A high-level panel discussion was held with the aim of jointly addressing emerging risks associated with Ethiopia’s rapidly growing digital finance ecosystem and proposing sustainable solutions.
The discussion, organized under the theme “Secure Digital Finance for National Growth,” brought together key stakeholders in the sector and senior government officials on a single platform.
The strategic panel was led by the Deputy Director General of the Information Network Security Administration (INSA), Mr. Daniel Gutaa. In his remarks, he emphasized that ensuring a risk-free digital finance ecosystem is critical for national economic sovereignty and the security of citizens. He added that cybersecurity in digital finance is not the responsibility of a single institution but requires coordinated efforts from all stakeholders.
Among the panelists, the Vice Governor of the National Bank, Mr. Solomon Desta, noted that the bank is aligning its regulatory framework with international best practices to ensure the security of financial institutions. He also explained that policy reforms are being implemented to compel institutions to build strong technological capacity and a skilled workforce.
Similarly, Mr. Mulisa Abdisa, Head of Operations at the Criminal Investigation Main Department of the Federal Police, highlighted the importance of strengthening coordinated information sharing between law enforcement agencies and service providers. He stressed that this is key to quickly identifying criminals and countering organized digital attacks.
Representing Ethio Telecom, Chief Mobile Money Business Officer Mr. Brook Adhena discussed ongoing biometric verification measures being implemented to combat digital fraud. He also noted that the institution is working with commitment to enhance cybersecurity frameworks and modernize digital identity verification systems.
From the Commercial Bank of Ethiopia, Vice President Mr. Seyoum Damtew emphasized that institutions must continuously upgrade their technological capabilities and security frameworks to prevent identity theft and digital financial fraud. He added that the bank is implementing strategic monitoring mechanisms to protect customer data and digital assets from fraudsters.
During the concluding session, panelists provided extensive responses and clarifications to various questions and comments raised by participants, further enriching the discussion.
In his closing remarks, the Chairperson of the Foreign Relations and Peace Affairs Standing Committee of the House of Peoples’ Representatives, H.E. Dima Nego (PhD), highlighted the importance of digital finance systems for Ethiopia’s economic growth, stressing that such systems must be built on peace and security.
He further noted that as cybercrime techniques evolve daily, national legal frameworks must be continuously updated to effectively address these crimes.
Finally, he emphasized that coordination among relevant institutions should be technology-driven and action-oriented. He also assured that the Standing Committee will closely follow and support these coordination efforts, concluding the discussion successfully.
