Tanzania: Stan Chart Launches Cash Deposit Machine

Aug 08, 2019 | Daily News; All Africa

STANDARD Chartered Bank Tanzania has launched a Cash Deposit Machine (CDM), to simplify banking activities for its customers.

The Bank's Head of Corporate, Commercial and Institutional Banking, James Meitaron said the CDM machines will be installed at the clients' premises, offering them round the clock cash deposit facilities.

He said CDM are meant to cater for the Bank's clients who operate cash business such as fuel stations, supermarket and beverage selling companies.

The CDMs are also integrated onto the Bank's Corporate Banking Digital platform that is known as Straight to Bank (S2B), enabling clients to get a real time view of their transactions as well as reports of the activities in their accounts and when they need them.

"The bank is introducing the CDM to meet the needs of our corporate clients who will now have more time to concentrate on their primary business as opposed to having to worry about ferrying cash to the Bank every now and then," he said.

According to him, with CDMs the bank's clients will now be able to deposit their cash into the machines round the clock.

The amounts deposited will soon after reflect into the clients' accounts at the bank thereby enabling real time banking real time banking right from the comfort of their business.

Speaking at the same occasion the Bank's Product Manager Transaction Banking, Busara Raymond said the bank takes full responsibility of the clients' money from the time it is deposited into the CDMs.

He also added that the Bank cater for the transfer of the cash from the clients' premises to the Bank, covering both transport and security.

Source: All Africa