News

Kenyan FIs hone their competitive edge with cash-recycling ATMs

July 6, 2018

Nairobi, Kenya-based Prime Bank will install cash recycling ATMs at Naivas Supermarket locations in the capital city, a move expected to reduce the cost and risk to the retailer from cash-handling tasks.

A report by Business Daily Africa said that the machines — to be installed at the majority of Naivas's 47 locations — will also serve as ATMs, dispensing cash to customers.

The recyclers will provide real-time cash reconciliation and instant crediting of deposited funds into to the store's Prime Bank account. A bank-operated CIT service will collect cash from the machines, helping to reduce the number of trips to the bank by Naivas staff.

The machines represent a 200 million shilling investment by Prime Bank in digital banking infrastructure — and competitive capability. Just last week, Nairobi-based Diamond Trust Bank installed cash recyclers at 57 stores belonging to the Tuskys supermarket chain.