NCBA has introduced new banking solutions to support SACCOs. The event, tailored for the Group’s Sacco Banking Division customers, addressed the escalating threat of cyber-attacks and provided solutions aimed at enhancing both cybersecurity and operational efficiency.
The group unveiled a suite of advanced SACCOs Banking Solutions designed to address key operational challenges faced by SACCOs. The solutions presented include Virtual Accounts for Diaspora Remittances, Check-Off Automation, Open Banking, and Automated Direct Debits. These innovations are crafted to not only streamline operations but also to fortify cyber defences and elevate service delivery within SACCOs.
Speaking at the event John Gachora, NCBA Group Managing Director, underscored the critical role of collaboration between the private sector, SACCOs, and the government in steering Kenya’s economic growth.
He acknowledged the significant impact SACCOs have on the national economy, noting their control over more than 30 percent of national savings and their contribution of over 40 percent to the country’s GDP. Gachora also highlighted NCBA’s commitment to cybersecurity, revealing that the Group invested $31 million last year to enhance its cybersecurity infrastructure.
The forum addressed several pressing concerns, including the high costs of acquiring and maintaining ICT infrastructure and the ever-evolving nature of cyber threats. These challenges have become substantial barriers to implementing robust cybersecurity strategies within SACCOs.
Speaking at the same event PS for Macro, Small and Medium Enterprises (MSMEs) Susan Mang’eni representing Wycliffe Oparanya, Cabinet Secretary for Co-operatives and MSMEs Development, emphasized the crucial role SACCOs play in Kenya’s economic landscape.
She called for strengthened collaboration between the government and private sector to enhance SACCOs’ resilience against cyber threats. PS Mang’eni praised NCBA for its leadership in cybersecurity innovation and reaffirmed the government’s commitment to supporting SACCOs through digital transformation initiatives and policy reforms designed to drive sustainable growth and financial inclusion.
The forum also highlighted the issue of limited human resource capacity to tackle emerging threats in real-time. The shortage of specialized personnel to manage and mitigate risks was identified as a significant challenge, underscoring the need for SACCOs to invest in technological advancements and upskill their workforce.
Discussion at the event also explored the broader competitive landscape, emphasizing that leveraging technology is not just beneficial but essential for SACCOs to remain relevant and competitive. As financial institutions increasingly adopt innovative technologies, SACCOs must not only safeguard their operations but also enhance their service delivery to keep pace with their industry peers.
The event served as a crucial platform for addressing the urgent need for cybersecurity improvements within SACCOs and highlighted the path forward for these institutions to navigate the digital age securely and efficiently.