Innovative new ATM service launched in Nigeria

Aug 24, 2011

An innovative new service has been introduced at some ATMs in Nigeria.

An innovative new service has been introduced at some ATMs in Nigeria.

Working with Interswitch Nigeria, GT Bank is - for the first time ever - enabling consumers to make cash deposits using the machines, without the need for a debit card.

This could improve access to finance for those living in the country, as they are able to deposit funds of different denominations at any time.

The money can be withdrawn from the beneficiary's account immediately and means individuals would not have to store large amounts of cash at home anymore.

Director of Payment Processing and Infrastructure at Interswitch Akeem Lawal said: "Banks are leveraging the use of ATMs to provide improved consumer banking experience by taking self service to a whole new level."

According to the United Bank of Africa, the use of ATMs has grown significantly in Nigeria over the past few years.

There were more than 500 million transactions made in 2009 compared with 1.6 million in 2006, with over 8,000 machines situated across the country two years ago.ADNFCR-2976-ID-800709165-ADNFCR