NCBA on Monday hosted its SACCO Banking Division customers in a forum focused on helping them bolster their defenses against the growing threat of cyber-attacks.
Held at the Serena Hotel in Nairobi, the event brought together key stakeholders to discuss the pressing cybersecurity challenges facing Saccos in the digital era.
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.
Speaking at the event, NCBA Group Managing Director, John Gachora, highlighted NCBA’s role in providing innovative solutions and enhancing cybersecurity measures with a spend of $5 million last year to fortify its cybersecurity infrastructure.
‘’We have invested in cutting-edge technology such as cloud migration, data quality management, server upgrade, robust protocols such as security assurance, information security awareness programs, vendor/ third party security control, data security controls, fraud management system firewalls to detect, prevent and respond to threats promptly,’’ he said.
In a speech delivered by PS Susan Mangen, Wycliffe Oparanya, the Cabinet Secretary for Co-operatives and MSMEs Development, commended NCBA for its leadership in cybersecurity innovation. He also emphasized the government’s commitment to creating a supportive environment for SACCOs by promoting digital transformation initiatives and implementing policy reforms aimed at driving sustainable growth and enhancing financial inclusion.
The forum further 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.
NCBA 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 cyber defences, and improve service delivery for SACCOs.
