Funds available immediately at cash deposit ATMs
Why would a business want to withdraw funds immediately after depositing cash since it could simply have used that cash to pay for purchases?
This question, while perplexing to larger businesses, is very real to small and micro enterprises who use integrated electronic payment systems on mobile platforms, to transfer funds to a range of beneficiaries. It also provides the SME an opportunity to increase bank account activity while helping to build its credit record.
FNB Namibia announced this week, it has installed the first twenty cash deposit ATMs targetting specifically SMEs that need the cash immediately for transfers to other beneficiaries.
“These specialised ATM’s can accommodate real time cash deposits. This means that cash deposits made at these specific ATMs will reflect immediately in customer’s accounts and not only after 24 hours as before” the bank said.
FNB CEO, Sarel van Zyl said the deposited money is recycled by the machine and dispensed to other customers making withdrawals. The advantages to customers include less time spent in queues to deposit cash as well as an improved cash withdrawal experience with greater ATM cash availability and uptime. Said van Zyl, “This is in line with our customer-centred business strategy enabling customers to move from bricks i.e. actual branches, to clicks, i.e. our digital channels, namely FNB ATMs, Online Banking, our very popular FNB App for use on mobile devices, cellphone banking and our Point of Sale devices.”
In line with international trends, self-service channels are often safer, more convenient, easy to use and transactions via self-service channels, are more affordable to customers.
The cost of processing cash is expensive for the bank. “With this in mind and in keeping with our strategy of migrating customers to transact on self-service channels, FNB remains pro-active in encouraging customers to look for alternatives to cash-based banking, such as using their cards to pay for goods and services and to use digital channels” said Van Zyl.