Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
The rush by Saccos to embrace mobile and internet banking as a replacement for the brick and mortar branches is proving to be a weak link in the fight against fraud in Saccos. A recently released SASRA report covering 2021 and 2022 shows that rogue Sacco staff are breaching internal systems and riding on mobile…
In recent years, Kenya’s Savings and Credit Cooperatives (Saccos) have undergone a revolutionary transformation, thanks to the advent of internet banking. This technological leap has not only modernized financial services but has also brought about a myriad of benefits for Saccos. Traditionally, Sacco members had to navigate long queues within limited operating hours to access…
Surestep Systems and Solutions Ltd has addressed the ongoing Njiwa Sacco fraud case. Through a press release dated September 23, 2023, the company stated that it believes it is essential to clarify that the matter dates back to 2018 and is not a recent occurrence. Since the inception of this case, Surestep has been unwavering…
The recently released data by SASRA has revealed that most Saccos adopted the use of ICT in offering financial services to their members. The data revealed that the technological channels used include Sacco agencies, ATMs or mobile money transfer. According to SASRA, the new norm is replacing the clamour for brick and-mortar physical branches which…
Commissioner for Cooperatives David Obonyo has raised concern over the threats posed by cyber-related crimes in Sacco operations. Obonyo lamented that criminal activities that target users through computers and phones have been on the increase in the Saccos. “This challenge is more prominent in Saccos that are financially struggling and those that are suffering from…
The Communications Authority of Kenya (CA) has raised concern over the high number of cyber security attacks, which rose from 7.7 million in 2018 to 444 million in 2023. Speaking in Kisumu during the awards ceremony of the Kisumu edition of the Authority’s cyber security bootcamp and hackathon series 2023, Internal Audit Director Rosalid Muriithi…
By Roy Hezron Savings and Credit Co-operatives (Saccos) in the country are increasingly investing more resources in technology and security in efforts to protect members’ funds from cyber criminals, a recent survey report has shown. According to Serianu Ltd, a business consulting firm, the percentage of Saccos that have a cybersecurity strategy improved by 44.7…
