Today, 26 September 2021, marks 35 years since SBV Services was founded. At SBV Services, we are proud to provide cash-in-transit, cash processing and ATM services for South Africa, Namibia and Lesotho. Millions of people rely on SBV for the cash they need, and in particular our elderly and vulnerable citizens who are reliant on Government grants. We have been designated as an essential service for the provision of cash, playing a critical role in the economy through wholesale cash distribution and processing services.
You may ask what the “S” “B” and “V” stands for. Our company was founded by three banks – at the time, Standard Bank, Barclays Bank and Volkskas Bank. While our business model has evolved over the years to include more services, our shareholders are still the four major banks in the country – the Standard Bank of South Africa, ABSA Bank Limited, First National Bank Limited and Nedbank Limited. We collect and process cash for almost all banks in the region. As a company, our mantra is to put our people first and we invest in the latest technology, in research and in the continued evolution of our fleet to keep our Protection Officers safe.
The most visible part of our business is our cash carrying fleet. We have 643 vehicles on the road and our cash-in-transit teams ensure that cash gets where it needs to be, on time, with the least possible risk. While we process around R1.96 Trillion and we move R1.09 Trillion per annum, we also have the lowest risk profile in the industry. Our commitment to high standards in training, recruiting the right people and investing in the latest technology and vehicles has borne results. This year there have been four CIT attacks where cash was taken and one unsuccessful attack against SBV. This is 2% of the total incidents reported when compared to the entire industry. We remain committed to working closely with the SAPS, the industry and other stakeholders to coordinate and fight CIT crime with a number of arrests having been made in the last few months. We have also recently increased our fleet of Tactical Support Unit vehicles and staff complement to provide additional safety and support for our teams on the road.
We have 30 centres where money is counted, sorted and stored on a daily basis. We invest in the latest note sorting and counting machines, and have recently procured two state-of-the-art, high speed note sorting machines that match those of the South African Reserve Bank. This is the next step in advancing the cash eco-system and enables the digitisation and automation of certain functions within our cash processing centres.
Processing money is a serious responsibility – not only to our clients, but to the people of Southern Africa, Namibia and Lesotho. Without the diligence and commitment of our people to keep money moving, our economies would stand still. Our people are our heroes and our business is powered by SBV’s brave and passionate employees.
As I reflect on having the privilege of leading this organisation for the past six and a half years, I want to pay tribute to the men and women who give of their best, day after day, to run the SBV business. Our success is because of the commitment and passion of our people. Despite all the challenges and circumstances, they have demonstrated agility, courage and teamwork while contributing to the success of SBV. Of our 6 500 employees there are 72 that have served for more than 30 years.
I also wish to extend my gratitude to all our clients, partners and suppliers in the cash industry for their continued support. The contribution to the success of the business is extremely appreciated.
We can proudly attest to the statement that as part of the SBV family, you don’t just make the difference, you feel it.
Happy 35th birthday SBV Services!
Mark Barrett, Group CEO SBV Services