FNB Lesotho gladly announces the launch of Cash Deposita, an innovative cash management solution the cash Depositor (also known as the Smart Box) is an intelligent safe that enables business to safely deposit cash at their own premises.
This product has been in use for many years in South Africa, with over 12,000 machines accepting over R24 billion monthly. In Lesotho it is the first by FNB.
According to FNB Chief Executive Officer Martin Knollys, the device was designed to eliminate the risks associated with holding cash and transporting it as well as eradicating discrepancies between businesses and the bank.
He said the product was in line with the bank’s motto of “How Can We Help You” by offering new banking solutions for clients.
“We are aware of the huge volumes of cash that are traded by businesses, and of the need to provide clients with cash solutions, hence the decision to introduce the Cash Deposita,” Mr Knollys said during a press conference to launch the product on March 23.
“There are a lot of inefficiencies and costs related to dealing with cash. Inefficiencies could be from the time it arrives in the store to the time it ends up in the bank. The process can take anything between 24 to 72 hours and even beyond.
“Another aspect of cash is it is a very high risk commodity and, as FNB, we believe it is our responsibility to come up with effective solutions for our clients who deal in high cash volumes, hence the decision to introduce the Smartbox.”
He said the innovation was meant to meet the growing needs of businesses to protect and deposit cash into their accounts as quickly as possible.
“There are multiple reasons we decided to bring this solution into Lesotho, and we believe it will be fully used by the market because of the real need to help our clients to manage their cash more effectively.
“Criminals target cash, and any company that holds cash, however small, is in danger,” Mr Knollys said, adding that the bank’s clients should expect more innovative products in the near future.
In his remarks at the same ocassion, FNB deputy CEO, Mokhachane Mopeli, said the Cash Deposita had been designed by FNB and already proved its mettle in South Africa.
“The Cash Deposita is a very intelligent box that is able to solve our customers’ problems by accepting cash securely and, most importantly, it gives our clients value for money,” Mr Mopeli said.
“In South Africa, this product has been in existence for many years. In fact, according to statistics the money collected using these devices runs beyond R20 billion per month.
“We are very glad to be the pioneers of this product in Lesotho, and we believe that it will help businesses to securely collect their cash.”
He added that the market was ready for the product since FNB had undertaken due diligence before making the decision to introduce it in Lesotho.
Some key features and benefits of the Cash Deposita
- A Deposita box is a hardened safe fitted with anti-cutting lining as well as an alarm linked to the cash-in-transit company. Once the cash, both Maloti and Rands, has been deposited into the machine, the risk passes over to the bank. This feature provide clients with peace of mind knowing that their cash is secure.
- The box is able to accept deposits from more than one cashier and produce a report detailing all deposits and depositors. It is very user friendly. In this way, the cash reconciliations are easy and quick to complete. In addition, messages are electronically sent to the designated people in the business notifying them of the deposits.
- The business bank account gets credited immediately upon the pick-up of the box by the cash-in-transit company through fitted devices that communicate directly to FNB. The customer need not wait for days to receive value in their FNB bank accounts. This feature significantly improves te business cash flow.
- The machine is able to detect and reject counterfeit notes. It is able to count money more accurately than human beings. Therefore, gone are the days of cash differences between the clients deposit slip and the actual amount received by the bank.
- The Deposita machines come in various sizes to cater for varying cash volumes. Therefore, regardless of the size of your business, or the nature of your industry we have a tailor made solution that will work for you.
- The clients operating in places where FNB is currently not physically present are able to bank with us. For instance, a supermarket in Mohale’s Hoek can now effortlessly make deposit into an FNB account.
- The overarching benefit of this product is that the business community is helped to focus on their core business. The time taken by the cashiers to count the money and have it checked by the supervisors can now be used efficiently. The extended working hours caused by the cashing up process, resulting in exorbitant overtime are now a thing of the past. The clients need not stand in queues to deposit large sums of cash. Consequently, the banking halls would be free up to ensure improved service experience.