Barclays Launches ATM Cash Deposits

BARCLAYS Bank Zambia Plc is rolling out intelligent automated teller machines that are able to accept cash deposits which will cut down queues and enhance personal banking.
Following the personal banking official launch that included several other products and services to boost customer experience and convenience in Lusaka on Friday, Barclays Bank Zambia retail director Simangolwa Shakalima said in an interview that the new intelligent ATMs (iATMs) were a first on the market, which would completely change personal banking experience.
“We have invested into a new generation type of ATMs, which are able to accept cash deposits. This is a first in the market in the sense that you can deposit your cash through this ATM and the money reflects on your account immediately, so the machine is able to get denominations from K20 all the way up to K100,” Shakalima said.
He said the new iATMs were in response to customer feedback on the need for wider access to banking services beyond the traditional methods.
He said the iATMs would be rolled out in phases.
“For the first twenty one machines, we invested more than K3.5 million. By the end of the year we will deploy another twenty, so by the end of the year, we would have forty one machines. And over the next couple of years, we will keep upgrading them because there are so many functionalities with a few others, which are exciting for customers so they can actually do their banking on the machines,” he said.
And officially launching the personal banking earlier, Barclays Bank Zambia managing director, Saviour Chibiya, said the new internet self-service kiosks, which would be strategically placed across the bank’s branch network, was designed to make easier customers’ transactions and meet their personal banking needs.
“This self-service internet banking platform is meant to cater for quite a number of our customers who don’t have internet access. We still have one of largest branch networks across the country and, therefore, access to finance is something we take seriously,” Chibiya said.
Meanwhile, Bank of Zambia senior director for supervisory policy, Chisha Mwanakatwe, hailed the launch and encouraged other financial institutions to develop banking solutions that would increase the level of financial inclusion.
“Affordable and innovative banking solutions play an important role towards the growth and sustainability of the banking sector in our country,” said Mwanakatwe.