The new Mall of Africa in South Africa will include a cashMoney in physical form such as banknotes and coins. More recyclingThe process of converting waste materials into new materials and objects. Banknotes are increasingly recycled after destruction, and the waste is often used for landfills, isolation material etc. Polymer notes are melted into pellets which are recycled into new products. Recycling is often incorrectly used instead of recirculation. See Recirculation. More system in to reduce crime and make the shopping centre safeSecure container for storing money and valuables, with high resistance to breaking and entering. More for business and consumers.
The Mall of Africa, opening in Waterfall Estate, Midrand on 28 April 2016 will be one of the biggest malls in Africa. The increased size of the mall and the subsequent expected trading volumes mean that security is a high priority. In order to keep retailers and consumers safe, the Mall of Africa has appointed cash services and solutions company SBV Services to implement their innovative Shopping Mall Cash Recycling (SMCR) system.
The Mall of Africa is the eighth mall since 2011 to use SBV’s SMCR system and is the biggest installation of the concept to dateThe year in which a medal or coin was minted. On a banknote, the date is usually the year in which the issuance of that banknote - not its printing or entering into circulation - was formally authorised. More.
SMCR reduces stockholding of cash and valuables on site and ensures that moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More is moved in an undetectable way. The system follows a new trend towards holding less cash on premises and deploying fewer guards and guns around shopping centres, which is in line with the Mall of Africa’s aim to be a gun-free zone.
Most shop owners are at highest risk during the movement of cash and valuables into and out of their premises. The SMCR process makes it almost impossible for criminals to work out how and when cash is being moved, and enables businesses and banks to minimise stockholdings on site in order to reduce losses if a robbery were to happen. At the same time, they have the ability to easily access cash if they require more.
The Mall of Africa SMCR installation included over 6km of tubes running throughout the centre. The magnitude of the project was a challenge, but SBV’s Industry Specialist, Derek Hewitt said that it was also one of the smoothest installations the company had completed.
All of the mall’s anchor clients and a total of 35% of retailers in the mall have opted into the system, with increased uptake expected within the first few months of the mall’s launch.
Interest in the SMCR system from property developers has been significant. The Consumer Goods Council of South Africa has published statistics which indicate that from 2011 there has been a 47% to 90% reduction in potential violent crime at malls that use the SMCR system.
SBV’s Executive of Business Transformation, Shaun Nicholls says, “We have been inundated with calls from property developers interested in the system because they see the value of SMCR and its potential to eliminate crime from the retail floor.”
Nicholls says the Mall of Africa chose to partner with SBV Services because it values the safety and security of its customers and tenants. He adds that the SMCR system also gives tenants the best possible banking solution available, with the minimum amount of risk to assets.
New developments to the SMCR system for the Mall of Africa installation included assisting clients that require a large coinA coin is a small, flat, round piece of metal alloy (or combination of metals) used primarily as legal tender. Issued by government, they are standardised in weight and composition and are produced at ‘mints’. More holding facility and creating enough space for tenants who wish to make use of SBV’s goods handling facility, where high value or risk items like technology and jewellery are kept until they are required in store.