ADDIS ABABA – The Commercial Bank of Ethiopia (CBE) said that it has been vigorously working on introducing and expanding modern banking technologies.
Ethiopia’s biggest bank recently introduced country’s first-ever cash deposit ATM (Automated Teller Machine) in a bid to enhance customers’ convenience and satisfaction thereby boosting competitiveness. Approached by The Ethiopian Herald, Finfine Branch Manager with CBE Nigussie Lema said that the Bank has been meticulously implementing both the branch and technology approaches so as to increase accessibility and ensure seamless service for the growing customers.
“The banking industry is a potential market in Ethiopia,” he said, adding that CBE devises a viable business plan that fits objective realities in the ground. The Manager noted that through introducing cash deposit ATMs, CBE aims to reduce the inconvenience customers have been facing to deposit money and related services.
According to Nigussie, the new machine is capable to accept Ethiopian Birr for deposit and foreign currencies for exchange purposes. The ATM can also identify all Ethiopian Birr denominations while successfully rejecting fake currencies.
It was stated that the machine is able to correctly identifying counting different notes types even mixed currency notes are inserted altogether. The ATM accepts both deposit and withdrawal transactions, including foreign exchange services.
“Based on the ATM capacity, the maximum one-time insertion limit is 40 Notes,” the Manager indicated, adding that the machine is able to accept stack up to 50 mixed denomination notes in one transaction. Maximum deposit limit of the ATM is approximately around 3,000 notes.
Noting that currently the daily deposit limit for one customer is 20,000 Birr, he said that the amount is subject to change. “The ATM defined to accept cash deposit on the card account number by default. However, it will soon be adjusted to offer access, to deposit to other accounts within CBE.”
Along with expansion of services, CBE has been exerting maximum efforts to increase efficiency in terms of service delivery and adjusting itself with the dynamics in the global banking industry, Nigussie remarked.
The cash deposit ATM, which is currently at trial level in CBE’s headquarters Finfine Branch, is expected to distribute to selected branches across the country. CBE is the pioneer bank to introduce ATMs in Ethiopia.
The Ethiopian Herald, December 3/2019
BY BILAL DERSO
