Africa’s first Slimline ATM launched by FNB

Africa’s first Slimline ATM launched by FNB

An FNB Slimline ATM installed near Midrand, South Africa. Image supplied

First National Bank (FNB) has launched Africa’s first Slimline ATM, which delivers electronic banking to retail environments in remote areas where a conventional ATM is not supported by the volume of business.

The FNB Slimline ATM is equipped with a large touchscreen, a card reader for chip and PIN enabled cards, an integrated camera and a numeric keypad.

Slimline ATMs do not dispense cash, but rather they issue a slip, which is then cashed at a retailer’s till. The retailer’s account is then credited.

“We developed this as a unique technology to address access to banking in a way that deepens functionality and brings full digital banking to our remote sites,” said Aziz Carrim, head of self service channels for FNB.

“We sourced components from our established ATM suppliers and included comprehensive software upgrades to enable account interaction such as transfers and payments.

“In the process we created a unique ATM designed specifically for emerging markets and lower income needs.”

Carrim said the Slimline ATM has potential across all FNB’s market segments, including both personal and business aspects because of its electronic banking capabilities.

FNB referred to the Finscope Consumer Survey of 2012, which indicated people within the lowest income bracket spent almost 100 per cent more time accessing ATMs than people within the middle and upper income brackets.

The lower income bracket was found to take 47 minutes to access an ATM while those of higher income brackets are able to access an ATM within 23 minutes.

960 Slimline ATMs have already been installed in South Africa by FNB, and the Slimline service will be extended to other African countries where FNB has subsidies.

Installations have already begun in Botswana, Namibia, Swaziland, Tanzania and Zambia.

“Slimline represents a wonderful, mutually beneficial relationship for the retailer, bank and customer. While our now-retired mini-ATMs offered typical kiosk banking or voucher banking, Slimline approximates online banking with PIN and image verification. We fully expect transaction volumes to escalate sharply over previous volumes on our Mini ATMs,” said Carrim.

Posted in: Gadgets

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