NCBA splashes Sh6.5B to fortify its cybersecurity infrastructure
Enterprise
By
Sofia Ali
| Sep 10, 2024
NCBA on Monday hosted its sacco banking division customers in a forum aimed at guiding them to strengthen their defences against the escalating wave of cyberattacks.
During the engagement held in Nairobi, key stakeholders gathered to address the critical challenges facing Saccos in the digital age.
The group’s suite of innovative sacco banking solutions includes virtual accounts for diaspora remittances, check-off automation, open banking, and automated direct debits.
The solutions are designed to enhance operational efficiency, strengthen cyber defences, and improve service delivery for saccos.
Speaking at the event, NCBA Group Managing Director John Gachora emphasised the importance of collaboration between the private sector, saccos and the State in driving economic transformation.
He acknowledged Saccos as pivotal to the economy as they control over 30 per cent of national savings and contribute over 40 per cent of the country’s gross domestic product.
He lauded the State‘s ongoing support in creating a conducive regulatory environment.
Gachora highlighted NCBA‘s role in providing innovative solutions and enhancing cybersecurity measures with a spend of $31 million (Sh6.5 billion) last year to fortify its cybersecurity infrastructure.
The event highlighted several pressing concerns within the sector, notably the high costs associated with acquiring and maintaining Information and Communication Technology (ICT) infrastructure and the ever-evolving nature of cyber threats.
These factors have emerged as significant barriers to the implementation of effective cybersecurity strategies within Saccos. Cabinet Secretary for Co-operatives and Micro Small and Medium Enterprises Development Wycliffe Oparanya stressed the need for enhanced collaboration between the government and private sector to strengthen saccos’ resilience.
He reaffirmed the government’s commitment to fostering a supportive environment for saccos through digital transformation initiatives and policy reforms to drive sustainable growth and financial inclusion.
The lack of specialised personnel to manage and mitigate risks remains a key risk for saccos.