Africa’s cash driven society

March 2016 Security Services & Risk Management, Asset Management, EAS, RFID

Retailers cannot escape the challenges of handling cash. It puts the business and its people at risk. To improve security and efficiency, lower incidences of fraud and reduce shrinkage, retailers are searching for a 360-degree solution that collects, safeguards and processes cash. It’s a big ask as the solution provider must have multiple physical, technological and security competencies, as well as strong multi-sector alliances.

Mel Brooks, Africa regional president: 
G4S Africa.
Mel Brooks, Africa regional president: G4S Africa.

The security needed in a retail store to manage cash includes CCTV, access control, physical in-store security, policies and procedures for cashing up, cash in transit security, and insurance. And there are a number of in-store challenges. Cash needs to be managed well: it needs to be collected, counted, policed, transported offsite and insured.

Working with cash is time consuming and risky. Besides the losses that come with shrinkage, 95% of armed attacks target cash. Retailers would rather focus on their core business. They want cash secured and removed, and deposited into the bank as fast as possible. For every day that cash is not deposited, interest is lost.

What is needed is a retail cash security solution that improves operational efficiencies and, importantly, profitability. However, there isn’t a single product or solution that can solve this challenge; a combination of products, processes and solutions is needed – for that retailers must find a security solution provider with broad capabilities, the right technology, strong sector relationships, and the ability (and best practices) to develop processes to support the cash management function.

Adding experience and best practices

G4S has added innovation to best practices to develop a 360-degree or end-to-end retail cash solution that addresses the challenges faced by retailers. Used by more than 3 500 retailers worldwide, it incorporates an onsite physical automatic banking machine (ABM), the G4S Deposita, that counts and instantly registers each cash note deposited, reconciling all transactions to an identifiable source.

Agreements with leading banking institutions enable G4S to offer same-day, electronic settlement of the deposited funds into the retailer’s bank account. A Terminal Management System produces accurate, real-time management information and reports that can be accessed online, at any time and can be imported to the customer’s own financial system. Full risk cover is provided from the moment the cash is deposited into the ABM.

The benefits:

• Secure storage: the safest manner in which to secure cash on your premises.

• One-stop-shop: the entire cash handling process is taken care of by one supplier, ensuring accountability.

• Optimal performance: the ABM saves time and money as it eliminates the need for lengthy manual cash-up processes, improves operational efficiency and reduces operational costs.

• Reduction of counterfeiting: the ABM counts and validates the notes automatically at the point of tender, thus reducing the risk of accepting counterfeit currency.

• Accurate financial reporting: all our ABMs are connected to a network that stores transactional information enabling a full audit trail. Retailers can view the details of all deposits made at any of their outlets nationwide, per cashier and per shift so that any deviances can be identified instantly.

• Decrease of theft: the implementation of a G4S Deposita ABM results in a remarkable reduction in employee theft, pilfering and skimming, because the cash deposits are immediately and automatically registered, per cashier and per shift.

• Lowering of risk: the effective processing and quick turnaround of cash that is circulated rapidly, reduces the risks associated with large sums of cash on site.

G4S’ ABM is backed by a full service security solution to support retail cash management that ranges from onsite staff training to physical security services for physically managing the cash, i.e., cash in transit and other services.

For retailers, the right cash management solution can deliver significant business value. Find a proven solution that is backed by a security company with capabilities that reach across the realms of physical and cyber security, that understands the challenges faced by the retail sector and that has a solid reputation.

For more information contact G4S Cash Solutions (SA), +27 (0)11 709 8003, [email protected]

Share this article:
Share via emailShare via LinkedInPrint this page

Further reading:

Key timelines to ensure compliance
Security Services & Risk Management
Regulations to the Occupational Health and Safety Act that apply to major hazard installations require that certain actions be taken to manage health and safety risks – some with timelines for compliance that must be monitored.

Best practice tips for strengthening data privacy system
Security Services & Risk Management Cyber Security
International cybercriminals are increasingly targeting South African organizations, making data privacy more difficult to maintain. A standardization expert offers insight to help combat this threat.

Telematics help protect SA trucks against expanding risks
Logistics (Industry) Asset Management, EAS, RFID
South Africa’s road freight transport sector currently accounts for about 85% of all goods transported in the country and is growing rapidly annually. “To ensure that goods are delivered safely, promptly, and affordably is a challenge,” says Justin Manson of Webfleet.

Is AI the game-changer for streamlining anti-money laundering compliance?
Financial (Industry) Security Services & Risk Management
In the aftermath of South Africa's recent grey listing, companies are now confronted with the imperative to address eight identified strategic deficiencies, while simultaneously reducing their financial crime risk through anti-money laundering compliance processes.

Five ways to reduce your cyber insurance premiums
Security Services & Risk Management News
With the global costs of cybercrime expected to soar to $13 trillion within the next five years, cyber insurance is booming as organisations try to mitigate the risk of financial losses.

Client satisfaction boosted by 85% at Thungela Mine
Thorburn Security Solutions News Security Services & Risk Management Mining (Industry)
Thorburn Security, a division of Tsebo Solutions Group, has announced its recent collaboration with Kwa-Zulu Natal security company, Ithuba Protection Services, as part of its Enterprise Supplier Development (ESD) initiatives across Africa.

Migrating to the cloud? Beware the many hurdles
IT infrastructure Security Services & Risk Management
While there are undoubtedly many benefits, there are also numerous hurdles to cloud adoption. Some of the biggest challenges revolve around managing cloud spend, understanding the cost components of cloud infrastructure, and how those costs can scale.

Key strategies for businesses in the face of cyber threats
Cyber Security Security Services & Risk Management
Businesses face severe financial and reputational consequences due to data breaches and daily website hacks, and not all organisations are adequately prepared to combat these escalating threats.

Planning for the worst is key to success
Technews Publishing Security Services & Risk Management
Planning for the worst is key to success when disaster strikes. Amidst frequent load shedding and often unpredictable stages of power outages, many businesses are concerned about the possibility of a total blackout.

Protecting South African systems through XDR cybersecurity
Cyber Security Security Services & Risk Management
Carlo Bolzonello, Country Lead for Trellix South Africa, discusses how the country can protect its valuable digital assets through the artificial intelligence-enabled Extended Detection and Response (XDR) cybersecurity approach.