Browsing: Sacco Societies Regulatory Authority in Kenya

2024 Sophos Threat Report

Cybersecurity: SACCOs embrace new course to mitigate fraud

Banking

Savings and Credit Co-operative Societies (SACCOS) have embraced the new cybersecurity course launched by the Chartered Institute for Securities and Investments (CISI) in full throttle, given the gravity of cybercrime that has plagued the vibrant sector hitherto.

The latest financial sector stability report prepared by the Central Bank of Kenya (CBK), and the Sacco Societies Regulatory Authority (SASRA), stand but a distinct testament to the deleterious effects of cyberattacks on these lucrative financial institutions entrusted with members’ hard earned savings.

The report indicates that SACCOs lost Kshs 106 million, in the 17 months to March 2021 to cyber theft. To boot, the report deduces that the losses are an equivalent of Kshs 6.23 million per month or Kshs 208,000 daily; that was siphoned largely through software vendors, engaged by the SACCOs to provide technology solutions, exploiting weaknesses well known to them but unbeknownst to SACCOs.

The CISI cyber security course

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Kenya ranked Africa’s Co-operative pulse

Industry and Trade

Deposits formed the bedrock of the source of funding for assets, notwithstanding impacts associated with the pandemic, DT-Saccos were still able to mobilize deposits at a near similar rate as the growth in their assets’ portfolios.
Gross loans increased by 13.16 per cent in 2020 to Kshs 474.77 B compared to Kshs 419.55 B of 2019.
Net loans and advances increased markedly by 12.60 per cent to reach Kshs 450.58 B in 2020, compared to Kshs 400.16 B in the previous year.…