SACCOs Urged to Boost Cybersecurity Amid Growing Threats

Summary:

• At the 24th Annual General Meeting of Rubabo People’s SACCO, Boaz Tuhumure, the Zonal Manager for Kabale, emphasized the growing threat of cybercrime to financial institutions.

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Boaz Tuhumure, the Zonal Manager for Kabale at the Microfinance Support Center, stressed the importance of financial institutions remaining vigilant against cyber threats. Addressing attendees at the 24th Annual General Meeting of Rubabo People’s SACCO, held at Nyarushanje Technical Institute in Nyarushanje sub-county, Rukungiri district, Tuhumure underscored the heightened risk of cybercrime with the advancement of technology. He cautioned that malicious individuals exploit vulnerabilities to steal from financial institutions.

Tuhumure encouraged SACCO authorities to adopt robust systems like Savings Plus, offering enhanced protection against cyberattacks. Joseph Turindwamukama, the Chairperson of Rubabo SACCO, highlighted their recent transition from a conventional finance solutions system to the more secure Savings Plus platform.

Meanwhile, Joan Nimwesiga, the General Manager of the SACCO, provided insights into its growth since its establishment in 2000. She mentioned a membership of 20,000 individuals, with fixed savings totaling two hundred eighty-two million and thirty thousand. Additionally, voluntary savings amounted to three billion, two hundred thirty-three million, three hundred eighty-eight thousand, four hundred and nine. The SACCO’s share capital stands at one billion, four hundred seventy-nine million, and twenty thousand, with a loan portfolio worth nine billion, six hundred sixty-six million, one hundred three thousand, four hundred fifty-five.

Keith Ainebyoona, the Commercial Officer of Rukungiri district, urged members to support their SACCO by increasing savings, borrowing responsibly, and ensuring timely repayment.