Inlaks’ latest ATMs to improve Nigeria’s cash cycle
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The National Financial Inclusion Strategy is an initiative first launched in 2012 by the Nigerian Government to reduce the financially excluded to 20% by 2020, from the 46.3% recorded in 2010. Nigeria is Africa’s largest economy accompanied by a large financial gap, yet amidst the challenges lies hope with committed political leaders and stakeholders that expanding access to financial services will drive the nation towards financial inclusionA process by which individuals and businesses can access appropriate, affordable, and timely financial products and services. These include banking, loan, equity, and insurance products. While it is recognised that not all individuals need or want financial services, the goal of financial inclusion is to remove all barriers, both supply side and demand side. Supply side barriers stem from financial institutions themselves. They often indicate poor financial infrastructure, and include lack of ne... More.
Inlaks, the leading system integrator in Sub-Saharan Africa has partnered with South Korean technology firm, Hyosung TNS to deploy their new innovative ATM models – MX 5600ST, MX 8600T and MS 500. Inlaks has become a trusted business partner for banks looking to strengthen their ATM investment and the ATM’s new, innovative features will see a positive impact to Nigeria’s e-banking system.
These new ATMs act as self-service terminals with integrated banknote-recycling strategy. They are also equipped with the latest biometrics technologies, contactless/barcode readers, anti-skimming protection, touch screen and functional keys. Moreover, the deposit/recycle module is built with advanced bill-recognition technology with a transaction speed of up to 12 notes per second!
In a country that is predominantly cash-reliant, the new ATM models will redefine payment systems and ensure a more convenient way of accessing cashMoney in physical form such as banknotes and coins. More. “The new Hyosung self-service channels will be fully integrated by financial institutions more than ever today to deliver absolute reliability, maximum efficiency and ultimate usability by the innovative terminals” says Babatope Darem, Executive Director of Infrastructure Business Division at Inlaks.
According to Nigeria’s strategy, “financial inclusion is achieved when adult Nigerians have easy access to a broad range of formal financial services that meet their needs at an affordable cost”, and with the with Inlaks and Hyosung’s joined efforts, bridging the financial gap is looking well on its way with the latest improvement to the nation’s cash cycleRepresents the various stages of the lifecycle of cash, from issuance by the central bank, circulation in the economy, to destruction by the central bank. More.
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