On Monday, NCBA hosted a pivotal forum for its SACCO Banking Division customers at the Serena Hotel in Nairobi, focusing on fortifying defenses against the growing threat of cyber-attacks. The event brought together key stakeholders to address the significant cybersecurity challenges faced by SACCOs in the digital age.
The forum highlighted critical concerns within the sector, including the high costs associated with acquiring and maintaining Information and Communication Technology (ICT) infrastructure, as well as the ever-evolving nature of cyber threats. These challenges have been identified as major barriers to the implementation of effective cybersecurity strategies within SACCOs.
NCBA Group Managing Director, John Gachora, addressed the event, emphasizing the bank’s commitment to cybersecurity with a $5 million investment in 2023. This investment has been directed towards advanced technologies such as cloud migration, data quality management, server upgrades, and robust security protocols, including fraud management systems and firewalls.
In a speech delivered by PS Susan Mang’eli, Cabinet Secretary Wycliffe Oparanya commended NCBA for its leadership in cybersecurity innovation. Oparanya also reiterated the government’s commitment to fostering a supportive environment for SACCOs through digital transformation initiatives and policy reforms aimed at promoting sustainable growth and financial inclusion.
The forum underscored the importance of leveraging technology not just as an option but as a necessity for SACCOs to remain relevant and competitive. As the financial industry rapidly adopts new technologies, SACCOs must enhance their cybersecurity measures and service delivery to keep pace with industry developments.
NCBA’s suite of innovative SACCO Banking solutions—including Virtual Accounts for Diaspora Remittances, Check-Off Automation, Open Banking, and Automated Direct Debits—is designed to enhance operational efficiency, strengthen cybersecurity, and improve service delivery. These solutions reflect NCBA’s ongoing commitment to supporting SACCOs in achieving their operational and security objectives.
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