AI Success hinges on leadership and cyber resilience

The call was made on the opening day of BFSI Week 2026, a two-day conference held from June 17-18 under the theme "Powering Africa's Financial Transformation."

The event brings together more than 300 leaders from banks, SACCOs, insurance firms, fintechs and technology companies to explore how AI and digital innovation are reshaping the continent's financial sector.

Opening the conference, CIO Africa by dx5 Chairman Harry Hare cautioned organisations against adopting AI simply because it is the latest trend.

Instead, he urged financial institutions to focus on solving real business challenges and delivering measurable value to customers.

"Technology is not there for technology's sake. It exists to solve specific problems, improve efficiency and create value," Hare said.

He noted that pressure to adopt AI is mounting from boards, customers, competitors, and technology vendors.

However, he warned that institutions risk wasting resources if they implement AI without a clear business strategy.

"Let's ride the hype, but let's remain grounded in reality so we don't lose sight of what technology is meant to achieve," he said.

While AI presents significant opportunities, experts warned that it is also changing the nature of cyber threats.

Dennis Muriithi, Senior Solutions Engineer at Sophos, said cybercriminals are increasingly using AI to launch faster and more sophisticated attacks, leaving organisations with little time to respond.

"With every new technology comes new risks, and cybersecurity remains one of the biggest," he said.

According to Muriithi, phishing attacks have risen by more than 1,200 per cent since the emergence of generative AI, with attackers now using AI throughout the entire cyberattack chain—from reconnaissance and credential theft to ransomware deployment.

"In the AI era, we are moving from minutes to seconds of impact," he warned.

He urged organisations to strengthen cyber preparedness by establishing clear incident response plans, regularly testing backup systems and ensuring senior leadership understands its responsibilities during a cyber crisis.

Despite the risks, speakers said AI presents a major opportunity for Africa to strengthen its position in the global digital economy.

Sarah Muriuki, Group Head of Enabler Systems Support at Equity Bank Kenya, said the continent is well placed to become a leading provider of AI-enabled business services rather than remaining a low-cost outsourcing destination.

"Africa is not only a market for AI; we are becoming a delivery engine," she said.

She noted that Africa's business process outsourcing and shared services industry is now valued at nearly $20 billion and employs about 1.1 million people.

Rather than competing on cost alone, she challenged organisations to use AI to deliver higher-value services.

"That is not a technology question. It is a leadership question," she said.

The discussions highlighted the balancing act facing Africa's financial institutions.

As they adopt AI to improve efficiency, customer experience, and competitiveness, they must also strengthen governance, cybersecurity, and the responsible use of the technology.

Delegates will today continue exploring how digital transformation and emerging technologies can accelerate financial inclusion, build operational resilience and drive the next phase of Africa's financial transformation.