UBA Unveils Nigeria’s First Cash Deposit ATMs

United Bank for Africa (UBA) Plc has taken the wrapper off the first intelligent cash deposit Automated Teller Machine (ATM) in the country.
Customers can now make cash lodgements to their accounts via these ATM machines.
The product was the result of years of knowledge and experience in electronic payments and processing which the bank leveraged on to improve customer experience.
It also follows the successful deployment of the intelligent cheque deposit ATMs in November last year, thus making it possible for the bank to provide round the clock access to cash and cheque deposits to its customers.
The intelligent cash deposit ATM recognises the Nigerian currency, accepts all N100, N200, N500 and N1000 denominations of the naira notes and is capable of intelligently detecting counterfeit or effaced cash through the multilevel security features.
Mr. Tony Elumelu, group managing director/CEO, UBA Plc said the deployment of the cash deposit ATM was a defining moment in the banking industry in Nigeria.  According to him “the pull effect of this development would transform the entire banking industry. Expectedly other banks will follow suit by deploying cash deposit ATMs like we have done, for the ultimate benefit of the bank customers and the general public”.
The novel product, according to Mr. Charles Ogunmola, director, group e-banking services, is the resulting combination of new technology together with a re-engineering of the ATM deposit processes has enabled UBA make the overall processes more assuring and less costly for the customers.
UBA has remained customer-centric bank and is always looking at innovative ways of bringing banking convenience to its customers.
Ogunmola said the cash ATM is designed to further promote self service culture thereby putting control in the hands of the customer. At the end of each cash deposit, the customer would receive a receipt printouts indicating the denomination breakdown of the amount deposited and confirmation that the transaction was successfully credited to the account. The customer will also receive an SMS alert if he or she subscribes to the service” he explained.
As the acclaimed leader in retail banking, UBA ranks as the bank with the largest e-banking platform. Statistics show that UBA has 8.3 million cards in circulation, about 1535 ATM machines, 3,767 active point of sales (PoS) terminals whilst web acquired transactions carried out in through the bank’s network was valued at N8.8 billion in 2008 or 47 per cent of the entire transactions for the year.  The deployment of these ATMs will give boost to UBA’s ability to capture and mobilise deposits in line with customer lifestyles.
United Bank for Africa is one of Africa’s leading financial institutions offering universal banking services to more than 7 million customers across 750 branches in 19 African countries. With presence in New York, London and Paris and assets in excess of $19billion, UBA is the ideal partner for banking services for Africans and African related businesses globally.