NCBA has brought together its SACCO Banking Division customers at a forum held at Serena Hotel, Nairobi, to tackle one of the biggest cyber threats in today’s digital world: cyberattacks. As SACCOs embrace technology to enhance their services, the risks of cybercrime are on the rise. The event provided a platform for industry leaders to discuss solutions that will help SACCOs protect themselves from these growing threats and strengthen their defenses for the future.
At the heart of the forum were NCBA’s cutting-edge SACCO Banking solutions, which include Virtual Accounts for Diaspora Remittances, Check-Off Automation, Open Banking, and Automated Direct Debits. These tools are designed to not only boost operational efficiency but also provide SACCOs with much-needed protection against cyberattacks. By embracing these innovations, SACCOs can streamline their services, secure their systems, and stay ahead in an increasingly competitive financial landscape.
Tackling Cyber Threats Head-on
NCBA Group Managing Director, John Gachora, highlighted the crucial role that SACCOs play in Kenya’s economy, controlling over 30% of national savings and contributing more than 40% of the GDP. He stressed the need for close collaboration between the private sector, SACCOs, and the government to drive economic transformation. Gachora also praised the government’s efforts in creating a supportive environment for SACCOs and emphasized the importance of coming together to strengthen their defenses against cyber-threats.
Hon. Susan Mangeni, P.S State Department for MSMEs Development, representing Dr. Wycliffe Oparanya, Cabinet Secretary for Co-operatives and MSMEs Development, echoed these sentiments, applauding NCBA for leading the charge in cybersecurity innovation. She reinforced the government’s commitment to helping SACCOs through digital transformation initiatives and policy reforms, which will drive financial inclusion and long-term growth. She also urged SACCOs to continue investing in technology and upskilling their workforce to better handle cyber risks and remain competitive in a fast-evolving industry.
The event also highlighted key challenges, including the high costs of ICT infrastructure and the shortage of skilled professionals to combat cyber-threats in real-time. With these challenges in mind, it was clear that SACCOs needed to take bold steps to invest in the right technology and expertise to secure their future. By leveraging the latest digital solutions and collaborating with key partners, SACCOs can ensure they not only survive but thrive in the digital era.
In a world where cyber threats are evolving every day, NCBA’s forum was a wake-up call for SACCOs to level up their defenses and embrace technology for long-term success. With the right tools, partnerships, and strategies, SACCOs can strengthen their operations, protect their members, and continue to drive Kenya’s economic growth.
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