G4S Uganda rolls out smart safe enabling cash deposits to hit bank accounts instantly

G4S’s rollout of the Deposita® Protector 10 000d-s4 has the potential to be transformational for businesses in Uganda where cash usage remains high. From the outside, the machine doesn’t look like much, it’s a nondescript black box measuring roughly a metre tall and half a metre wide.

But it is in fact a smart safe that verifies, secures, and instantly credits cash into a nominated business bank account. G4S in Uganda has partnered with eight different banks to bring this technology to their commercial customers, which is installed at their premises such as supermarkets.

Benefits

Businesses in Uganda stand to benefit from the smart safe for two key reasons. Firstly, many companies face regular cash flow challenges and have a genuine need to access money as soon as possible. With Deposita, cash is credited to their accounts and available to use (such as paying for additional stock items or other business expenses) while still physically on their premises.

Secondly, many businesses in Uganda rely on overdrafts to operate but the country's high-interest rates (currently over 17%) mean fees can escalate quickly. Having quick access to cash makes a real difference to their profitability.

Cost savings and fraud

Deposita also reduces the opportunity for staff to commit theft as they no longer have to tally their takings

The smart safe brings many cost savings in itself, not least that it reduces the effort and expense associated with preparing cash for banking (namely tallying up takings at the end of each day). And because G4S fully insures the cash once it’s in the smart safe, businesses don’t have to worry about insurance coverage and it reduces the number of cash collections that companies pay for.

It helps to stamp out internal and external fraud, too. When businesses get their customers to pay for services and products directly through the safe, infrared and UV note validation sensors can detect counterfeit or damaged notes. Deposita also reduces the opportunity for staff to commit theft (a relatively common issue) as they no longer have to tally their takings at the end of their shift. In turn, companies benefit from lower fidelity cover costs, another saving for them.

Testing an integrated process

Before installation, a testing and integration process is completed with each bank to ensure Deposita can be fully synced with its operating systems. Each safe is fitted with various security measures to make them tamper-proof, but can also be tailored to meet the client’s individual needs and programmed to recognise any currency. 

Over 20 such safes have now been installed at different locations across the country, including Lira, Jinja, and Kampala.

Smart branches

G4S is planning to open a series of smart branches in Uganda which will enable banks to offer the use of Deposita 

The smart safe has been developed by Deposita, a business owned by G4S’s parent company Allied Universal which is based in South Africa. They produce a range of solutions across retail, wholesale, and banking that automate the collection, handling, processing, safeguarding, and dispensing of cash.

Next, G4S is planning to open a series of smart branches in Uganda which will enable banks to offer more of its commercial client's use of Deposita Devices not just those with one installed at their premises.

Immediate sales reflection

G4S intends to roll out Deposita to distributors as well, which many of the largest companies in the Ugandan economy operate through. By installing it at their premises, sales can be immediately reflected in their bank account, allowing them to purchase more products and so reduce the risk of ever being out of stock.

Allen Ssebugwawo, Managing Director of G4S in Uganda, says, "In addition, using Deposita instills 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.”