NCBA Group has introduced a range of advanced banking solutions designed to help SACCOs improve their cybersecurity measures and streamline operations.

These innovations were presented during a forum at the Serena Hotel, Nairobi, in response to the growing digital threats faced by SACCOs and the need for enhanced operational efficiency.

The new solutions include Virtual Accounts for Diaspora Remittances, Check-Off Automation, Open Banking, and Automated Direct Debits.

Each of these tools aims to address both the operational challenges and cybersecurity risks that SACCOs are increasingly encountering as the financial sector embraces more digital technologies.

John Gachora, Managing Director of NCBA Group, highlighted the critical role SACCOs play in Kenya’s economy, noting that they control over 30 per cent of the nation’s savings and contribute more than 40 per cent of the country’s GDP.

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He emphasised the importance of collaboration between SACCOs, the private sector, and the government to drive Kenya’s economic transformation.

Gachora also shared that NCBA had made a significant investment of $31 million (approximately Sh4 billion) in the previous year to strengthen its cybersecurity infrastructure, demonstrating the group’s commitment to safeguarding its systems against the rising tide of cyber-attacks.

The forum addressed several challenges facing SACCOs, particularly the high costs associated with acquiring and maintaining Information and Communication Technology (ICT) infrastructure.

These costs have hindered many SACCOs from implementing effective cybersecurity measures, leaving them vulnerable to increasingly sophisticated cyber threats.

Furthermore, the shortage of skilled personnel within SACCOs has made it difficult to manage and mitigate risks in real-time.

Wycliffe Oparanya, Cabinet Secretary for Co-operatives and MSMEs Development, emphasised the need for greater cooperation between the government and the private sector to strengthen the resilience of SACCOs.

He acknowledged the pivotal role SACCOs play in Kenya’s financial landscape and praised NCBA for its leadership in cybersecurity innovation.

Oparanya also reaffirmed the government’s commitment to supporting SACCOs through digital transformation initiatives and policy reforms aimed at promoting financial inclusion and sustainable growth.

The forum concluded with a focus on the competitive pressures facing SACCOs, highlighting the necessity of adopting advanced technological solutions to remain relevant in a rapidly evolving financial sector.

To stay competitive, SACCOs must not only enhance their cybersecurity but also improve service delivery to meet the demands of a digital economy.

NCBA’s new solutions offer a pathway for SACCOs to achieve this, helping them fortify their operations and thrive in the digital age.