NCBA Group has announced new initiatives to bolster cybersecurity for SACCOs. They showcased its suite of SACCO Banking Solutions designed to enhance cyber defences and operational efficiency. The announcement was made during a forum held at the Serena Hotel, Nairobi. Where key stakeholders gathered to address the growing challenges SACCOs face in the digital age.
Bolstering Cybersecurity for SACCOs
The innovative solutions presented by NCBA include Virtual Accounts for Diaspora Remittances, Check-Off Automation, Open Banking, and Automated Direct Debits. These technologies were designed to improve service delivery, streamline operations, and fortify SACCOs against the rising tide of cyber threats.
“SACCOs are pivotal to Kenya’s economic landscape, and enhancing collaboration between the government and the private sector is essential to strengthening their resilience.” Said Wycliffe Oparanya, Cabinet Secretary for Co-operatives and MSMEs Development, during the NCBA SACCO Banking Forum. “We commend NCBA for its leadership in cybersecurity innovation and reaffirm our commitment to fostering a supportive environment for SACCOs. Through digital transformation initiatives and policy reforms that drive sustainable growth and financial inclusion.”
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Evolving Cyber Threats
The forum also addressed significant challenges SACCOs face. It included the high costs of ICT infrastructure, evolving cyber threats, and a lack of specialized personnel to manage and mitigate risks. These barriers underscore the urgent need for SACCOs to invest in technology and upskill their workforce to remain competitive.
“Collaboration between the private sector, SACCOs, and the Government is crucial in driving Kenya’s economic transformation.” Said John Gachora, NCBA Group Managing Director, at the event. “SACCOs are a cornerstone of our economy, controlling over 30% of national savings and contributing over 40% of the GDP. We commend the Government for its ongoing efforts to create a conducive regulatory environment. NCBA’s commitment to SACCO innovation led to a $31 million investment in cybersecurity. This will ensure the safety and security of our clients.”
The event highlighted the broader competitive landscape, emphasizing that leveraging technology is not just an option but a necessity for SACCOs to secure their operations and enhance service delivery in a rapidly evolving financial sector.
