Dubai-based company, MySafe Global Vaults, has established a subsidiary in Kenya to enter the country’s safe deposit box business space.
There is surging demand for off-site safekeeping of valuables in Kenya and East Africa, a service that has for decades been dominated by banks.
Banks are moving towards online banking as they reduce physical branch activities and some are stopping the deposit box business. Banks still offering safe deposit boxes have been forced to place potential clients on a waiting list.
MySafe Kenya has set up a shop at Sarit Centre, Nairobi, to provide automated insured safety deposit boxes.
The boxes are ultra-secure as they use advanced robotics and personal biometrics within a secure privacy pod to ensure that only the customer can access the box.
The boxes can also be insured with Lloyds of London for up to Sh25 million per box, something which is not possible with commercial banks.
“Lloyds are willing to provide the insurance because of the extremely high security standards of the MySafe boxes that are contained in an armoured unit that has a far higher security rating than an ATM,” Terry Downes, CEO of MySafe Global Vaults in Dubai, told the Star in an interview this week.