CashAccSys managing director Fred Scherf (left) with Komtel general
manager Abdul Malik during the launch of the Automatic Cash Deposit
Machine (ACDM) in Nairobi. PHOTO | LILIAN OCHIENG'
A South African innovation meant to shorten back-end cash transactions by banks and retail outlets has been launched in Kenya.
The
‘Automatic Cash Deposit Machine (ACDM),’ a product of South Africa’s
CashAccessSys, is expected to significantly reduce long queues at points
of sale and in banking halls.
Komtel Kenya, the
product's local distributor, said that it ensures 70 per cent faster
transaction processing compared to the normal manual systems.
It can be installed in banking halls, shopping malls and ATM lobbies.
In South Africa, fuel distributors Caltex, Shell and Total use the system to carry out secure point of sale transactions.
“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 Komtel Kenya General Manager Abdul Malik.
The
system also detects fake money and issues an advice slip confirming
transactions. Its inbuilt software is customised to the bank’s
requirements.
CashAccessSys managing director Fred
Scherf said that in case a bank faces robbery, then the system delays
break as alarm is raised.
Komtel Kenya is optimistic
that the product's uptake will be positive as it comes at a time when
security is of utmost importance to local banks.
“We
forecast a rise in demand for this particular technology in tier 1 and 2
banks in the next 12 to 24 months spreading to all bank branches and
offsite locations and we plan to tap into the growing banking and retail
sectors to realise growth”, said Mr Malik.
laochieng@ke.nationmedia.com
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