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17th of July 2018

Economy



Prime Bank installs cash machines at Naivas stores

Companies Wednesday, July 4, 2018 20:41

By IVY NYAYIEKA

Vijay Kantaria Peter Mukuha Prime Bank business development director Vijay Kantaria and Naivas chief operating officer Peter Mukuha during the launch of the cash deposit machines on July 4, 2018. PHOTO | DIANA NGILA 

Prime Bank has signed a deal to install cash deposit machines at Naivas Supermarket stores in a move aimed at cutting the retail chain’s costs and risks from handling cash.

The machines double as ATMs and will be available in nearly all of the retail chain’s 47 stores depending on their daily turnover.

The machines are already available in some Naivas branches such as Gateway, Westlands, South C, Moi Avenue and Nyali.

“The machine is bringing a lot of efficiency. It can hold a lot of cash and it is real time,” said Naivas chief operating officer Peter Mukuha during launch of the machines yesterday.

Prime Bank sees the machines as part of helping clients to manage cash at less costs and with minimal risk. The lender also has a cash collecting van that serves its big clients in Nairobi minimizing their trips to the bank.

“We are committed to help customers save cash-in-transit costs and facilitate real-time cash reconciliation,” said Prime Bank’s business development director Vijay Kantaria.

The machines have a maximum limit of Sh10 million and any money deposited becomes available in the Naivas bank account immediately.

Naivas currently spends about Sh3 million per month on cash-in-transit but the partnership will see the retail chain eradicate these costs.

“We are taking out the cash-in-transit costs, we are able to run the machines as partners,” said Mr Mukuha.

Prime Bank said the machines are part of its Sh200m investment in digital banking.

DTB Bank #ticker:DTK a week ago announced the installation of cash deposit machines at 57 Tuskys stores which would be used for the deposit of an average of Sh100 million daily cash collections from store tills to the bank. This would reduce cash-in-transit costs for Tuskys by up to 50 per cent and cut losses incurred due to till and back-office reconciliations.

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