News

Interswitch and Nigerian-based GTBank introduce cardless cash deposit solution

July 25, 2011

According to the Daily Independent, Interswitch, an electronic payment transaction and switching firm, has implemented a cardless ATM cash deposit solution for Nigerian-based GTBank.

The solution enables cash deposits through GTBank ATMs without inserting or using a debit card. The customer can use the deposit function by pressing the appropriate associated button on the ATM, which prompts the customer to enter account details and the amount to be deposited.

The ATM then requests a confirmation of the account number and account name. Once confirmed, the customer inserts the amount to be deposited, and the ATM counts the cash and credits the customer's account immediately.

The solution allows a GTBank customer to deposit a bundle of different denominations, and the ATM will sort through and differentiate the denominations. The deposited amount reflects in the customer's account in real-time and funds can be withdrawn immediately.

Lola Odedina, general manager and head of communication and external affairs at GTBank, said that the solution from Interswitch is bound to improve the Nigerian banking sector by providing a secure, quicker and more effective channel for making deposits without visiting a banking branch or using an ATM card.

The solution has undergone an extensive test-run at certain GTBank branches, and the bank will begin rolling out the service to more branches within Nigeria.

For more information on this topic, visit our deposits research center.