FNB promotes access to banking in rural South Africa
Johannesburg; 24 May 2017; FNB has become the first bank in South Africa to introduce a non-cash dispensing ATM with deposit capability. 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 roll-out out of the new generation of ATMs seeks to improve access to banking in most rural parts of South Africa and broaden financial inclusion. For easy access, the ATMs are placed at the door step of communities through Spaza Shops and other general retailers, especially in remote locations.
Lee-Anne van Zyl, CEO of FNB Points of Presence, says “South Africa has many communities that have limited or no access to banking services because they are far from urban centres. We are improving access to banking by introducing a new range of non-cash dispensing ATMs which we believe will be incredibly helpful. The cash deposit functionality is an added layer of convenience for the earmarked communities as they will be able to send and receive cash through a channel that is cheaper than going into a branch.”
This version of ATMs is safe and 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. If the recipient banks with FNB, the deposited funds will immediately reflect in their bank account.
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.
”We believe that the convenience of the new ATMs will alleviate the need for communities to visit major shopping centres to do their banking. The roll out further contributes to enabling financial inclusivity across South Africa’s communities,” concludes van Zyl.
For more information contact:
Dumezulu Shiburi– FNB Corporate Communications
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