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KCB Uganda has rolled out ATM recyclers at select banking halls across the country, as a way of enhancing customer experience and improving the turnaround time.
A cash recycler is a machine that accepts and dispenses cash through secure means. It keeps an accurate accounting of cash on hand and automates the cash cycle.
In a cash recycler, banknotes are placed into a feeder and passed through a bill identifier to determine the denomination and validity of the banknotes.
This cash is then stored in separate cassettes or modules for dispensing in future transactions.
The head of marketing and communication at KCB Uganda, Diana Komukama said the innovation will ensure customers get simplified services.
“We are pleased to introduce and add the ATM recyclers to our range of banking services we offer; the recyclers have been placed at our select branches across the country, which efforts are rendered towards giving our customers the best banking experience as they transact both at our branches and via our digital banking platform,” Komukama said.
“Individuals are now able to make deposits without necessarily queuing up at a teller point. The only requirement needed from a customer is their account number, this will enable them make the cash deposit in case they don’t have their ATM card or any other payment card there and then. However, if they have their payment cards, they are able to withdraw and deposit money through the recyclers.”
To transact through a recycler, a customer is required to press the deposit option on the machine, enter their account number, and slot the money into the machine.
The money will be deposited on their account instantly. If they wish to withdraw some money from their account, they can do so immediately
“The ATM recyclers have been set up at select KCB banking halls with maximum security guaranteeing protection for the customer. Our customers at Forest Mall, Sixth street, Kampala Road, Ndeeba, Ben Kiwanuka , Jinja , Mbale and Mbarara branches are able to use the recyclers which are time saving and convenient to use. As a forward-looking bank, it is key that we invest plus introduce products and services that are relevant the market needs, both on the traditional as well as digital financial inclusion front,” Komukama added.
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