Savings and credit co-operative societies (saccos) lost Sh106 million in the 17 months to March to cyber theft amid increased mobile banking, pointing to increased need for reinforced systems and insurance covers to protect the billions of shillings they hold.
Latest financial sector stability report —prepared by financial regulators including Central Bank Kenya and Sacco Societies Regulatory Authority— shows that the losses came on the back of increased use of digital channels such as mobile banking.
