The security firm contracted by Ecobank, which lost US$4 million in a day-light robbery, claims it was unaware of the quantum of cash-in-transit.

Safeguard Security Services (Pvt) Ltd alleges Ecobank never notified it of how much they were moving, before armed robbers stormed and grabbed the money outside the bank's Bulawayo premises Thursday afternoon.

According to sources, the Safeguard cash-in-transit team, which was using a single branded van, had just collected the money from the Ecobank branch at the NRZ Building, intending to deliver it to Harare.

Through a letter to clients dated October 4, 2024, Safeguard chief executive officer, Andrew Mallon said the $4 million amount significantly exceeded "the contracted limits for the movement of cash."

Mallon insinuated Safeguard's insurers may not compensate Ecobank for any losses above the undisclosed limit agreed upon by the two companies.

"You may have seen reports of a serious cash heist in Bulawayo outside Ecobank yesterday. It vividly highlights the very serious risks associated with cash holding and cash movement, risks of which we publish frequently.

"We wish to remind all customers of their responsibility to work within their contracted limits for the movement of cash, and to communicate clearly with us if a cash movement is to be out of the ordinary. This allows us to plan and approach the risks appropriately.

"A four million dollar move obviously poses a significant risk and is well outside of any contracted limits for Safeguard (and almost certainly the security industry Africa wide).

Any other approach places the safety of your staff, our security teams, and your cash, at considerable risk," the Safeguard boss wrote.

The robbery, which has made international headlines, was orchestrated in less than two minutes as guards loaded cash boxes into their van, and suddenly a white single-cab Ford Ranger with six armed and masked men pulled up.

The gang overpowered the Safeguard team before seizing the cash trunks and loaded them into their getaway vehicle and vanished with the bounty.