MySafe secures investment for expansion
MySafe Global Vaults Limited has significantly strengthened its strategic potential with an announcement that Safika International Holdings (PTY) Limited, a South African based investment company established in 1995 and led by two of South Africa’s most distinguished businessmen, Sakumzi ‘Saki’ Macozoma and Moss Ngoasheng, Safika, both previously incarcerated as political prisoners together with Nelson Mandela on Robben Island, had acquired a 26% shareholding in the company.
This seven figure (USD) investment by Safika will fund the immediate expansion of additional MySafe Dubai automated Safe Deposit box centers across the UAE and other regional markets.
Safika has a broad diversified portfolio of interests in financial services, mining, agriculture, transport, health, gaming, aerospace, property and communication and a close working relationship (and reciprocal shareholding) with Standard Bank Group, Africa’s largest lender by asset with operations across 27 African countries. Safika’s Chairman, Saki Macozoma was formerly deputy Chairman of Standard Bank and formally Chairman of the Banks large subsidiary Liberty Holdings. This strong link with Standard Bank has allowed Safika to take a long-term view and significantly expand both the nature and geographical scope of its investments.
Mr. Moss Ngoasheng Deputy Chairman and CEO Safika Holdings (PTY)Ltd will join Mr. William Pike, Mr. Ezra Bunyenyezi and Mr. Terry Downes on the board of MySafe Global Vaults. Further board appointments and the appointment of a new Chairman to the board will be made shortly. Moss distinguished career saw him serve as economic adviser in the South African Presidency 1995 to 2000 and for many years he also served on the African National Congress’s (ANC’s) economic policy unit.
He has consulted to the World Bank and National Housing Forum (South Africa) on economic policy in South Africa.
Moss is also Chairman of the board of SABSA, the parent company of South African Breweries, a board member of a number of prestigious companies (SA and Australian) and also a member of Harvard University’s Index of African Governance Advisory Council.
The investment by Safika is an endorsement of the potential identified in the market by MySafe Vaults, a UAE head quartered company focused on the launch of fully automated, convenient, safe deposit box centers with existing sites in DMCC, JLT Dubai, the prestigious retail lobby of the Kempinski Hotel, Palm Jumeriah, Dubai and Dubai Airport Freezone. As a consequence, the group will immediately roll out a number of additional sites across Dubai and Abu Dhabi, capital city of the United Arab Emirates and advance plans for a launch in other targeted regional markets including Africa.
This investment reflects the potential identified across many different countries to fill the ever- increasing gap being created as the global banking sector policy to continue reducing its branch network leaving consumers with limited alternatives to secure small items of personal or corporate value locally. This ever- increasing gap in supply has manifested itself in the growth of private safety deposit box providers worldwide.
Mysafe Global Vaults, in keeping with the vision of many members of the prestigious Safe Deposit Federation, a global foundation of members who aspire to providing quality safe deposit box services worldwide, views this policy as a strategic opportunity for the private industry to step up to the plate, re-energize the humble safe deposit box service and deliver “client centric” services which reflect the needs of a discerning (and often mobile) global client base.
For too long, clients have been conditioned to believe they must fulfill an ever- increasing list of “Conditions” before elevation to the privileged ranks of those “eligible to rent a box”! Our experience has been that when the industry listens to the needs of the client (instead of imposing on them a set of rules and conditions that must be followed), the industry is in a position to “reinvent” and add value to a service that has been in demand for over 150 years.
In an ever- increasing volatile world there is a growing need for off site secure storage solutions for small items of high value (Corporate or Personal), solutions that are innovative, convenient and meet the needs of the consumer. MySafe Global Vaults looks forward to playing its part in the development and provision of such services with the support of Safika and our industry colleagues in the months and years to come.
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