Smart bank machines set to improve banking security in Uganda

Business in Uganda will work safer now cash deposits can hit bank accounts instantly, thanks to new security technology implemented by the G4S team in the region.

G4S Uganda is rolling out smart safe Deposita Protector 10 000d-s4 to help businesses in the country where cash is still used often, it explains.

The machine, a black box measuring roughly a metre tall and half a metre wide, can verify, secure and instantly credit cash into a nominated business bank account.

Allen Ssebugwawo, Managing Director of G4S in Uganda, said: “Using Deposita instils financial discipline because funds for a particular business line are banked in the specific bank account for it.

“This reduces the risk of funds being diverted to other businesses, which could impact the original distribution business.”

Safes installed across the country to “make cash deposits safer and more secure”

G4S in Uganda has worked with eight banks to install the technology at the premises of their commercial customers, such as supermarkets.

Over 20 safes have been installed across the country, including in Lira, Jinja and Kampala.

It means cash deposits in a bank account can be accessed instantly, while the money is still physically on their premises.

It is hoped this will make a difference to companies 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.

The smart safe has been developed by Deposita, a business owned by G4S’s parent company Allied Universal that is based in South Africa.

The company plan to open a series of smart branches in Uganda which can be used by more commercial clients, not just those with one installed at their premises, and also to distributors.

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