http://orangeapple.com.ng/Press.pdf

PRESS RELEASE


Rototype Cashless ATM makes inroads into
Cashless Nigeria


Wall Street, October 14th 2014:
As Nigeria draws into the end of its second year since embarking on a Cashless Policy, the country has seen tremendous increase in the adoption of alternate payment channels as part of an initiative to encourage the use of electronic payment transactions, and to reduce the circulation of cash in the economy.

As such, channels like Point-of-Sale (POS) terminals, Credit card payments, Internet banking, Mobile banking and the use of self-service ATM technologies have experienced widespread momentum and growth in a short span of time.

With the implementation of this Cashless Policy, the Central Bank of Nigeria (CBN) is working hard toward achieving economic growth and modernization through the attainment of the Payment System Vision 20:2020. CBN hopes to eliminate high occurrences of money laundering as well as to reduce the risk of a cash-based economy to robberies, crimes and natural disasters.

At the same time, CBN also hopes to help banks reduce the cost of cash, so that savings can be repurposed to provide banking customers with more efficient payment options and greater banking reach.

Amongst the alternate payment channels that have been introduced, a study conducted in April 2013 by the Nigeria Banking Industry Customer Satisfaction survey has shown that ATMs remain to be banking customers’ most used and preferred channel. In another Global ATM market and forecast report, London- based research firm RBR also reported that Nigeria will continue to experience one of the fastest ATM market growths in the world until 2018.

Aligned with its continuous expansion plans in West Africa, Rototype International recently teamed up with technology innovations company Orange Apple Technologies Limited (OAT) of Nigeria to introduce the Rototype Cashless ATM – a self-service machine that can revolutionize the electronic payments landscape in Nigeria.

A flagship product of Rototype International, the Rototype Cashless ATM is designed to maintain the familiar experience of a cash dispensing ATM which can be shared amongst multiple merchants.
Based on experience and extensive ground work conducted at grassroots level, Osato Izegbuwa, CEO of OAT strongly believes that the Rototype Cashless ATM will command a large part of the e-payments market primarily because of its shared ATM model.

Compared to other alternate payment channel models such as the POS, merchants are forced to invest in a physical terminal, commit to a monthly subscription fee and levy their customers with a service charge. As such, such models might be unpopular especially amongst long-tail (tier-3 to tier-5) merchants.

The Rototype Cashless ATMs is purposefully built based on a shared ATM concept, for installation in high traffic areas such as shopping malls whereby shoppers will be able to pay for purchases using their ATM card, thus eliminating the handling of cash between the shopper and merchant.

Wow!
I actually had an opportunity to see the Machines work, check dispensing and check deposit. Crazily innovative, Kudos to Osato Izegbuwa.
Thumbs up Chief!!

I too heard regarding this news by Nigerians who successfully achieved the alternative payment system for easy transferring money. It will be really a great source for many of us in these days, which is easy and nice.





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