundant natural resources – including uranium, diamonds, and gold – and modern infrastructure make it a prime location for business expansion.
To fuel this growth, the government, through the Namibia Investment Promotion and Development Board (NIPDB), offers tax incentives, streamlined permits, and favourable customs duties, further enhancing Namibia’s appeal to global investors.
But with rapid growth comes new challenges. As digital transactions and cross-border trade expand, so do the risks of cybercrime.
Taking action
The digital landscape of 2024 presented new security considerations across Namibia’s economy. Over 1.1 million cyber incidents within the retail, gaming, and financial services sectors, were experienced nationwide. Despite 1.6% of all digital transactions in the first half of the year being flagged as suspected fraud, these challenges have catalysed unprecedented collaboration and innovation within the sector.
The financial services industry has responded decisively to the N$18.6 million in fraudulent activities reported in 2024. At Nedbank Namibia, we have transformed these statistics into actionable intelligence, developing sophisticated detection systems that identify and combat fraudulent activities. Our proactive approach ensures that we not only protect our customers’ assets, but also maintain the integrity and trustworthiness of our financial services.
Nedbank Namibia is leveraging these insights to pioneer a comprehensive approach to digital security. Rather than viewing cyber security challenges as obstacles, we see them as opportunities to strengthen Namibia’s digital infrastructure. Our awareness campaigns are creating a more security-conscious public, while our investments in cutting-edge technology help bridge infrastructure gaps. We recognise that building digital resilience requires ecosystem-wide solutions. That is why Nedbank Namibia is actively partnering with educational institutions to develop the next generation of cyber security experts, while also collaborating with industry peers to share threat intelligence and best practices.
The forthcoming Cyber crime Bill represents a watershed moment for Namibia’s digital economy. Nedbank Namibia has been a key stakeholder in these discussions, contributing expertise to help shape provisions for digital investigations, forensic tools, and interception measures. This legislation will provide the robust framework needed for Namibia’s digital future, and we are proud to support its development.
By transforming challenges into opportunities, Nedbank Namibia is helping to create a stronger, more secure financial ecosystem that benefits all Namibians.
Power of AI
Cyber criminals are now leveraging artificial intelligence (AI) to create convincing phishing emails, run automated scams, and even generate fake identities. The rise of cryptocurrencies has also introduced unique challenges, with criminals exploiting the trend by establishing fraudulent trading platforms and deceptive investment schemes, leading to substantial
financial losses for unsuspecting investors.
In one local case, a Namibian entrepreneur lost over N$300 000 to a fake cryptocurrency exchange platform in 2024. Additionally, identity theft has surged in Namibia, with fraudsters impersonating banks or government agencies to extract sensitive information or make payments. These scammers often create a sense of urgency through fraudulent messages, pressuring victims into making hasty financial decisions without properly verifying the legitimacy of the request. In one unfortunate incident, a 60-year-old pensioner from the Omusati Region lost N$1.1 million to scammers.
Emerging trends
The digital landscape of 2024 presented new security considerations across Namibia’s economy. Over 1.1 million cyber incidents within the retail, gaming, and financial services sectors, were experienced nationwide. Despite 1.6% of all digital transactions in the first half of the year being Namibia is rapidly emerging as one of Africa’s top financial hubs, attracting investors and strengthening its position in regional trade.
According to the latest Africa Trade Barometer (ATB), Namibia is now the continent’s second most attractive trade destination – a testament to its growing economic influence.
The country’s investor-friendly policies, abundant natural resources – including uranium, diamonds, and gold – and modern infrastructure make it a prime location for business expansion.
To fuel this growth, the government, through the Namibia Investment Promotion and Development Board (NIPDB), offers tax incentives, streamlined permits, and favourable customs duties, further enhancing Namibia’s appeal to global investors.
But with rapid growth comes new challenges. As digital transactions and cross-border trade expand, so do the risks of cybercrime.
The digital landscape of 2024 presented new security considerations across Namibia’s economy. Over 1.1 million cyber incidents within the retail, gaming, and financial services sectors, were experienced nationwide. Despite 1.6% of all digital transactions in the first half of the year being flagged as Victor Ashikoto is the chief operating officer at Nedbank Namibia, suspected fraud, these challenges have catalysed unprecedented collaboration and innovation within the sector.
*Victor Ashikoto is the chief operating officer at Nedbank Namibia.**
