Bullion van attacks: Rural Banks also implementing safe systems for carting money

The ARB Apex Bank Limited, which serves as a “mini” central bank for Rural & Community Banks (RCBs) says its members are taking the necessary steps to ensure that the movement of money to and from rural and community banks is done safely.

Following the bullion van attack at Adedenkpo-Jamestown in June this year, the Bank of Ghana and the Ghana police service have been implementing measures to ensure the safe transfer of money and other valuables around the country.

In an interview with Citi Business News, the Acting Managing Director of ARB Apex Bank, Alex Kwasi Awuah, said the situation which also affects them is being treated with all the seriousness it deserves by the board of the ARB Apex Bank.

“We are in the same boat with the commercial banks. We also move money from place to place and across the country. And when you look at the number of branch networks that we have, they are over 800. So you can understand that we are also facing the same problem. When the Bank of Ghana and the Ghana Police Service came out with their restrictions we were also affected.”

“The good thing is that our board has been very proactive and has been taking the necessary actions to enable us to comply with the requirements that are being introduced by the BoG and the Police Service,” he added.

Banks to use BoG’s bullion vans until new ones are imported – CID Boss

The Ghana Police Service has assured that it is working with stakeholders in the banking sector to provide adequate security for the carting of money within the country.

The Inspector-General of Police, James Oppong-Boanuh about weeks ago said he will stop his officers from providing protection for the so-called bullion vans used by banks if the institutions fail to procure fit-for-purpose vehicles by the end of June this year.

He gave the directive in a statement on the back of the deadly attack on a bullion van at Jamestown in Accra on June 14, 2021.

The Ghana Bankers Association, in response to the call by the IGP at the time, reiterated its commitment and resolve to work with the national security apparatus and take every measure to ensure the highest level of compliance with industry standards.

Source: Citibusiness