News

Barclays Africa angles to bring ATM support in-house

Barclays Africa Group reportedly wants to buy the ATM business of Bytes Technology Group, the company that currently provides its ATM support.

June 18, 2014

Barclays Africa Group reportedly is bidding to acquire the ATM business of Bytes Technology Group, the company that provides the FI's ATM support.

According to Business Day Live, Barclays Africa hopes that the acquisition will accelerate the overhaul of its ATM network. The FI anticipates that by enhancing its self-service banking services, it can drive branch transactions to the lower-cost ATM channel.

Last year, Barclays Africa awarded Bytes Managed Solutions a three-year, 400 million rand ($28.13 million) contract for ATM support services in Africa.

Notice of the proposed transaction was filed with the South African government's competition authorities last month, BD Live said.