Self-service Banking: Cardless Funds Transfers in Nigeria
- GTBank now proposes an ATM cash deposit solution developed by e-payment transactions and switching specialist InterSwitch.
- This brand new project should enable customers to deposit cash and transfer funds without having to insert a payment card. The user presses the dedicated key and indicates the banking details of the recipient; he then confirms his data capture and inserts the amount to be deposited. The ATM then counts the cash and the transfer is automatically performed. If the tests prove conclusive, this solution may be deployed on other GTBank ATMs in Nigeria.
- Customers can now transfer funds any time without having to visit a branch, thus relieving traffic congestion.
- Addressing the needs of underbanked populations is fundamental in several African countries, including in Nigeria. This situation accounts for the popularity of funds transfers and the implantation of world leaders such as Western Union.
- Access to banking facilities is however in process of being improved. This is for instance shown by the partnership between InterSwitch and MasterCard announced in January 2011 around a chip and PIN debit card.