Standard Chartered Kenya Launches Electronic Cash Depositor Machine for Corporates

Standard Chartered Kenya has unveiled Electronic Cash Deposit Machines for Corporate Clients as the Bank steps up automation of its services. The Electronic Cash Deposit Machines will offer a complete, secure and reliable end-to-end cash management.

Speaking when the Bank signed up Nation Media Group and Farmers Choice Ltd for the service, CEO Lamin Manjang said clients will enjoy real time account credits and an enhanced Cash-in-Transit service besides electronic tracking and reporting of transactions.

“The Electronic Cash Deposit Machine will be installed at the client’s premises.  The machine is configured and linked to our client’s collections account held at the Bank. Our client will be provided with Unique Electronic Cards which are configured to the specific users. We have integrated our systems with G4S to enable near real time posting of deposits into clients accounts and cash transit services,” said Mr. Manjang.

Kenya is the first Market in Africa to have rolled out this system. To date, the bank has deployed 20 Depositor Machines in various client locations across the country. Mr Manjang disclosed that the bank currently in talks with leading supermarket chains and other businesses – across the East Africa market- that handle large volumes of cash to enhance their cash management systems. Clients have the option of purchasing the machine or acquiring it on lease.

“This system enables clients to make cash deposits conveniently thereby reducing the risk of cash losses. The Electronic Cash Deposit Machines can accept deposits in Kenya Shillings and US Dollars in real time thus saving clients the inconvenience of visiting the banking hall to deposit cash. The highly sophisticated machines can detect counterfeit currency notes,” he said.