At Digitise Cameroon Forum: ANTIC rallies experts to discuss securing fintech services.

Unfolding under the theme: “Security, Regulation and Strategic Partnerships for an Inclusive Digital Economy”, experts at the forum are sharing experiences and exchanging best practices.

In his scripted address, delivered at the start of the forum, ANTIC Director General, Prof Ebot Ebot Enaw, underscored the importance of security audits, conducted by the State-run institution, alongside other appropriate security measures, in ensuring that fintech services are secure and resilient.

Prof Ebot Ebot stressed that a strong security posture is essential to building and sustaining customer trust, which he said, remains critical to the long-term growth of the sector.

He said the gathering was taking place at a time the world is witnessing one of the most profound economic transformations of “our time”.

The ANTIC boss cited the widespread and rapid adoption of financial technology. He said what began as a wave of niche startups has evolved into a fundamental pillar of global commerce, significantly changing the way people interact with money and financial services.

At the global level, he said, the expansion is underscored by unprecedented transaction volumes. Prof Ebot Ebot cited a report on Mobile Money, by the Global System for Mobile Communications Association, GSMA, as revealing that mobile money services processed over 2 trillion US dollars globally in 2025, representing a 23 percent increase, compared to 2024.

The upward trajectory, he said, was equally visible across the African Continent. Prof Ebot Ebot continued that “As highlighted in the European Investment Bank’s Finance in Africa 2024 report, the number of active fintech companies grew exponentially from 450 in 2020 to 1, 263 in 2024”.

He said, reflecting on the broader international and regional trends, Cameroon’s domestic market has experienced a similar digital surge. 

Prof Ebot Ebot cited a study, conducted in 2024, as indicating that digital payment services generated over 1,022 billion in revenue in 2024, representing 3.16% of GDP, with more than 31.5 million active mobile subscriptions.

He quickly added that the rapid transformation is not without serious vulnerabilities. Prof Ebot Ebot explained that as reliance on cash declines, cybersecurity threats are becoming increasingly sophisticated. 

The adoption of digital technologies in the financial sector, he said, also exposes organisations and users to emerging risks, including fraud, money laundering, financial losses and reputational damage.

To address the threats without stifling growth, he insisted that stakeholders must strike a delicate balance between rapid innovation and robust security. 

Sustaining trust in the digital financial ecosystem, he was categorical, requires comprehensive regulatory frameworks, resilient risk-management mechanisms and heightened awareness among both users and institutions.

“This seminar provides an important platform for fostering the development of Cameroon’s digital economy through a participatory and inclusive approach. It brings together stakeholders from across fintech ecosystem to share knowledge and experiences, examine the challenges facing the sector and identify practical and sustainable solutions,” he said of the gathering.

Turning to other issues, Prof Ebot Ebot detailed that within the framework of promoting the development of ICTs and contributing to securing Cameroon’s cyberspace, ANTIC has the mandate of implementing MINPOSTEL’s ministerial decision of April 4, 2025, establishing the procedure for publicly accessible digital platforms to access the national electronic communications aggregation platform, by issuing certificates of security compliance, thereby attesting adherence to minimum security requirements.

He disclosed that to date, ANTIC has conducted 108 security audits of fintech companies, in view of issuing the aforementioned certificates, resulting in the identification of 3,914 vulnerabilities.

Among the recurring weakness identified, he said are the ineffective implementation of security policies and procedures, gaps in cybersecurity skills, weakness in logical access controls, inadequate data protection measures and deficiencies in business continuity and contingency mechanisms. 

To mitigate the risks, Prof Ebot Ebot said ANTIC provides recommendations and corrective measures, aimed at strengthening the security posture and resilience of the organisations concerned.

This article was first published in The Guardian Post Edition No:3955 of Friday October 30, 2026