Bankers go for intelligent boxes to curb robberies

Money movers are looking for ways to speed up the introduction of intelligent boxes which render money grabbed in a heist valueless.

They also plan to introduce more cash centres to curb the theft of money on transit, often with some inside help.

The Central Bank of Kenya says it will fast-track the use of intelligent boxes which deface the currency when it leaves its intended route, suffers invasive attack or is subjected to a security violation.

The box releases either a smoke, or ink dye, spoiling the cash and rendering it useless to the criminal.

Any attempt to change stained bank notes will notify the cashier that the money is from the proceeds of a crime.

Two more cash centres in Nakuru and Nyeri would also be set up by the end of the year to supplement those already running in Nairobi, Kisumu, Mombasa and Eldoret.

The Nakuru one will be run by Standard Chattered Bank and the Nyeri centre by the Kenya Commercial Bank on behalf of CBK.

The cash centres reduce long haul cash movement.

The measures have been in the pipeline for a while but fresh urgency has now been caused by two recent robberies targeting G4S CIT vehicles.

The thefts, allegedly by the courier company employees and Administration Police (APs) guarding the vehicles cost the company Sh45 million, money that will now be paid by insurance companies.

While the efficacy of the measures is not in question, the industry is anxious about the costs of effecting the measures, including replacement of money that will be defaced by the dye and stain boxes.

The cost of the intelligent box is estimated at Sh268,000 per unit according to Security Options, a local private security company that plans to supply the boxes locally.

The industry estimates that at present, the chase car and additional driver and at least four AP’s are costing the CIT companies approximately Sh120,000 a month.

The boxes have a shelf life of five years.

Currently, the cost of CIT add-ons like chase cars is transferred directly to the client as administration charges.