NAIROBI, Kenya- NCBA Bank has announced a significant Sh644 Million investment aimed at bolstering its cybersecurity infrastructure in 2023.
This announcement, made by NCBA Group Managing Director John Gachora during a forum with SACCO Banking Division customers, underscores the bank’s commitment to protecting digital assets and ensuring customer data security amid rising cyberattacks.
NCBA’s multimillion-dollar investment includes a range of advanced technologies to protect its systems and customers.
“We have integrated cloud migration, server upgrades, and enhanced data quality management into our cybersecurity strategy,” Gachora said.
The bank has also introduced stringent protocols, including vendor security controls and fraud management firewalls designed to detect and neutralize threats in real-time.
“Today, I can confidently say that NCBA can detect most cyberattack activities within seconds,” Gachora added.
For SACCOs looking to ramp up their own defenses, this partnership forum—held at Nairobi’s Serena Hotel—offered valuable insights on how to navigate the increasingly complex cybersecurity landscape.
Key challenges facing SACCOs include high ICT infrastructure costs and the constantly evolving nature of cyber threats, which often outpace available technology and resources.
During the event, NCBA showcased its robust suite of SACCO Banking solutions, which include Virtual Accounts for Diaspora Remittances, Check-Off Automation, and Open Banking.
These services not only boost operational efficiency but also come with enhanced cyber defense mechanisms, ensuring SACCOs can safeguard their operations while offering seamless service to their members.
The Group’s Automated Direct Debits solution was also highlighted as a key driver in reducing human error and boosting security—a critical step in building a resilient future for SACCOs.
According to Gachora, the future of the financial sector hinges on resilience, particularly for SACCOs. “Resilience is about anticipating threats and implementing measures that keep us a step ahead,” he emphasized.
He urged SACCOs to adopt best practices, remain informed about the latest cybersecurity developments, and continually innovate to create secure environments for growth.
NCBA’s proactive approach serves as a blueprint for SACCOs and other financial institutions aiming to survive in today’s cyber-threat-heavy environment.
