Banks are increasingly adopting cash deposit Automatic Teller Machines (ATMs) to improve service delivery and enhance convenience for customers. And to reinforce its unwillingness to relinquish its leading position in this regard, First Bank recently unveiled the services of this unique electronic banking innovations in three strategic locations in Lagos State namely Lagos Island, Ikeja and Yaba.
An Automated Teller Machine is an electronic banking outlet which allows customers of various banking institutions complete basic transactions without the aid of a bank representative, teller or without being physically present in the bank.
There are two primary types of ATM’s. The basic one allows the customer to withdraw cash, receive a report of the accounts balance and also produce a bank statement; while the more complex machines accepts deposits and also report account information. Thus for customers who are always on the go and want fast, reliable and practical banking services, the ATMs have eliminated the need to enter a bank for basic transactions and allows access to accounts at machines throughout the country.
In Nigeria, emphases have been on the basic ATMs and presently there are more than 10,000 of such ATMs across the country. But in recent times, the increasing and wide acceptance of ATMs by members of the banking public and need to further improve banking convenience by reducing transaction time and crowding in the banking halls, banks have started deploying Cash Deposit ATMs.
This trend started with UBA and Skye Bank, with both banks simultaneously breasting the tape of cash deposit ATM deployment in the country in May 2009. Since then other banks have commenced moves to enhance their service delivery by deploying cash deposit ATMs.
First Bank however has taken this revolution to a higher dimension, leveraging on its leadership position by deploying Cash Deposit ATMs in three strategic commercial area of Lagos namely Marina, Yaba and Ikeja Industrial area. The three locations not only represent the major business hubs in the nation’s commercial capital, but they are also easily accessible from other commercial centers and residential areas in the state.
Head Marketing and Corporate Communications of the Bank, Mrs Folake Alli-Mumuney said that the deployment of the ATMs was part of the bank’s continuous efforts at providing dependable, dynamic and convenient banking services to its customers
She explained that, “FirstBank cash deposit ATM is a computerized device that enables our customer perform a deposit transaction without the need for a cashier, human clerk, bank teller or being at the bank. The FirstBank cash deposit ATM comes in handy for our customers who have carried out business transactions when the banking hall have closed and need to deposit large sums of money instead of waiting till the next day.”
“The First Bank Cash Deposit ATM is a verve card based transaction and allows cash lodgments (deposits) into a customers’ account and this hits the selected account immediately (Real-time). There are no doubts, no reservations and the worries of depositor error are long gone as the ATM will return your cash whenever there is network fluctuation.
The FirstBank cash deposit ATM like our other ATM’s are user friendly and easy to comprehend. To use the cash deposit ATM, a customer will have to visit any FirstBank branch in Marina, Yaba or Ikeja Industrial where these ATMs are located. Insert his or her verve card in the machine and add your PIN. Select the option ‘Make a Deposit’ and choose the account you want to make the deposits into which can be either a checking or savings account.
The cash deposit ATM recognizes the Nigerian currency, and accepts all currency ranging from N100, N200, N500 and N1, 000 denominations of the naira notes. The cash deposit ATM receives a maximum of 50 notes per deposit, inserted in no particular order into the machine.
The customer confirms his cash details and the customer’s account will be accredited immediately.” The bank is expected to build up on the deployment of cash deposit ATMs in the three locations, with massive rollout in its branches in major commercial centers in the country, and given its large following of retail customers, public acceptance and patronage of cash ATMs is expected to leap frog and possibly compete with the basic, cash withdrawal ATMs.
This would no doubt add to the many landmark contributions of First Bank to the banking industry, which was recently confirmed with the three awards won by the banks in the United States. The bank was rated the Best Bank in Nigeria 2010.
The three awards were bestowed on the Bank, during last year’s World Bank/IMF meetings in Washington DC on by Global Finance (GF) are “Best Bank in Nigeria, Best Trade Finance Bank and the Best Foreign Exchange Bank for 2010”.
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