We must prioritise client data security amid fintech growth

At a time when trust is more important than ever before in financial services, consumers want more transparency and control of their data. [iStockphoto]

Data from the Communications Authority of Kenya (CAK) shows that cybercrime incidences in Kenya rose by over 50 per cent in the fourth quarter of 2021 to 56.2 million, from 35.1 million threats reported in 2020. Media reports also indicate that savings and credit cooperative societies (saccos) lost Sh106 million in the 17 months to March 2021 due to cyber theft. These losses have been a result of an increase in the use of digital platforms for financial transactions.

A study by the Financial Sector Deepening Kenya however paints a positive picture of online financial services. The sector recorded strong growth in mobile money accounts - about three million in three months from the onset of the first Covid-19 in March 2020. This number has been on the rise since.