NCBA PARTNERS WITH SACCOS  IN A  DRIVE  TO  STRENGTHEN  CYBER SECURITY MEASURES

NCBA  recently   hosted its  savings and credit  co-operatives  (Sacco)  banking division customers in a forum aimed at guiding them to strengthen their defences against the escalating wave of cyber-attacks. During the engagement, key stakeholders gathered to address the critical challenges facing Saccos in the digital age.

The Group’s suite of innovative Sacco banking solutions includes :  virtual accounts for diaspora remittances, check-off automation, open banking, and automated direct debits. The solutions are designed to enhance operational efficiency, strengthen cyberdefences, and improve service delivery for SACCOs.

Speaking at the event, NCBA Group Managing Director, John Gachora, emphasized the importance of collaboration between the private sector, SACCOs, and the government in driving Kenya’s economic transformation. He acknowledged SACCOs as pivotal players  in the growth  of   Kenya`s economy as they currently control over 30% of national savings. By the same token,  they   contribute over 40% of the country’s Gross Domestic Product  (GDP). Mr. Gachara   praised the government’s ongoing support in creating a conducive regulatory environment.  Further, he  highlighted NCBA’s role in providing innovative solutions and enhancing cybersecurity measures with a spend of $31million last year to fortify its cybersecurity infrastructure.

Pressing issues

The event highlighted several pressing concerns within the sector, notably the high costs associated with acquiring and maintaining information and communication technology (ICT) infrastructure and the ever-evolving nature of cyber threats. These factors have emerged as significant barriers to the implementation of effective cyber-security strategies within Saccos.

Wycliffe Oparanya, Cabinet Secretary for co-operatives and MSMEs development, underscored the pivotal role SACCOs play in Kenya’s economic landscape. He stressed the need for enhanced collaboration between the government and private sector to strengthen SACCOs’ resilience. Oparanya praised NCBA for its leadership in cybersecurity innovation, reaffirming the government’s commitment to fostering a supportive environment for SACCOs through digital transformation initiatives and policy reforms to drive sustainable growth and financial inclusion.

Moreover, the limited human resource capacity to address emerging threats in real time was identified as a core issue preventing Saccos from staying ahead of cybercriminals. The lack of specialised personnel to manage and mitigate risks underscores the urgent need for Saccos to invest in technological advancements and upskill their workforce.

The discussion also touched on the broader competitive landscape, with an overview that leveraging technology is not just essential but a prerequisite for Saccos to remain relevant and competitive. In an environment where financial institutions are rapidly adopting innovative technologies, Saccos must not only secure their operations but also enhance their service delivery to keep pace with industry peers.