• BCEAO launches CEMSTRAT banking programmes with COFEB and HEC Paris
• AI boosts banking efficiency but increases cybersecurity risks, experts warn
• Banks urged to adopt AI with strong cybersecurity and phased implementation

The Central Bank of West African States (BCEAO) on Thursday launched a new cohort of its CEMSTRAT 1 and CEMSTRAT 2 executive banking certification programmes. The initiative is delivered by the West African Banking Training and Research Centre (COFEB) in partnership with HEC Paris.

As part of the launch, COFEB hosted an international online masterclass on the role of artificial intelligence (AI) in banking cybersecurity. The session, titled “Artificial Intelligence and Banking Cybersecurity: Operationalizing a Dual Transformation,” was led by Marc Israel, a specialist in digital transformation and cybersecurity and founder of Aetheis, a firm focused on AI applications in Africa.

AI adoption accelerates, but risks intensify

Israel said AI is becoming a key competitive tool for banks, with growing applications in fraud detection, risk analysis and customer relationship management.

However, he warned that the same technologies are being used by cybercriminals to enhance the sophistication of attacks. This is increasing the risk of financial losses linked to security breaches, service disruptions and loss of customer trust.

Fernand Aboutou, adviser to the director general of COFEB, said the banking sector is increasingly exposed to cyberattacks due to the value of its assets, the sensitivity of the data it holds and its systemic role in the economy.

While AI improves fraud detection and automates incident response, it also equips attackers with more effective tools, raising the success rate of cyber intrusions, he added.

The BCEAO and COFEB make one point clear. Digital transformation in banking cannot be pursued without robust cybersecurity frameworks.

A pragmatic approach to implementation

Israel outlined a step-by-step approach for banks seeking to integrate AI while managing cybersecurity risks.

The first step is to assess IT maturity, including identifying vulnerabilities, mapping the attack surface and gaining a clear understanding of data systems. This process needs to be conducted regularly.

The second step is to prioritise “quick wins”, small-scale projects that deliver high impact with limited resources. These initiatives help strengthen governance and build internal capabilities.

Banks should also run proof-of-concept projects and set up sandbox environments to test systems securely before deployment.

Israel added that investing in talent, both through recruitment and training, and allocating dedicated cybersecurity budgets are critical to strengthening resilience.

Strengthening strategic capabilities

The masterclass forms part of a broader BCEAO strategy to strengthen the capabilities of financial sector executives.

The objective is both economic and institutional. It is to equip decision-makers with the skills needed to navigate technological, regulatory and geopolitical disruptions.

The new CEMSTRAT programmes will focus on key areas of the digital economy, legal and financial risks, crisis management, value creation and emerging business models.

The emphasis is shifting away from tool-based training toward a broader transformation in banking governance, as institutions adapt to an increasingly complex operating environment.