Open banking gives third-party platforms access to financial data via APIs. This has unlocked innovations like instant loans, embedded finance and unified dashboards. But the same openness that drives innovation also expands the attack surface.

Every API call, every data-sharing agreement, and every new fintech integration becomes a possible vulnerability. If trust breaks down, the model collapses.

According to the 2024 African Financial Industry Barometer, 59 percent of financial institutions in Africa cite cybercrime as a top concern. South Africa already ranks 14th globally in the average cost of a data breach. Fortinet’s Global Threat Landscape Report 2025 places the EMEA region second worldwide in the number of recorded exploitation attempts.

“In open banking, trust is currency, and security is what backs it,” says Paul Williams, Fortinet’s Country Manager for South Africa.

The GSMA also warns that as APIs proliferate, so do the risks of misuse and personal data exposure. With more than 350 million adults in sub-Saharan Africa still unbanked, this expansion is necessary, but it cannot come at the cost of basic digital safety.

A blueprint for secure open banking

To keep the system resilient, Fortinet recommends five pillars for cybersecurity in open banking:

1. API security
   APIs are now entry points to sensitive financial data. Protecting them requires advanced firewalls, bot detection, and AI-powered inspection tools like Fortinet’s FortiWeb.
2. Zero Trust access
   Trust should never be assumed. All users, devices and systems must be continuously verified.
3. Third-party risk management
   Every integration with a fintech or data service should include rigorous oversight, from compliance to ongoing monitoring.
4. Data privacy and consent governance
   Customer data must only be used with clear, enforced consent. With multiple institutions in the chain, visibility across data flows is critical.
5. Cloud-native security
   Most open banking platforms run on hybrid or multi-cloud environments. Security must follow the workload and be integrated into the architecture from the start.

You can find a detailed breakdown of Fortinet’s approach to these principles at their financial services solutions hub.

Regulation is only part of the solution

South Africa, Kenya and Nigeria have all made progress in developing open banking policy frameworks and licensing structures. But compliance alone will not secure an ecosystem.

Forward-looking banks are already implementing protocols like OAuth 2.0 and OpenID Connect, as well as using machine learning for real-time fraud detection. The goal is not just security. It is competitive advantage.

Trust is not optional

Open banking has the potential to dramatically increase financial inclusion, improve cost-efficiency and support a new generation of digital-first African consumers. But all of that depends on a single factor: trust.

Security is not a feature that can be added after the fact. It is what makes the whole model viable in the first place.

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