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The Association of African Central Banks (AACB) Organized A Annex 11 ASSOCIATI ONS BACENTRALAFRICES-------INA ASSOCIATION OF AFRICAN CENTRAL BANKS (AACB) -------------------------------- 42nd ORDINARY MEETING OF THE ASSEMBLY OF GOVERNORS (Kigali, Rwanda, 1st August 2019) --------------------------------------- DRAFT REPORT OF THE EXPERIENCES AND INITIATIVES OF AACB MEMBER CENTRAL BANKS IN FINTECH AND CYBER SECURITY --------------------------------- SUMMARY Accronyms 3 Liste of tables et graphics 4 Summary 5 I. Introduction 7 II. Presentation of the replies to the questionnaire 7 2.1. Development of FinTech 7 2.1.1. Financial services 7 2.1.2. Crypto-currencies 11 2.2. Cybersecurity 13 III. Analysis of the results of the survey 14 3.1. Categorization of Central banks 14 3.2. Needs of central banks and definition of priorities 20 IV Perspectives 22 4.1. Upgrading of the infrastructure and supervision framework 22 4.2. Experience sharing on laws and practices in order to adopt common approach 23 4.3. Information follow-up and assessment of the cyber-preparedness in central banks 24 V. Conclusion and recommendations 25 2 ACCRONYMS AACB Association of African Central Banks AFI Alliance for Financial Inclusion AMF Arab Monetary Fund AML/CFT Anti Money Laudering/Combating the Financing of Terrorism AMCP African Monetary Cooperation Program AI Artificial Intelligence AU African Union AUC Africa Union Commission BCEAO Banque Centrale des Etats de l'Afrique de l'Ouest BEAC Banque des Etats de l'Afrique Centrale BIS Bank of International Settlement CAR Central Africa Republic CERT Computer Emergency Response Team CBUMOA Commission Bancaire de l'UMOA DTL/DRT Distributed Registries Technology ECOWAS Econonmic Community of West African States CEEAC Economic Community of Central African States CEMAC Economic and Monetary Community of Central Africa COBAC Commision Bancaire de l'Afrique Centrale COMESA Common Market of Eastern and Southern Africa DRC Democratic republic of Congo EAC East Africa Community EAPS East Africa Payment Systems IMF International Monetary Fund MAU Maghreb Arabe Union REC Regional Economic Community SADC Southern African Development Community CSF Comittee of Financial Stability WAMZ West African Monetary Zone WEAMU West African Economic and Monetary Union 3 LIST OF TABLES AND GRAPHICS TABLES Table 1 Grouping of central banks according to the level of progress of the FinTech monitoring framework 16 (including cryptocurrencies) Table 2 Grouping of Central banks according to the level of progress of the cybersecurity monitoring framework 17 Table 3 Grouping of Central banks according to the level of progress in FinTech and cybersecurity 18 Table 4 Improvement actions for upgrading infrastructure and supervisory frameworks 22 Table 5 Improvement actions for sharing experiences on laws and practices 23 Table 6 Actions to improve cybersecurity 24 GRAPHICS Graph 1 Number of central banks with specific unit dedicated to FinTech 8 Graph 2 Number of central banks with specific FinTech regulations 9 Graph 3 Number of central banks with FinTech risk analysis framework 10 Graph 4 Number of central banks that have detected the circulation of cryptocurrency in their economy 11 Graph 5 Number of central banks with Cryptocurrency Reflexion Unit 11 Graph 6 Number of central banks favoring Cryptocurrency Regulations 12 Graph 7 Number of central banks with specific cybersecurity regulations 12 Graph 8 Number of central banks with a cyber-risk analysis framework 13 Graph 9 Number of central banks with Special-Unit dedicated to cybersecurity 13 Graph 10 Prioritization of cyber-skills needs 20 Graphe 11 Prioritization of Strategic Framework Development Needs, Guidelines or Standard Laws 21 Graph 12 Prioritization of Information Sharing and Intelligence Needs 21 Graph 13 Prioritization of computer security update requirements 21 Graph 14 Number of central banks favoring FintTech information sharing 23 Graph 15 Number of central banks willing to participate in a plateform of FinTech information sharing 23 Graph 16 Number of central banks sharing cyber-incident informations 24 Graph 17 Number of central banks able to bring support against cyber-attack 24 4 Summary The results of the survey reveal that African central banks, as a whole, have weighted up the impact of FinTech on the monetary sector and the banking landscape. African central banks are engaged in setting policies to further identify the benefits and risks of using FinTech. However, they are not at the same level of progress in setting up the device required for this purpose. With regard to financial services, significant progress has been made. According to the survey results, most African central banks have a regulatory framework that is adapted or in the process of being modified to integrate