South Africa's newest retail FI, Capitec Bank, this week announced that it has introduced the country's first cash-recycling ATM. The machine is located at a mall in Stellenbosch — a university town about 30 miles east of Cape Town — where it will be availble for use 24/7.
The machine features cash and coin acceptors and dispensers, as well as a check acceptor. It will accept deposits not only from Capitec Bank's own customers, but also from third-party customers.
Other features of the ATM include improved security for note and coin validation, improved transaction flow, and better cash levels compared with Capitec's traditional ATMs, said a news release from the bank. Soon, it also will be enabled for both card and fingerprint ID.
"To us‚ every cent counts‚ so the most exciting feature of the cash recycler is that clients can use their small change to either add to their savings accounts or pay off loans. We think this makes money management that little bit easier and puts our clients in better control," Capitec CEO Riaan Stassen said in the release.
Capitec plans to test eight cash recyclers in a pilot program, followed a wider rollout if the pilot is a success.
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