Jouahri Calls for African Cooperation to Counter Cybersecurity Threats Amid Digital Financial Transformation
The Governor of Bank Al-Maghrib, Abdellatif Jouahri, urged for enhanced regional cooperation to tackle the growing challenges related to cybersecurity, particularly concerning cross-border digital payments.
During the opening of the 2025 continental conference of the African Central Banks Association, Jouahri emphasized that addressing these risks requires effective information sharing on threats and incidents, legislative coordination regarding cryptocurrencies and stablecoins, as well as investment in local expertise through the establishment of centers of excellence in cybersecurity and digital finance.
He stressed the importance of strengthening partnerships between central banks and fintech companies to keep pace with innovation while addressing the associated challenges, ensuring a balanced market in the face of the growing influence of major tech firms backed by artificial intelligence technologies. Jouahri noted that digital transformation presents new opportunities for the financial sector but also increases exposure to cybersecurity risks, making it essential to enhance cybersecurity resilience for market and financial system stability.
He warned of the rising phishing and fraud attacks in digital payments and targeting of critical infrastructure, calling for ongoing coordination of protective measures and activation of platforms for sharing regulatory experiences and practices, particularly through the working groups formed by the African Central Banks Association. Jouahri highlighted Morocco’s progress in this field through the adoption of a specific law on cybersecurity and a comprehensive national strategy, overseen by an institutional framework including a strategic cybersecurity committee and a committee for managing crises and major cybersecurity events, alongside relevant regulatory authorities.
He affirmed that stakeholders in Morocco’s financial sector are committed to implementing sector-specific cybersecurity guidelines, strengthening the resilience of the national financial system against increasing threats, and positioning Morocco among the leading countries in establishing a cohesive institutional framework in this vital area.
