FNB launches cash se­cu­rity prod­uct

Lesotho Times - - Business - Bereng Mpaki

FIRST Na­tional Bank Le­sotho (FNB) yes­ter­day launched the Cash De­posita — an in­no­va­tive cash man­age­ment sys­tem — in Maseru.

The de­vice, which is also known as a Smart­box, is an in­ter­ac­tive safe that en­ables busi­nesses to safely make de­posits which au­to­mat­i­cally re­flect in their bank ac­counts with­out the need to travel to FNB.

The tam­per-proof safe is fit­ted with anti-cut lin­ing, alarm pa­ram­e­ters and sirens linked to cash-in­tran­sit com­pany G4S. In­side the mo­bile unit is an elec­tron­i­cally sealed can­is­ter that can be re­moved when full and re­placed with an empty one.

Ac­cord­ing to FNB Chief Ex­ec­u­tive Of­fi­cer Martin Knollys, the de­vice was de­signed to elim­i­nate the risks as­so­ci­ated with hold­ing cash and trans­port­ing it as well as erad­i­cat­ing dis­crep­an­cies be­tween busi­nesses and the bank.

He said the prod­uct was in line with the bank’s motto of “How Can We Help You” by of­fer­ing new bank­ing so­lu­tions for clients.

“We are aware of the huge vol­umes of cash that are traded by busi­nesses, and of the need to pro­vide clients with cash so­lu­tions, hence the de­ci­sion to in­tro­duce the Cash De­posita,” Mr Knollys said dur­ing a press con­fer­ence to launch the prod­uct.

“There are a lot of in­ef­fi­cien­cies and costs re­lated to deal­ing with cash. In­ef­fi­cien­cies could be from the time it ar­rives in the store to the time it ends up in the bank. The process can take any­thing be­tween 24 to 72 hours and even be­yond.

“An­other as­pect of cash is it is a very high risk com­mod­ity and, as FNB, we be­lieve it is our re­spon­si­bil­ity to come up with ef­fec­tive so­lu­tions for our clients who deal in high cash vol­umes, hence the de­ci­sion to in­tro­duce the Smart­box.”

He said the in­no­va­tion was meant to meet the grow­ing needs of busi­nesses to pro­tect and de­posit cash into their ac­counts as quickly as pos­si­ble.

“There are mul­ti­ple rea­sons we de­cided to bring this so­lu­tion into Le­sotho, and we be­lieve it will be fully used by the mar­ket be­cause of the real need to help our clients to man­age their cash more ef­fec­tively.

“Crim­i­nals tar­get cash, and any com­pany that holds cash, how­ever small, is in dan­ger,” Mr Knollys said, adding that the bank’s clients should ex­pect more in­no­va­tive prod­ucts in the near fu­ture.

In his re­marks, FNB deputy CEO, Mokhachane Mopeli, said the Cash De­posita had been de­signed by FNB and al­ready proved its met­tle in South Africa.

“The Cash De­posita is a very in­tel­li­gent box that is able to solve our cus­tomers’ prob­lems by ac­cept­ing cash se­curely and, most im­por­tantly, it gives our clients value for money,” Mr Mopeli said.

“In South Africa, this prod­uct has been in ex­is­tence for many years. In fact, ac­cord­ing to sta­tis­tics the money col­lected us­ing th­ese devices runs be­yond R20 bil­lion per month.

“We are very glad to be the pi­o­neers of this prod­uct in Le­sotho, and we be­lieve that it will help busi­nesses to se­curely col­lect their cash.”

He added that the mar­ket was ready for the prod­uct since FNB had un­der­taken due dili­gence be­fore mak­ing the de­ci­sion to in­tro­duce it in Le­sotho.

AN FNB con­sul­tant demon­strates how the Cash De­posita op­er­ates.

FNB CEO Martin Knollys (right) and his deputy Mokhachane Mopeli dur­ing the launch of the Cash De­posita yes­ter­day.

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