UBA, Intercontinental Bank Plc to launch deposit taking ATMs soon.
June 13th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
Banking in Nigeria is indeed taking shape as more innovations continue to find their way into the economy. This is evident as two of the foremost banks in Nigeria have concluded plans to introduce deposit-taking Automated Teller Machines (ATM).
United Bank for Africa Plc and Intercontinental bank may become the first banks in the West African sub-region to introduce this banking technology.Before now ATM available in the country are only for withdrawal of money.
Already, abouts 850 ATM machines have been purchased with respect to this. The new deposit ATM, unlike the traditional ATM accepts currency which the depositor puts into the machine and thereafter waits for it to be validated to ascertain its genuineness. After the verification the amount is deposited into the customer s account. The deposit ATM is specific to banks that deploy those ATMs.
At present, the new deposit ATM is in use in the United States of America, Europe and some Asian countries. This new product is expected to boost banking activities for the two banks, while other banks would possibly follow suit.
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Two Big Banks in Nigeria to lauch deposit taking ATM machines in the country…
Banking in Nigeria is indeed taking shape as more innovations continue to find their way into the economy. This is evident as two of the foremost banks in Nigeria have concluded plans to introduce deposit-taking Automated Teller Machines (ATM)….