Dubai-based company, MySafe Global Vaults, has established a subsidiary in Kenya to enter the country's safe deposit box business space. Banks are moving towards online banking as they reduce physical branch activities and some are stopping the deposit box business. MySafe Kenya has set up a shop at Sarit Centre, Nairobi, to provide automated insured safety deposit boxes. The firm believes it is revolutionising the safe deposit box industry through full automation and insurance. In Sweden, there is one safe deposit box for every three people, one in five French citizens rent a safe deposit box while in the US, there are 25 million active safe deposit boxes.

Source: The Star January 13, 2021 01:52 UTC