Apex Bank to purchase 12 armoured bullion vans for rural banks

Shareholders of ARB Apex Bank have approved the purchase of 12 armoured bullion vans for the transport of cash, according to the Managing Director, Mr Kojo Mattah.

An armoured bullion van

The MD for the bank revealed at the 19th Annual General Meeting (AGM) that the move will help curb the recent armed robbery attacks targeted at vehicles which carry cash belonging to rural banks across the country.

Mr Kojo Mattah told Graphic that the move endorsed by the shareholders of the bank will cost GH¢32 million.

He expressed concern at the increasing robbery incidents involving rural banks, saying the measure was to remove the threat of robbery on such transport services.

Mr Mattah further advised the banks to take extra security precautions by reinforcing vaults and premises, improve close circuit television (CCTV) surveillance, and carry out proper screening of security personnel and staff.

He said the ARB Apex Bank continued to invest heavily in information communication technology (ICT), which, he said, had become a key business enabler all over the world.

This move by Apex Bank comes on the back of armed robbery attacks on bullion vans across the country. On Monday, June 14, a bullion van was attacked at James Town, a suburb in Accra. The robbers killed a police escort and woman in the process. The driver of the vehicle was also seriously injured, he is undergoing treatment at the Korle Bu Hospital.

Following the recent killing of the police escort, the Inspector General of Police, has directed that if banks and financial institutions do not purchase armored vehicles for carting their monies, the police will withdraw escort services.

Meanwhile, the The Ghana Association of Bankers, GAB, says it will comply with the police directives on use of fortified bullion vans.

As a response, we have committed to comply with the “latest industry standards in compliance, and certification requirements of Cash in Transit (CIT) operations; strengthen dialogue with the providers of CIT service to develop a comprehensive infrastructure, and implement an aggressively proactive approach to staying at the forefront of the continually evolving security threats that the banking sector is exposed to,” the Association said in a statement.

It says this is to protect banking staff, customers, service providers – including personnel of the Ghana Police Service – cash and other facilities of banks.

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