Retail chain Tuskys has installed intelligent cash deposit machines at its 57 stores to facilitate banking of nearly Sh100 million daily collections into its DTB Bank account.
Tuskys Group Chief Finance Officer Daniel Ndirangu said the machines will enhance internal financial controls as well as improve cash flow management.
“This will curb losses associated with cash handling at the tills as well as facilitate real-time reconciliation and cash deposit thereby saving us cash-in-transit and insurance costs by more than 50 per cent,” he said.
The machines will also be used by DTB customers as ATMs.
The move adds to ongoing competition in the business-to-bank cash services that saw Prime Bank introduce an automated ‘Bank-on-wheels’ truck that enables businesses located along major highways in Nairobi such as petrol stations, restaurants and retail outlets to deposit cash at no extra cost.