new financial services and new means of payment. In addition, of the 31 central banks that responded to the questionnaire, 9 have an operational FinTech Unit and 6 are in the process of setting up Units specifically dedicated to FinTech. These initiatives are implemented in relation with the other economic actors involved as part of a global financial inclusion strategy. The cryptocurrency problem has, however, appeared less well mastered by African central banks, probably because of the limited volume of these assets on African markets. There is also a problem of availability of relevant statistical data on transactions in cryptocurrencies. The survey results indicate that most African central banks have made arangements warning people about the risks to potential cryptocurrency users. To date, the impact of cryptocurrencies on financial stability is under study in most African central banks. Of the 31 central banks that answered the questionnaire, 13 have a focus group dedicated specifically to the study of cryptocurrencies. In terms of cybersecurity, the results of the survey show that almost all African central banks have taken steps to identify cybercrime and have put in place a mechanism to combat it. However, the compliance of existing devices with international standards varies from one central bank to another. The internal organizational structure and the framework for information exchange, which are the essential components of the cybersecurity system, are in different stage in most African central banks. Of the 31 central banks that responded to the questionnaire, 11 have a dedicated structure for monitoring cyber risks. Taking into account the level of progress and priorities, the initiatives undertaken by the African central banks continue to be at the individual level. They could be undertaken alongside actions taken in identified groups, by sub-region and continent-wide. With regard to cryptocurrencies, the African central banks, at the individual level, seem to be giving priority to the establishment of specialized units and to increase the participation of these units in international forums on cryptocurrencies. Similarly, in the area of cybersecurity, African central banks at the individual level continue to set up specialized units, which will cooperate with other central banks and participate in the exchange of data, techniques and tactics for detection of cyberattacks. In view of the stakes, African central banks have expressed needs for training, information and infrastructure. The reinforcement of cyberskills appears to be the first concern. Indeed, African central banks are considering extending the scope of investigation of the establised FinTech Units, to cover the study of cryptocurrencies and cybersecurity. To ensure greater efficiency, emphasis should be placed on collaboration between central banks, particularly in terms of exchange of experiences and data at the national level (with other actors), at continental level (between African central banks) and at the international level (with the specialized referenced institutions). As recommendations, each central bank could set up a FinTech Unit, whose area of investigation covers financial services, cryptocurrency studies and cybersecurity. The central bank could possibly create a specific Unit devoted to each of the three components mentioned above. In view of the information exchange needs in the field of cryptocurrencies and cybersecurity, the continent-wide common organization could be envisaged according to several options: • The continent-wide creation of a FinTech-Cybersecurity Unit that would address all FinTech related issues, including cryptocurrencies, as well as cybersecurity. The creation of such a continental unit will foster the formation of a continental network among African central banks, particularly on the issue of cybersecurity. • The creation of two separate working groups, one dedicated to FinTech (including cryptocurrencies) and the other to cybersecurity. These working groups could be set up around the central banks which seem to be the best equipped in these respective fields. 5 I. Introduction Following its meeting held in Sharm El Sheikh, Egypt, on August 9, 2018, the Assembly of Governors of the AACB took note of the conclusions and recommendations of the Continental Seminar organized by the Banque des Etats de l'Afrique Centrale (BEAC), from 14 to 16 May 2018 in N'Djamena, Chad, on the theme "Financial Technology Innovations (FinTech), Cybercrime: Challenges for Central Banks". The conclusions of the Continental Seminar highlighted, in particular, the need for central banks to closely monitor FinTech developments in order to fully understand the benefits and potential risks. On this point, the Governors urged African central banks to
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