SME Finance Forum member Standard Chartered Bank is providing customers with a card-less withdrawal function at ATMs. According to the article, the bank spent over Sh200 million to upgrade its entire ATM network converting the machines to advanced Cash Deposit Machines (CDMs).
According to David Idoru, Head of Retail Banking, a customer will be required to produce a voucher number that will be inputted into the ATM to complete the withdrawal. Withdrawals can be authorized by the customer or the customer can produce a voucher for a third party to utilize the withdrawal feature.
“As soon as a client generates a voucher it is valid for two hours. If the voucher number is not utilized within the two hours, the transaction is reversed and the amount credited back to the client.” said Idoru.
The bank has plans to resettle 80 percent of transactions to non-branch channels by 2020, according to the article.
