FNB launches cash security product
FIRST National Bank Lesotho (FNB) yesterday launched the Cash Deposita – an innovative cash management system in Maseru.
The device, which is also known as a Smartbox, is an interactive safe that enables businesses to safely make deposits which automatically reflect in their bank accounts without the need to travel to FNB.
The tamper-proof safe is fitted with anti-cut lining, alarm parameters and sirens linked to cash-in-transit company G4S. Inside the mobile unit is an electronically sealed canister that can be removed when full and replaced with an empty one.
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.
“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, 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.