NCBA Partners with SACCOs to Enhance Cybersecurity Solutions
NCBA Group has partnered with SACCOs to offer innovative banking solutions designed to improve operational efficiency, strengthen cyber defenses, and enhance service delivery. These will include Virtual Accounts for Diaspora Remittances, Check-Off Automation, Open Banking, and Automated Direct Debits.
Speaking during the NCBA Group’s Sacco Banking Cyber Security Conference, John Gachora, NCBA Group managing director, emphasized the importance of partnerships between the private sector, SACCOs, and the Government in driving Kenya’s economic transformation.
Gachora lauded SACCOs for their substantial contribution to Kenya’s economy, controlling over 30% of savings and contributing over 40% of GDP. He commended the government’s support for a favorable regulatory climate and emphasized NCBA’s role in innovation and cybersecurity, with a $31 million investment in cybersecurity infrastructure last year.
“Today, I can confidently say that NCBA can detect most cyberattack activities within seconds. SACCOs can adopt similar approaches to proactively assess their cybersecurity posture, discover vulnerabilities, and fix them before they can be exploited by cybercriminals,” Mr. John Gachora noted.
“Our experience shows that with the right governance, compliance, and partnerships with cybersecurity experts, SACCOs can significantly reduce their vulnerability to cyberattacks,” Gachora added.
Wycliffe Oparanya, Cabinet Secretary for Co-operatives and MSMEs Development, highlighted the crucial role SACCOs play in Kenya’s economy. In his speech delivered by PS Susan Mangen, he emphasized the importance of stronger collaboration between the government and the private sector to bolster SACCO resilience.
“By partnering with financial institutions, technology providers, and cybersecurity experts, SACCOs can gain access to the latest tools, technologies, and expertise needed to safeguard their operations,” Mangeni quoted.
Oparanya also commended NCBA for its leadership in cybersecurity innovation and reaffirmed the government’s commitment to creating a supportive environment for SACCOs through digital transformation initiatives and policy reforms, aimed at promoting sustainable growth and financial inclusion.
Read: Georgina Mukami Odhiambo Joins NCBA Bank as Head of IT Retail Banking
The NCBA Group’s Sacco Banking Cyber Security Conference, held at the Serena Hotel in Nairobi, gathered key stakeholders to address the critical cybersecurity challenges facing SACCOs in the digital age.
Discussions focused on several key concerns in the sector, particularly the high costs of acquiring and maintaining Information and Communication Technology (ICT) infrastructure and the constantly evolving nature of cyber threats.
Additionally, the limited capacity of human resources to address emerging threats in real time was highlighted as a major challenge preventing SACCOs from staying ahead of cybercriminals.
The discussion also explored the broader competitive landscape, noting that leveraging technology is not only essential but a prerequisite for SACCOs to remain relevant and competitive.
