Safeguard Security Services (Pvt) Ltd, the firm responsible for cash-in-transit services for Ecobank, has revealed it was not informed of the staggering US$4 million being moved before a daring daylight robbery outside the bank’s Bulawayo branch on Thursday.
The armed robbery, which took place in front of the Ecobank premises at the NRZ Building, saw six masked men in a white Ford Ranger ambush the Safeguard team, overpowering them and making off with the cash in a heist that lasted less than two minutes.
In a letter to clients dated October 4, 2024, Safeguard CEO Andrew Mallon addressed the incident, stressing that the amount of cash being transported far exceeded the limits agreed upon between the bank and the security firm. He warned that such a large sum posed significant risks and may even affect potential insurance claims.
“The four-million-dollar amount is well outside of any contracted limits for Safeguard and likely the entire security industry across Africa,” Mallon wrote. He added that the company’s insurers may not compensate Ecobank for losses that exceed these agreed-upon thresholds.
The CEO also used the incident to remind clients of their responsibility to communicate any extraordinary cash movements in advance, saying this allows the security firm to better plan for the risks involved.
“This robbery highlights the very serious risks associated with cash holding and movement. We urge all customers to adhere to their contracted limits and ensure clear communication with us to prevent such high-risk situations.”
The brazen heist, which has garnered international attention, unfolded as Safeguard’s team was loading cash boxes into their vehicle outside the bank. The attackers, armed and masked, swiftly overpowered the guards, seized the cash trunks, and fled the scene.
Police are investigating the incident, though no arrests have been made yet.
