Banks fault security firms over rising cases of cash theft

by Cyrus Ombati

Banks want private security companies involved in cash-in-transit business to introduce new internal measures to curb money theft.

The banks say their assessment has shown some of the companies are yet to adopt stringent measures to stop the crime despite regular requests.

Through the Kenya Bankers Association, the institutions said they are contented that police have put in place the right benchmarks to ensure cash in transit does not fall into the hands of criminals.

KBA boss John Wanyela said some of the CIT providers are yet to conform to the required standards for operating the businesses.

"As far as we are concerned, police are doing their best to curb the problem. CIT companies have not told the public what they have done internally to address the problem. Thus the problem lies with the firms not the police," he said.

His remarks follow rising theft of cash on transit, whereby companies’ staff have been suspected of complicity.

Close to Sh100 million has been stolen this year alone while on transit. It has emerged that some of the security firms’ vehicles do not have tracking devices as required.

Some staff have also been getting prior information on the amount of cash on transit contrary to the rules.

"It is only the control managers in the security firm and bank who are supposed to know the amount of cash. It is shocking to learn junior staff usually get the information," said Kalos Kioko, a consultant in the industry.

Following the incidents, a special squad has been established to escort cash. Central Bank of Kenya and other stakeholders prefer Administration Police officers.

This, according to AP Commandant Kinuthia Mbugua, will enable them vet and know the officers who will be involved in the business on a daily basis, within a certain period.

Special training

"We agreed to come up with a special unit specifically for cash-in-transit because it is an essential service. The officers will be specially trained and well equipped with protective gear. They will be selected on the basis of their track records and integrity," said Mbugua.

It was also resolved that members of Kenya Security Industry Association (KSIA) and AP will be conducting joint training and supervisory drills for CIT operations at the AP Training College in Embakasi, Nairobi.

Further, supervision, tracking and monitoring of all CIT vehicles will be carried out on a regular basis.

Mbugua said he is confident the new measures will curb such thefts.