As the whole world goes Hi-Tech, everything is digital, especially financial transactions. That has made financial institutions very vulnerable to attack by an array of cyber robbers who always seem to be a step ahead of law enforcement and their targets.
Rwanda has not been spared from the new crime wave. In 2016, at least 1000 attempts were being made daily against banking institutions. That year, the Central Bank, in conjunction with the Police, managed to thwart a Rwf1.3 billion that was about to fall into wrong hands.
The following year, the digital bandits became even bolder and had it not been for the vigilance of financial institutions, Rwf2.6 billion heist would have evaporated in thin air.
The new cyber challenges have not deterred authorities, if anything, they have made them more determined to play in the major ICT league. Its major investments in ICT infrastructure and conducive business environment are beginning to attract big names.
Last year, during the YouthConnekt Summit in Kigali, Chinese tech mogul and founder of Alibaba, Jack Ma, announced the creation of a $10 million youth development fund for Africa.
His organisation also trained 50 lecturers from nine top universities in Rwanda under the Global E-commerce Talent (GET) - Train the trainers’ programme, the first time it is offered in Africa as part of the Electronic World Trade Platform initiative.
Today Ma is expected in Kigali to sign another historical deal that will further expand Alibaba’s footprint in the country. Tourism, e-Commerce and capacity building is top on the menu.
Are Rwandan entrepreneurs going to let this opportunity slip through their fingers? They should be ready to take the leap into the cyber world of business, because, today it is not business as usual.