Commercial banks in Cameroon are stepping up efforts aimed at further incorporating digital technology in the services they offer to their clients. One of them is Afriland First Bank, an indigenous Cameroonian bank, with subsidiaries in about a dozen African countries.
Authorities of the bank say they have launched the operational phase of a project to install automated cash deposit terminals to facilitate cash deposit operations.
According to Afriland First Bank, a number of the automated cash deposit terminals have already been installed at some of their bank’s branches in the country, and the feedback from users has largely been positive.
The system will facilitate cash deposits
With the terminals, clients can deposit cash into their accounts or those of other account holders without going through an over-the-counter process. The bank officials say customers wishing to carry out a cash deposit should have their money arranged in denominations of XAF 10, 000 and XAF 5,000 notes. Users will then be required to carefully follow instructions displayed on the automated cash terminal to ensure that their transactions are duly recorded.
They will have to key in certain information such as details of the paying party, the origin, and purpose of the funds, name of the depositor and the amount of money to be deposited. Like is the case with automated cash dispensing machines, receipts will be delivered upon completion of a cash deposit transaction.
Some of the users of the new service, who spoke to iAfrikan, appreciated the innovation, saying it saves them the stress of always standing on long queues to make cash deposits. James Ako, an account holder with the bank, said he welcomes the idea and looks forward to using it as often as he can. “We are living in a world of fast-growing technology. So, we should expect innovations like this one. It’s a good idea, and I like it. It makes sense to me because I have always had to stand on queues for long hours waiting to make a cash deposit. With this novelty, I am sure the problem will greatly be solved,” Ako said.
Novelty is part of the bank’s digital banking moves
Afriland First bank officials say they have brought about this novelty as part of the extension of the digital banking operations which many banking institutions in the country are adopting. An awareness campaign is also ongoing to inform their users and other potential users of the availability and advantages of the service, they say.
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