Harambee Sacco is now banking on technology to curb the growing rates of cyber fraud in financial institutions. The move by the institution comes at a time most institutions continue to lose money for lack of proper cybersecurity strategies.
The Sacco that has been in the headlines before for embezzlement of funds and theft from within aims to heavily invest in systems and personnel who will monitor real-time transactions, not only to bring fraudsters to book but curb losses caused by theft.
This, according to Chairman Macloud Malonza will assist in flagging down unique transactions and suspect operations within the company. The Sacco says that it will partner with other service providers like Safaricom to ensure seamless systems and efficiency.
In recent weeks, the DCI has warned about such crimes saying these institutions are largely losing to cyber theft and therefore authorities should ramp up investigations and arrests to address the growing menace.
Among agendas set during the Sacco meeting was growing non-funded revenue and selling idle assets to grow the cooperative society. The institution is looking to sell idle assets like parcels of land in Nairobi, Kisumu, Siaya, Mombasa and Murang’a.
“There is no need of us keeping an asset that is not earning us, and that is why we want to dispose them off so that we can lend that money to our members and make profit out of it.” Said Sacco Chairman Macloud Malonza.
The Sacco has severally been questioned before by Sacco Societies Regulatory Authority (Sasra) for liquidity crisis and for failing to meet important parameters within the sector. Harambee has been in the spotlight for negative core capital with material variances between the outstanding loan portfolio reports and provisions for loan losses.
However, the management says that is a thing of the past after the Sacco posted a surplus of 82.48 million shillings in 2018, a rise compared to a deficit of 1.39 billion in 2017.