StanChart Kenya backs technology to drive future of banking industry

1388

The days of walking around with large sums of cash as one heads to deposit in the bank are over after Standard Chartered Kenya, one of the oldest banks in the country, unveiled Electronic Cash Deposit Machines for Corporate Clients. The electronic cash deposit machines will assist corporate clients by ensuring reliable and secure cash management.

The machines are available for either purchase or leasing to organizations that handle huge cash flows. The machines will enable organizations to have a miniature version of their bank branch right in their offices, which allows them to deposit their cash, which in turn will reflect in their accounts. This is helpful as it allows organizations to reduce their cash losses on day-to-day operations.

During the signing of both Nation Media Group and Farmers Choice Ltd to the service, Lamin Manjang, Chief Executive of Standard Chartered Bank Kenya said, “The Electronic Cash Deposit Machine will be installed at the client’s premises. The machine is configured and linked to our client’s collections account held at the Bank. Our client will be provided with Unique Electronic Cards, which are configured to the specific users. We have integrated our systems with G4S to enable near real time posting of deposits into clients’ accounts and cash transit services.”

Apart from the two organizations, the bank has so far been able to deploy 20 machines to different organizations across the country. The machines are so far only able to accept two types of currencies as the bank looks to include more currencies in the future.

“The Electronic Cash Deposit Machines can accept deposits in Kenya Shillings and US Dollars in real time thus saving clients the inconvenience of visiting the banking hall to deposit cash. The highly sophisticated machines can detect counterfeit currency notes,” Mr. Manjang added.

This is the first time that such a system is being implemented in the country, as the other digital tellers are only available in banks. It comes shortly after the bank introduced Video and Chat banking service earlier this year highlighting how institutions are moving towards automation of their operations.