Bank launches cash deposit and recycling solution

The launch follows two years of planning, testing, and fine-tuning of the automated cash deposit service using advanced cash deposit and recycling machines manufactured by GRGBanking

Kenyan city residents walk past Stanbic Bank in the capital Nairobi  in a file photo. REUTERS/Antony Njuguna

One of Nigeria’s leading commercial banks, Stanbic IBTC Bank, at a small ceremony on Martins Street, Lagos branch of the bank, unveiled a cash deposit and recycling solution, accompanied by customers and senior management officers of the bank.

Executive director of the bank, Mr. Obinna Abajue, explained that Stanbic IBTC’s transformation initiatives where holistic in scope, addressing non-cash related offerings such as digital, Internet, mobile banking, cash payments and withdrawals.

“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,” Abajue said.

The launch follows two years of planning, 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, with local support provided by Avanage Nigeria Limited.

“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,” said Mr. Olumide Bajomo, Managing Director of Avanage.

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