Nigeria: Precise Financial System developing an application allowing cheques deposits via smartphones

Oct 24, 2016

Several large banks have already pledged to introduce the cheque deposit service in their operations.

A Nigerian company, dealing in
technological solutions for financial companies, presented its new application at the GITEX Forum in Dubai.The
‘iTeller Mobile Cheque Truncation’ technology provides a complete solution for depositing bank cheques, allowing reduced bank costs on cheques transactions, as well as avoiding long waiting lines in banks.

The Nigerian market is still under-developed and banks are not hesitant in
investing in order to avoid logistical and capital costs incurred
by the opening of branches throughout the country. This offers a platform for experimenting technological solutions to financial services.

"One will only have to capture
the cheque with their phone camera including the CMC7 magnetic protection codes, and
send them to their banks for execution", explained Yele Okeremi, Precise Financial System General Manager.ADNFCR-2976-ID-801827156-ADNFCR