Safeguard Security CEO Andrew Mallon has revealed that Ecobank failed to disclose the transfer of $4 million, which was stolen by armed robbers.

The stolen funds were meant to be transported from Bulawayo to Harare. Mallon stated that Ecobank’s failure to communicate the large transaction exceeded their agreed limit.

“We wish to remind all customers of their responsibility to work within their contracted limits… and to communicate clearly with us if a cash movement is to be out of the ordinary,” Mallon said.

This lack of disclosure may result in Ecobank’s insurers denying compensation. The incident highlights the significance of transparency and adherence to security protocols.