G4S bets on bullet proof vehicles in war on cash robberies

Growth would also be driven by demand for cash by agency bankers especially in the rural areas where there is no mainstream banking.

BM said it has increased its CIT fleet from 31 to 36 vehicles to meet the expected demand.

“We are preparing for more trips for our cash in transit vehicles and movement into rural areas,” said Mr Richard Ndege, the sales and marketing manager.

Agency banking is expected to see banking services penetrate areas where commercial banks have not reached.

This means cash-in-transit vehicles will be required to travel to remote areas to pick up and drop money from agents.

The companies said they were investing in armoured vehicles to protect employees in case of ambush by gangsters.

BM said it had increased its insurance cover per vehicle, to enable a single one to carry a maximum limit of Sh100 million from the previous Sh50 million.

“We are replacing our fleet to make the cash-in-transit vehicles intelligent,” said Mr Miller during a media interview in May.

KK Lodgit also said it expected demand for its services to increase.

“Kenya is a cash business society and we expect that to increase when the agency banks start operating. Demand for cash is going to be high,” said Terry Downes, the CEO of KK Lodgit.

Industry players however maintained that the use of cash defacing box would be the ultimate answer to securing cash in transit.

The use of the box does not require use of the Police and reduces the cost of transporting money by 33 per cent.

“If it has worked all over the world, why shouldn’t it work in Kenya?” said Mr Downes.