Stanbic IBTC Bank Unveils Automated Cash Deposit, Recycling Solution

Stanbic IBTC Bank, a member of Standard Bank Group, has implemented the usage of an Automated Cash Deposit and Recycling solution to improve on its customers’ cash related service experience.
Unveiling the cash deposit and recycling solution the bank’s Executive Director, Mr. Obinnia Abajue explained that Stanbic IBTC’s service transformation initiatives are holistic in scope, addressing non-cash related offerings such as digital, internet and mobile banking and cash payment and withdrawal. 
“With this investment, Stanbic IBTC is making a clear statement to its numerous customers that so long as the customer has a need for using cash, they can count on the bank to provide the very best in cash related services.” 
According to him, the launching heralds a marked improvement in cash related customer service experience for Stanbic IBTC’s customers through shortening service turnaround time (TAT), reducing queues, service outages while extending service delivery hours, such that if a customer can withdraw cash at her convenience anytime of the day, any day of the week (24×7), the customer should also be able to deposit cash anytime of the day, any day of the week (24×7) across Stanbic IBTC Branches and service locations. 
The launching is the culmination of about two years of rigorous testing and fine-tuning of the automated cash deposit service using advanced Cash Deposit and Recycling machines manufactured by GRGBanking, the largest Cash Processing Solution manufacturer in Asia and supported locally by Avanage Nigeria Limited. 
In a statement signed by the Managing Director of Avanage, Mr. Olumide Bajomo, said the company is glad that the GRGBanking machines have passed all stringent tests and quality control measures put up by the bank to ensure that only the very best is deployed for the use of Stanbic IBTC Bank’s highly esteemed customers.
“Stanbic IBTC has launched the Automated Cash Deposit service accepting the largest naira denominations i.e. N1,000 and N500 while Lower denomination naira banknotes such as the N200 and N100 will be enabled based on customer demand and with no limit to the number of deposit transactions that can be done on a daily basis into each customer account, this is projected to satisfy the needs of most consumers and customers within the MSME segment.
“In the coming days, we expect the bank to enable the bulk cash deposit service which offers a higher processing capacity with maximum number of banknotes that can be deposited during a single transaction in the range of N1 million and with no limit to the number of deposit transactions that can be done on a daily basis into each customer account, it is certain that this will satisfy the needs of the largest businesses, retailers and corporate customers.”

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