Monday , 18 December 2017

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Mitsumi Group unveils new ‘smart’ ATM’s for cash deposits

by: Category: Banking & Finance, In Focus A+ / A-

Electronics distributor Mitsumi Group has introduced into the local market an intelligent cash machine which allows individuals to deposit money faster compared to ordinary teller machines.

Mitsumi through its technology arm Komtel Kenya, the 24hour Automatic Cash Deposit Machine (ACDM) unveiled yesterday in Nairobi is also expected to significantly reduce the long queues at the banking halls.

Komtel Kenya General Manager Abdul Malik said the new ACDM will be installed in banking halls, shopping malls, and ATMs lobbies and will also offer flexible time for customers to deposit their money even after banking hours at no cost.

“We anticipate this technology to be 70 percent faster and more efficient when making a deposit as compared to depositing money through the teller counters.

The cash deposit machine will be a self-service workstation that will allow you to make deposits and payment transactions by cash without having to wait in line for hours or rushing to the bank during working hours”, said Malik.

All successful transactions will be immediately credited to the account holder and customers issued with an advice slip confirming their transactions. Customers will however, be required to know their account numbers or have ATMs before making the deposit.

He said the equipment is more reliable as hardware in terms of authentication and the inbuilt software is very flexible for customization to the Banks’ requirements.

ACDM will be connected to the Bank’s core banking applications to get instant credit to the customer’s account.

“In Kenya ACDMs have been tried in the past years by some companies but with less success. We are however, committed to offer this technology to banks, financial institutions & retails with a flexibility of outright purchase & lease / rental options while under our maintenance services,” he said.

The company further says it expects demand for the technology particularly in tier 1 & 2 banks to rise in the next 12 to 24 months spreading to all bank branches and offsite locations.

It has already rolled out the facility in all South Africa’s Commercial Banks.

Recently the Group invested Sh 2.5 billion in launching a mid-level hotel with a capacity of 94 rooms in Nairobi’s Westlands area as it seeks to tap into the growing hospitality industry in Kenya.

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Business Journalist since 2009, has worked for Financial Post, Standard Media Group, Business Journal and People Daily.

Chief Editor at The African Business Fortune Magazine.

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