New IT system under development will help the sacco enhance service to members via digital channels. IG Joseph Boinett has supported investment in IT security systems, saying member funds must be safeguarded against cyber criminals.

Police Sacco puts Sh600m into IT to beat fraudsters

Inspector-General of Police Joseph Boinnet presents a gift to Interior Cabinet Secretary Fred Matiang’i during the Kenya Police Sacco Delegates Meeting in Nairobi on March 6, 2019. PHOTO | SILA KIPLAGAT | NMG

Kenya Police Sacco has put Sh600 million into an IT system to secure funds from hackers targeting saccos with weak platforms, a massive increase from Sh3.6 million outlay last year. Society chairman David Mategwa said the new IT system under development will help the 63,000-member sacco enhance service to members via digital channels.“The new system comprising a core banking, Enterprise Resource Planning (ERP) and Alternative Business Channels is progressing well and is expected to be complete by year-end. It will enhance customer experience and enable us achieve high level operational excellence,” he said.

Addressing the society’s Annual Delegates Meeting in Nairobi, Inspector-General of Police Joseph Boinett supported investment in IT security systems, saying member funds must be safeguarded against cyber criminals.Last year, police posted mugshots of 13 people on the DCI Kenya Twitter handle urging members of the public to help them nab suspects behind a series of hacking incidents where saccos lost up to Sh70 million last year.The AGM heard that the Kenya Police Sacco shrugged off the prevailing harsh times in 2018 to post a 19.4 per cent growth in assets to Sh28.9 billion compared to 2017’s Sh24.2 billion. Its loan book grew to Sh24 billion, a 20 per cent growth from 2017’s loan book of Sh20 billion.Saying the loan book was a major contributor to the 18.9 per cent increase in revenues of Sh4.5 billion in 2018 from Sh3.8 billion (2017), Mr Mategwa urged members to raise share capital to a minimum of Sh50,000 by year-end to reduce reliance on external borrowings.

KCB races to be the first Kenyan bank in Ethiopia

Interior Secretary Fred Matiang’i said Ekeza Sacco members and other errant sacco officials would be dealt with firmly, with their assets set to be seized to recover members’ money.“I urge the police to give priority to cases of embezzlement and mismanagement of society funds since this touches the core of society’s efforts to self-develop,” he said.Members will receive a 17 per cent dividend on share capital or Sh284.5 million and a further 10.5 per cent interests on deposits amounting to Sh1.68 billion.

Please enable JavaScript to view the comments powered by Disqus.