BANKING:Safe cash transfer

Intersec, one of the main security companies in the country, is considering tapping into off-site Automated Teller machines (ATMs) management on behalf of banks, it announced Thursday.Karl Otto Wucherpfennig, acting general manager intersec, made the announcement at the launch of their new ‘Cash-in-Transit’ service, which he said is part of their strategy to cope with the increasing demands of the country’s growing financial sector.Karl explained that ATM management will involve cash refilling, managing stuck cards and cash, and protecting the sites.Off site teller machines are normally placed by banks at strategic places such as shopping malls, where a bank may not have a branch."We are negotiating with banks to see how we can carry out this management to help them do their banking duty,” he told Business Times.Karl noted that in addition to ‘Cash-in-Transit’ and ATM management, Intersec was also planning to introduce another service dubbed, ‘cash processing’, which will involve counting and sorting money on behalf of banks."We are forward looking. Apart from investing in unexplored ventures we also invest in technology to improve service delivery,” John Bosco Birungi, chairman of Intersec said at the function.The Minister of Internal Security, Musa Fazil Harelimana, commended the security company for the initiative, noting that cash in transit vehicles are symbols of strength, security and reliability, which can be used in transiting other valuable products such as minerals."As we continue to build relations with our neighbours, the CIT (Cash in Transit) service will play an important role in the economic development by facilitating trade,” he noted. Maurice K. Toroitich, KCB Rwanda’s Managing Director and vice chairman of Rwanda Bankers Association, is optimistic that Cash in Transit service will help address customer needs of convenience, accessibility and cost efficiency."We, as bankers, believe this product is pertinent not only to commercial banks but to the financial sector as a whole and we welcome the service,” he said, adding that the products will leave banks to focus on their core business of customer service.The company spent over US$100,000 in purchase of three armoured vehicles, with satellite surveillance and state of the art counter offensive technology that allows it to be secure from robberies.