Trust, Data, and the Future of Finance Take Centre Stage at 2025 Banking Industry Symposium
Data privacy, trust, and digital resilience topped the agenda at the 2025 Banking Industry Symposium, where financial regulators, ICT leaders, and public and private sector stakeholders gathered to examine the evolving role of data in shaping the future of finance.
Held under the theme “Impact of Data Privacy on Financial Institutions,” the symposium attracted thought leaders from across Zambia and the Southern African Development Community (SADC). Hosted in Lusaka, the event served as a strategic platform for collaboration on digital policy, innovation, and cyber risk.
Minister of Technology and Science Hon. Felix Mutati delivered the keynote, emphasizing that “data is the new currency,” and warning that failure to invest in cybersecurity infrastructure poses a national and global threat. “Protecting trust in digital systems must be our top priority,” he said, outlining five pillars for safeguarding digital trust—ranging from digital literacy and infrastructure to cross-sector collaboration.
Bankers Association of Zambia (BAZ) Chairperson Ms. Lowani Chibesakunda called for stronger data governance to secure consumer confidence. She highlighted the importance of proactive industry engagement in tackling cyber threats and adapting to global compliance standards.
Stanbic Bank Zambia CEO Mr. Mwindwa Siyakalima advocated for the integration of privacy-by-design systems and the appointment of Data Protection Officers (DPOs) across financial institutions. He emphasized the role of privacy in expanding digital financial inclusion and building competitive advantage.
On behalf of the Bank of Zambia Governor, Assistant Director for Examinations and Surveillance Lyness Mambo outlined reforms currently underway to boost financial sector cybersecurity. These include the rollout of new electronic money directives, cyber risk guidelines, and the formation of a national Financial Sector Cyber Response Team. Mambo stressed that “a single data breach today is no longer just a technical glitch—it is a legal and reputational crisis.”
A high-level panel of data protection regulators from Zambia, Zimbabwe, Eswatini, Tanzania, and South Africa discussed harmonizing SADC data laws to foster regional cooperation while upholding consumer privacy.
Standard Bank’s Group Head of Data Privacy, Mr. Derek de Koker, shared a continental perspective on managing compliance across multiple jurisdictions, showcasing how integrated governance can enhance operational security and consumer trust.
The event also featured a demonstration of Stanbic’s innovative compliance tools, including StanPay, aimed at protecting customer data while enhancing user experience.
As conversations closed, one message was clear: financial institutions can no longer afford to treat data privacy as a technical add-on. It must become a core governance and customer engagement priority.
“Cyber resilience is not optional—it is foundational,” said one panellist, summarizing the collective commitment of industry stakeholders to building a secure, transparent, and inclusive financial system in the digital age.
