Stanbic IBTC unveils automated cash deposit, recycling solution

To deepen the Central Bank of Nigeria’s (CBN) cashless policy, Stanbic IBTC Bank, a member of Standard Bank Group, has implemented the usage of an Automated Cash Deposit and Recycling solution to improve on its customers’ cash related service experience.

At a ceremony conducted in Lagos branch of the bank, yesterday, the cash deposit and recycling solution was unveiled by the bank’s executive director, Obinnia Abajue, accompanied by customers in the presence of the bank’s senior management and representatives of the vendor and supplier.

The launching is the culmination of about two years of rigorous testing and fine-tuning of the automated cash deposit service using advanced Cash Deposit and Recycling machines manufactured by GRGBanking, the largest Cash Processing Solution manufacturer in Asia and supported locally by Avanage Nigeria Limited.

Abajue explained that the bank’s service transformation initiatives were holistic in scope, addressing non-cash related offerings such as digital, internet and mobile banking and cash payment and withdrawal. “With this investment, Stanbic IBTC is making a clear statement to its numerous customers that so long as the customer has a need for using cash, they can count on the bank to provide the very best in cash related services.”

According to him, the launching heralds a marked improvement in cash related customer service experience for Stanbic IBTC’s customers through shortening service turnaround time (TAT), reducing queues, service outages while extending service delivery hours, such that if a customer can withdraw cash at her convenience anytime of the day, any day of the week (24×7), the customer should also be able to deposit cash anytime of the day, any day of the week (24×7) across Stanbic IBTC branches and service locations.

In a statement signed by the Managing Director of Avanage, Olumide Bajomo, the company is glad that the GRGBanking machines have passed all stringent tests and quality control measures put up by the bank to ensure that only the very best is deployed for the use of Stanbic IBTC Bank’s highly esteemed customers.

“Stanbic IBTC has launched the Automated Cash Deposit service accepting the largest naira denominations i.e. N1,000 and N500 while Lower denomination naira banknotes such as the N200 and N100 will be enabled based on customer demand and with no limit to the number of deposit transactions that can be done on a daily basis into each customer account, this is projected to satisfy the needs of most consumers and customers within the MSME segment.

“In the coming days, we expect the bank to enable the bulk cash deposit service which offers a higher processing capacity with maximum number of banknotes that can be deposited during a single transaction in the range of N1 million and with no limit to the number of deposit transactions that can be done on a daily basis into each customer account, it is certain that this will satisfy the needs of the largest businesses, retailers and corporate customers.”

He added that GRGBanking’s Automated Cash Deposit and Recycling solutions offer superior security and the ability to properly recognise naira notes with the capability to differentiate between counterfeit and authentic notes. The machine comes with special security features that protect the bank and its customers during and after use. “This is in addition to its superior reliability”, he added.

According to him, one way to measure the machine’s reliability is to track the number of times in a week, month or a year that a bank’s Cash Deposit Recycling Machine has experienced a fault or breakdown. Stanbic IBTC’s experience has confirmed that “our GRGBanking machines standout in this aspect”.

Besides, he said, the solutions offer superior cost effectiveness. With the largest manufacturing plant for Cash Deposit Recycling machines in the world, coupled with the high quality and reliability of its products, GRGBanking offers superior return on investment (ROI) for cash operations transformation thereby positively impacting the bank’s profitability.