The use of cash automation solutions in banks will complement the ongoing cashless policy of the Central Bank of Nigeria (CBN).

Regional Project Director for Africa, GRGBanking, a global manufacturer of cash management solutions, Mrs. Heidi Hoo, made this observation while unveiling of GRGBanking’s latest cash automation solutions in Nigeria in partnership with Avanage. Heidi Hoo, who is currently on a working visit to Nigeria, said in spite of the cashless policy, which has recorded a huge success in reducing cash management costs, the volume of cash in circulation in any growing economy like Nigeria would still increase due to inflation.

According to her, cash automation solutions increases the rate at which cash is deposited into the banking system conveniently and in a user-friendly way, making it possible to deploy the deposited funds with multiple electronic payment systems. As a result of this, she reiterated, “our solutions are complementary to the cashless policy of the apex bank”.

While disclosing that several banks have signed up for GRG’s Proof of Concept test administered by Avanage to validate the innovative value the company offered while some banks have placed orders, she explained that so far the banks are seeing good results with high authentic banknote acceptance and counterfeit identification for the Nigerian Naira.

“On our cash deposit automation tests, we have recorded a 100% rejection of counterfeit notes and a 98 percent  acceptance of authentic Naira banknotes. While we do not rest on our current achievements, we are doubtful that any other device currently in the market has matched these milestones.” Concerning customer support, Avanage, she explained, has provided first and second level support and local training of operators and custodians. Where necessary, she explained that the company would facilitate offshore training.