Barclays raises ATM deposit to Sh120,000

Corporate News

Barclays Bank CEO Jeremy Awori. PHOTO | FILE 

By VICTOR JUMA

In Summary

• New system can deposit up to Sh120,000 per transaction in batches of Sh40,000.

Barclays Bank has upgraded its ATMs to allow both account holders and non-customers to make cash deposits in real-time.

Those using the new system can deposit up to Sh120,000 per transaction in batches of Sh40,000 and can make as many transactions as they wish per day, making it ideal for small and medium-sized enterprises.

The latest capability brings Barclays’ cumulative investments in the upgrade of its ATMs to Sh500 million since November 2013 when the real-time cash deposits was launched.

The new service is expected to significantly reduce waiting time in banking halls, allowing customers to process cash deposits from anywhere across the country round the clock.

This means that a person, for instance, can deposit funds via the ATM in Mombasa into an account in Eldoret.

“This is a further demonstration of our commitment to meet our customers at their point of need by providing them with diverse channels through which they can conduct their banking services at their convenience,” said Jeremy Awori, the Barclays CEO.

This new development builds on the Cash Send service launched by the bank last year, which allows customers to send money through the ATM or the Barclays Hello Money mobile platform to customers and non-customers who then withdraw it at any of the bank’s ATMs at no cost.

The service enables customers to send up to Sh250,000 per day through Hello Money or Sh40,000 through the ATM at a cost of Sh77 per transaction.

There is no limit to the amount of money one can withdraw per day.

The functionality is currently available in ATMs across major towns and the plan is to roll it out to the entire ATM network.

The enhanced ATM services come after Barclays reinstated fees on transaction conducted through the machines, helping to lift its earnings.

READ: Barclays profit hits Sh4.6bn on return of ATM charges

Barclays’ re-introduction of ATM fees late last year boosted its non-interest income, helping to increase the lender’s after-tax profit for the half-year to June by eight per cent to Sh4.6 billion.

Its non-interest income in the period jumped 12 per cent to Sh4.8 billion.

Nearly a third of this growth came from ATM fees which Barclays reinstated in November, four years after scrapping them to attract customers.Barclays has announced plans to invest an additional Sh300 million to install 100 “intelligent” machines in the next year.