In its most recent initiative, the NCBA bank convened a gathering at Serena Hotel, Nairobi for its Sacco Banking clients. The meeting was a discussion to help them improve their defences against the ever-growing cyber threats.

Some of the Sacco Banking solutions offered by NCBA in a bid to increase efficiency, fortify cyber-security and streamline SACCO services include:

• Virtual Accounts for Diaspora Remittances
• Check Off Automation
• Open Banking
• Automated Direct Debits

During his speech, NCBA Group Managing Director John Gachora asserted the need for teamwork between the private sector, SACCOs and the government, in pushing Kenya’s economic growth.

As at now, these cooperatives control more than 30% of national savings in Kenya and contribute over 40% of the country’s GDP. Gachora praised the government for creating a supportive regulatory environment.

He also touched on NCBA’s commitment to developing innovative solutions that improve cybersecurity. In the previous year, the bank invested Sh. 3.9 billion ($31 million) to strengthen its cybersecurity systems.

“I can confidently say that NCBA can detect most cyberattack activities within seconds. SACCOs can adopt similar approaches. I want to reiterate that the future of SACCOs and the entire financial sector lies in our ability to build resilient systems,” he said.

The high costs of setting up and maintaining state-of-the-art ICT facilities were brought to attention at the event.

“For financial institutions, it has been said that ‘It takes 20 years to build a reputation, and a few minutes of a cyber incident ruin it all’. Cybersecurity is just that important!”

This is regarded as one of the biggest barriers to the implementation of effective cyber-security strategies within Saccos. However, all financial institutions need to put their best foot forward to curb the evolving nature of cyber threats.

Gachora on banking with his father as NCBA opens Limuru, Githunguri branches

Cabinet Secretary for Co-operatives and MSMEs Development, Wycliffe Oparanya stressed the role SACCOs have in shaping Kenya’s economy during the forum.

He explained that there was improved cooperation between the government and private sector to strengthen SACCOs.

Furthermore, he commended NCBA for leading in the cybersecurity space through its advancements assuring of the government’s dedication to supporting SACCOs through digital transformation.

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.

“As we navigate the complexities of the digital age, let us work together to create a SACCO banking environment that is secure, trustworthy, and capable of protecting the financial well-being of millions of Kenyans,” the CS stated.

Currently, there is a shortage of skilled personnel to handle and reduce risks. This presents a pressing need for SACCOs to invest in tech upgrades and improve staffing.

Technology adoption is important for all financial institutions to stay relevant and competitive. Saccos need to both protect their operations and improve their service delivery to stay on par with industry competitors.