NCBA has launched a new suite of banking solutions aimed at bolstering cybersecurity and improving operational efficiency for SACCOs. The introduction of these innovative solutions, unveiled during an event focusing on NCBA’s Sacco Banking Division customers, seeks to address the escalating threat of cyber-attacks and enhance the overall performance of SACCOs.
Key solutions presented during the event include Virtual Accounts for Diaspora Remittances, Check-Off Automation, Open Banking, and Automated Direct Debits. These cutting-edge offerings are designed to streamline operations, reinforce cyber defenses, and elevate service delivery within SACCOs, addressing crucial operational challenges these institutions face.
During the event, John Gachora, the Managing Director of NCBA Bank, underscored the pivotal role of SACCOs in Kenya’s economy and advocated for collaborative efforts between SACCOs, the government, and the private sector. Gachora emphasized NCBA’s commitment to cybersecurity, revealing a significant investment of $31 million in the previous year towards enhancing the Group’s cybersecurity infrastructure.
Susan Mang’eni, representing Wycliffe Oparanya, Cabinet Secretary for Co-operatives and MSMEs Development, highlighted the vital role of SACCOs in Kenya’s economic landscape and called for strengthened collaboration between the government and the private sector to fortify SACCOs against cyber threats. Mang’eni commended NCBA for its leadership in cybersecurity innovation and reaffirmed the government’s support for SACCOs through digital transformation initiatives and policy reforms to promote sustainable growth and financial inclusion.
The event also addressed critical challenges faced by SACCOs, including the high costs of ICT infrastructure acquisition and maintenance, evolving cyber threats, and limited human resource capacity to combat emerging threats in real time. Additionally, it emphasized the importance of SACCOs investing in technological advancements and upskilling their workforce.
The event stressed SACCOs’ need to leverage technology and enhance their service delivery to stay competitive in the evolving financial landscape.
Overall, the event served as a pivotal platform for addressing the urgent need for cybersecurity enhancements within SACCOs and charted a path forward for these institutions to navigate the digital age securely and efficiently.
