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Nairobi, Kenya – 9th September 2024 – NCBA today convened a crucial forum for its Sacco Banking Division customers, aimed at bolstering their defenses against the rising tide of cyber-attacks. Held at Serena Hotel in Nairobi, the event brought together key stakeholders to address the pressing cybersecurity challenges faced by SACCOs in the increasingly digital financial landscape.
During the forum, NCBA unveiled its suite of innovative Sacco Banking solutions, including Virtual Accounts for Diaspora Remittances, Check-Off Automation, Open Banking, and Automated Direct Debits. These solutions are designed to enhance operational efficiency while simultaneously strengthening cyber defenses, ultimately improving service delivery for SACCOs.
John Gachora, NCBA Group Managing Director, underscored the significance of collaboration between the private sector, SACCOs, and the government in driving Kenya’s economic transformation. He emphasized the critical role SACCOs play in the country’s economy, noting that they currently control over 30% of national savings and contribute more than 40% of the GDP. Gachora also highlighted NCBA’s commitment to supporting SACCOs by investing $31 million last year to fortify its own cybersecurity infrastructure.
“The government has been instrumental in creating a conducive regulatory environment, and as a financial institution, NCBA is dedicated to providing innovative solutions that not only enhance operational efficiency but also significantly bolster cybersecurity measures within SACCOs,” Gachora remarked.
Wycliffe Oparanya, Cabinet Secretary for Co-operatives and MSMEs Development, also spoke at the event, acknowledging the indispensable role of SACCOs in Kenya’s economic framework. He stressed the need for enhanced collaboration between the government and the private sector to reinforce SACCOs’ resilience against cyber threats. 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.
The forum addressed several key concerns within the sector, particularly the high costs associated with acquiring and maintaining Information and Communication Technology (ICT) infrastructure and the constantly evolving nature of cyber threats. These challenges have posed significant barriers to the implementation of effective cybersecurity strategies within SACCOs.
Another critical issue discussed was the limited human resource capacity to address emerging threats in real time. The lack of specialized personnel to manage and mitigate cybersecurity risks highlights the urgent need for SACCOs to invest in technological advancements and workforce upskilling.
The discussions also touched on the broader competitive landscape, emphasizing that leveraging technology is essential for SACCOs to remain relevant and competitive. In an industry 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 their peers.
The NCBA Sacco Banking Forum underscored the importance of cybersecurity in the digital age, marking a significant step towards empowering SACCOs to navigate the challenges of an increasingly interconnected world.
