FNB has begun the roll-out out of non-cash dispensing ATMs with deposit capability, targeting rural areas in South Africa.
These ATMs are a smaller version of the standard ATM which FNB introduced in 2013 as a way of bringing banking services directly into communities.
The ATMs are placed at the door step of communities through Spaza Shops and other general retailers, especially in remote locations.
The new machines are said to be easy to operate and can perform a variety of transactions such as: airtime and electricity purchases, view statements, pay traffic fines and perform card cancellations.
Customers will be able to make deposits into their accounts or pay someone directly from the ATM.
Cash withdrawals are conducted by way of issuing the customer with a withdrawal voucher that is presented to the retailer to release the cash and the retailer’s account is credited by the bank.
The model essentially integrates small businesses into the banking ecosystem as the device forms part of their business, potentially increasing foot-traffic to their stores. The devices also play an important part in the optimisation of business opportunities for small enterprises in rural areas.