08 May High-tech safes installed across Uganda

A number of high-tech safes have been installed across Uganda.

G4S in Uganda has installed a number of smart safe Deposita protector 10,000d-s4 around the country where cash is still used. Twenty safes have been installed in a number of locations across Lira, Jinja and Kampala, through work with eight different banks.

The safe is a black box measuring a metre tall and half a metre wide, able to act as a bank machine that can verify, secure and instantly credit cash into a nominated business bank account.

This reduces the redistribution of funds, or the diversion of funds into other accounts, which could impact the original distribution business, resulting in better banking security.

Speaking on the innovative new products, Allen Ssebugwawo, Managing Director of G4S in Uganda noted: “Using Deposita instils financial discipline because funds for a particular business line are banked in the specific bank account for it.”

It is hoped this will make a difference to company’s profitability as many businesses in Uganda rely on overdrafts to operate but the country’s high interest rates – currently over 17% – means fees can escalate quickly.

The cash is fully insured once it’s in the smart safe and when businesses get customers to pay for services and products directly through the safe, infrared and UV note validation sensors can detect counterfeit or damaged notes – again, further increasing the banking security provided by the new machine.