This archive report was first published on 29 November 2019.
As Kenya's financial sector continues to grow, it is grappling with a pressing issue: physical security. The sector is a critical national infrastructure, employing over 5,000 guards and 1,500 armed policemen to guard cash-in-transit. However, despite these measures, challenges persist.
Speaking at the Security Conference for Financial Institutions, organized by the Kenya Institute of Bankers, Julius Delahaije, CEO and Chairman of SGA, highlighted the need for standardization of security services. While the Central Bank of Kenya provides guidelines, there is a need to formalize and standardize rules such as certification, quality checks, and audits on compliance.
Delahaije emphasized that financial institutions must consider factors beyond cost savings when selecting a security provider, including value-add, quality of services, compliance, and risk assessment. He noted, 'Financial institutions must look beyond the value of the contract and have other considerations such as value-add given, quality of services, compliance and risk assessment of the security firm, adequate resources and staff, training and competence, latest technology in use and statutory compliance.'
The industry is also exploring the use of technology to boost physical security. Innovative technologies such as face recognition and geofencing are being considered to enhance security services. The Kenya Bankers Association has called for better collaborations among financial sector players, security providers, and the National Police to address security concerns.
The three-day security conference, officially opened by Central Bank of Kenya Governor Patrick Njoroge, attracted key players in the financial sector.
