Presented by Ennova Holdings

Distribution of deposit-only ATMs for the unbanked by Advanced Project

 ·18 Aug 2023

With ongoing technological innovation and the digitization of financial services, Africa-based fintech companies are gaining global attention.

Among these fintech companies, one fintech company that is distributing deposit-only ATMs for the unbanked is gaining attention.

The African continent is acting as a center for innovative digital finance.

Among them, fintech companies provide innovative financial services and are gaining great popularity within the African region.

While the African continent is developing economically and the financial system is developing, members of some regions are in a situation where it is difficult to access financial services.

Some communities are limited by lack of income or resources, and some communities have difficulty accessing financial services for reasons such as tradition, language, or culture.

In addition, refugees and immigrants are more likely to become unbanked.

Advanced Project is introducing TIER, a simple payment and remittance service combined with blockchain technology, to Africa to help the unbanked.

In particular, Advanced Project introduced deposit-only ATM machines for the unbanked who cannot verify their identity.

With the introduction of the ATM, users can use TIER, Advanced Project’s total financial application, as a digital passbook by inserting cash into the ATM machine.

The ATM does not support withdrawals, but only deposits, and users can enter their TIER information or scan a QR code and deposit the amount to be topped up, and the balance on TIER account is immediately topped up.

This provides a more convenient financial environment for users by simplifying unnecessary procedures in the complex existing banking system and offering much lower fees.

According to Advanced Project, the ATM machines are being piloted in South Africa with 10 installed, and by the fourth quarter of 2024, more than 30 will be deployed in South Africa’s major urban areas, as well as in rural areas that lack financial infrastructure.

As such, the Advanced Project is rapidly expanding its services to target the unbanked with a mission of financial inclusion.

The unbanked in South Africa, who previously had limited access to financial services, are now able to access simple and secure financial services through TIER deposit-only ATM machines.

This advancement in financial infrastructure is expected to bring innovation and economic development across the African continent.

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