FIRST National Bank (FNB) Lesotho has launched another novel innovation in the local market, with an automated teller machine (ATM) that has cash deposit-taking technology.
Dubbed automated deposit terminal (ADT), the ATM can authenticate, count and immediately credit cash into FNB Lesotho accounts. Confirmation of the deposit is also made instantly to a FNB Lesotho client.
It is the latest of the many pioneering innovations introduced to the Lesotho market over the years by the bank. Last year, the financial institution launched a vehicle-drawn ATM that travelled to where clients needed it.
FNB Lesotho also launched the Cash Deposita — an interactive safe that enables businesses to safely make deposits which automatically reflect in their bank accounts without the need to travel to FNB.
Later the same year, the bank unveiled the Slimline mini ATM device to afford clients greater banking convenience by extending the bank’s reach beyond its physical branch and ATM footprints.
In his remarks during the ADT launch ceremony earlier this week, FNB Lesotho Deputy Chief Executive Officer, Mokhachane Mopeli, said the new device would save clients’ time as they did not have to contend with bank queues or costs which had been slashed by half.
ADT, he said, was another way FNB Lesotho made banking more convenient through the use of technology.
“ADT enables self-service for our customers. They don’t have to come to the bank during business hours to access our services. They can literally bank any time where there is an ADT ATM.”
Mr Mopeli also indicated that the new device was both accurate and safe to use.
An ADT could also be used for cash deposits to South African accounts, he said, and help clients avoid handling cash in the bank. The deposit limit is M40 000.
Mr Mopeli said this could be done by first depositing cash into a client’s account and then using online banking to make the cross border transfer.
Another group of clients set to benefit from the innovation are small enterprises and people paying school fees.
“For an enterprise with few employees it can be difficult to go to the bank during work hours, but with the new ATM, it will be easier to deposit the money after work,” said FNB Lesotho’s Head of Retail, Teboho Mhlanga.
“This is the same with school children; instead of having to go to the bank during school hours, they can visit the nearest ATM to make the payment.”
The ADTs can handle both malotis and rands currencies and are placed alongside the older ATMs. They can operate like conventional ATMs, with clients able to withdraw cash.