Inlaks Computers, indigenous technology company, in strategic partnership with Nautilus Hyosung, says its target is to attain a total installed base of 3,000 Automated Teller Machines (ATMs) by year end.
So far, Inlaks has deployed 2,099 ATMs in the country. The company says it is committed to playing an integral role in Central Bank of Nigeria’s (CBN) cashless initiative.
Tope Dare, director, sales & strategy, Infrastructure Business at Inlaks Computers, made this remark at a seminar organised by company, with the theme, ‘Improving Cash Efficiency with Hyosung Self Service Terminals in a Cashless Economy’, held in Lagos recently.
The technology company also launched a cash recycling ATM capable of using cash deposit to pay customers. According to both companies, the new product will address the challenge of non-availability of funds in the ATMs.
They stated that it was designed to ensure that ATMs have cash to dispense from time to time, and noted that deposited cash would be recycled and made available for customers to withdraw.
The new ATM, with model number 8600, is capable of dispensing cash, receiving cheque and cash deposits, while using the cash from its received deposit to pay customers who want to withdraw. The manufacturer said that it would save financial institutions the need to put cash in the machines from time to time.
Jin Ho Moon, vice president, Hyosung, further said the motive behind the new model was to ensure that the predominantly cash-reliant system in Nigeria, Africa’s largest economy, is made easier and addresses the situations whereby ATMs do not have cash to dispense, thereby leaving customers stranded. “Whenever a customer makes deposit, the machine checks the authenticity of the cash, identifies fake notes and separate them. It also separates clean and dirty notes and process the good notes for withdrawal, which would reduce the counterfeit notes in circulation,” Moon said.
Femi Adeoti, managing director, Inlaks Computers, said its machines were specifically designed to accommodate the numerous challenges that are peculiar to different environments. He identified the features of the new machine to include enhanced security.
According to Adeoti, “The new ATM comes with two cameras, it is biometric ready, which supports the Know Your Customer policy of the Central Bank of Nigeria by capturing user’s fingerprints, an anti-scheming device which is inbuilt and makes it impossible to clone ATM cards.”
Adeoti explained that the machine would not allow fake notes to mix with good ones, which other machines may not be able to do. Taking a look into the future in view of the internet and mobile options, Adeoti said the increasing penetration of internet and expansion in the use of mobile and internet banking would not eliminate the use of ATMs in Nigeria, “as people will continue to use the ATMs.”
He said, “Our environment is still, one way or the other, cash-based, so a lot of people would still withdraw from the ATM. Even in the US and other places where technology is advanced, people still use ATMs, so, there is always a market for every type of solution. “People must spend money in the rural areas where there is lower penetration of internet. I quite agree that as internet penetration goes higher, it might affect the volume of ATM sales, which would make the manufacturers of ATMs to be more innovative with better features.’’
Ben Uzor Jr
