NCBA Sacco Banking Cybersecurity Forum

Ps Susan Mangeni represented the Cabinet Secretary, Hon. Wycliffe Oparanya this morning at the NCBA Sacco Banking Cybersecurity Forum which hosted Customers in the Sacco Banking Division for a discussion on strategies to protect SACCOs from cyberattacks.

The PS has emphasized on  the importance of collaboration and partnership as a solution if mitigating  the risks that frustrate cooperatives.

''By partnering with financial institutions, technology providers and cybersecurity experts SACCOs can gain access to the latest tools, technologies and expertise needed to safeguard their operations'' Mangeni quoted.

SACCOS are key in contributing to financial inclusion in Africa as they contribute around 10% to 20% of total financial inclusion efforts, with Kenya leading in membership, deposits, and loan issuance.
 
Reports indicate that the high cost of acquiring and maintaining ICT hardware and software and the dynamic nature of cyberattacks are among the major security concerns that SACCOs face. 

The SACCO banking Sector has been instrumental in driving financial inclusion and the economic empowerment of Kenyans. Across Africa, there are approximately 40 million SACCO members, with a significant portion (about 35%) located in Kenya alone.

The PS commended NCBA's dedication to continuously improving the economy and its efforts in protecting its customers from Cyberattacks through continuous capacity building and technology advancement. The Kenyan Government is strongly committed to supporting SACCOs as part of its broader efforts to promote financial inclusion and economic development.