Minister of Finance warns of banking vulnerability to cyber attacks

Vera Daves, who was speaking at the opening of the XI Banca Forum, organized by the newspaper Expansão, pointed out that the country is gradually verifying the entry of new operators into the financial system - the so-called 'fintech' - that bring threats and opportunities with enormous disruptive potential.

For the minister, they can help more Angolans to access banking services, as in terms of banking services for the population, Angola is "far from what is desirable".

"The challenge is to be innovative and given our geographic and demographic circumstances, we understand that it is through the digitization of banking services that we will get there in the medium term", she considered.

She noted, however, that digital solutions bring new risks and called for "full attention" to be paid to the security of the technological systems of all banks in the market.

"We cannot be vulnerable to cyber attacks and the impact this has on the entire Angolan financial system, a threat that has been recurrent in our country", he stressed, adding that "it is naive to think that there are cheap solutions to problems that cause or may cause untold losses".

The state-owned Savings and Credit Bank (BPC) was the most recent target of a cyber attack on 20 July.

The minister pointed out, in her intervention, some positive results for the financial system - namely the constitutional revision that will allow greater independence for the central bank and strengthen its role, as well as the new law on financial institutions - but stressed that the bank has also to give greater support to the private sector.

She also stressed that the executive's fiscal policy will continue to be guided by the objective of preserving and strengthening the sustainability of public accounts, seeking "the best harmony" between the financial balance of public finances and its effectiveness in terms of contribution to the economic growth.

"We are aware of how difficult this balance can be and how precarious until all the variables are consolidated: basic education, employment, qualification of human capital, production of food, export diversification and better income distribution," added Vera Daves.

The responsible for Finance also indicated that there was a need to develop a strategy to determine the appropriate degree of State participation in the banking sector, to limit the fiscal risks of such participation and to limit political interference.

In short, "to increase banking efficiency and improve governance and credit risk management," said the minister.