NCBA Partners with SACCOs to Bolster Cybersecurity Amid Rising Threats

In response to the growing threat of cyber-attacks, NCBA has taken significant steps to help SACCOs strengthen their digital defenses.

NCBA brought together key stakeholders from its Sacco Banking Division to discuss the critical challenges faced by these financial cooperatives in the digital age.

The event spotlighted NCBA’s innovative suite of Sacco Banking solutions, which include Virtual Accounts for Diaspora Remittances, Check-Off Automation, Open Banking, and Automated Direct Debits.

These solutions are designed to enhance operational efficiency, fortify cybersecurity, and improve service delivery for SACCOs as they navigate an increasingly digital landscape.

John Gachora, NCBA Group Managing Director, emphasized the importance of collaboration between SACCOs, the private sector, and the government in driving Kenya’s economic transformation.

He noted that SACCOs hold over 30% of the country’s national savings and contribute more than 40% to its GDP, making them a critical pillar of Kenya’s economy. Gachora also highlighted NCBA’s commitment to enhancing cybersecurity, revealing that the bank invested $31 million last year to bolster its infrastructure against cyber threats.

However, SACCOs continue to face significant challenges in adopting robust cybersecurity measures. The event outlined several key concerns, such as the high costs associated with Information and Communication Technology (ICT) infrastructure and the rapidly evolving nature of cyber threats.

These barriers make it difficult for many SACCOs to implement comprehensive cybersecurity strategies, leaving them vulnerable to increasingly sophisticated cybercriminals.

Wycliffe Oparanya, Cabinet Secretary for Co-operatives and MSMEs Development, reiterated the vital role SACCOs play in Kenya’s economic framework and emphasized the need for enhanced public-private collaboration to strengthen their resilience.

He praised NCBA for its leadership in cybersecurity innovation and reaffirmed the government’s commitment to creating a supportive regulatory environment that fosters SACCOs’ digital transformation.

One of the most pressing concerns raised was the shortage of specialized personnel capable of managing and mitigating cyber risks in real-time. This skills gap underscores the urgent need for SACCOs to invest not only in technological advancements but also in upskilling their workforce to stay ahead of emerging threats.

The discussions further underscored that leveraging technology is no longer optional for SACCOs but essential for maintaining their relevance in an increasingly competitive financial landscape.

As other financial institutions rapidly adopt innovative technologies, SACCOs must prioritize cybersecurity and service enhancements to remain competitive and protect their members’ assets.

NCBA’s continued efforts in driving digital transformation and strengthening cybersecurity highlight the growing importance of technological resilience as SACCOs strive to adapt to the demands of the modern financial ecosystem.