14th Oct. 2015, GRGBanking’s cash recycling solution P5800 has been put on-line at Stanbic IBTC Bank (Martins Street, Lagos branch), which is one of the top banks in Africa. A brief ceremony was held and the bank’s senior management and representatives of the vendor and supplier attended.
On the ceremony, Mr. Obinnia Abajue, Executive Director of the bank introduced that the launching of P5800 will herald a marked improvement in cash related service and experience for Stanbic IBTC’s customers through shortening service turnaround time (TAT), reducing queues, service outages while extending service delivery hours to 7*24.
In a statement by Managing Director of Avanage (GRG’s local partner), Mr. Olumide Bajomo, “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.”
He added that GRGBanking's solutions offer superior security and the ability to properly recognize naira notes with the capability to differentiate between counterfeit and authentic notes. The machine comes with special security features that protect the bank and its customers during and after use. “This is in addition to its superior reliability”, he said.
According to Bajomo, one way to measure the machine’s reliability is to track the number of times in a week, month or a year that the machine has experienced a fault or breakdown. Stanbic IBTC's experience has confirmed that “GRGBanking machines standout in this aspect”.
Besides, he said, the solutions offer superior cost effectiveness. With the largest ATM manufacturing center in AP, coupled with the high quality and reliability of its products, GRGBanking offers superior return on investment (ROI) for cash operations transformation thereby positively impacting the bank's profitability.
About Stanbic IBTC Bank
Stanbic IBTC Bank is a major financial service provider engaged in personal banking, business banking, credit cards, corporate banking, non-interest banking and wealth and investment banking in Nigeria. Stanbic IBTC Bank is a member of Standard Bank Group. Standard Bank Group is the largest African bank by assets, operates in 20 countries on the African continent.
GRGBanking is a leading provider of currency recognition and cash processing solutions in the global market with great potential and rapid development. GRG specialize in the development/ manufacturing of Automatic Teller Machine (ATM) for financial institutions and retailers, Automatic Fare Collection (AFC) devices for railway or underground systems, as well as other currency recognition and cash processing equipment, modules and systems for over 20 years. Besides, GRG’s various Multi-Channel Software Solutions and Services cover the needs of the financial industry, retail, transportation, payment, self-service, cash automation, cash management outsourcing and managed services, customized for different customers around the world.
with fast processing speed and big capacity of bulk cash recycling
capability, P5800 is the ideal and customized solution for financial
institutions and retailers with financial-oriented and teller assisted
service needs, such as:
- Teller assisted front desk service or cash sorting in branch back office or cash center.
- Deposit automation in retail back offices, such as supermarkets, stores and gas stations, etc.
- Currency exchange, utility payment and other value-added service in high cash transaction places.