Inlaks Partners First Bank To Launch A Teller Cash Recycler Machine, ‘MoniSafe 500’

Leading Systems Integrator, Inlaks played host to hundreds of African industry professionals amongst whom are their customers in Nigeria and around sub-Sahara Africa to exchange best practices and experiences related to the latest achievements in the field of banking, technology and other fields.

The summit themed “Unlocking the Opportunities in the Digital Banking Age” featured over 15 industry experts in plenary sessions and as speakers led by the keynote speaker; Deputy Governor, Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi.

The keynote speaker delivered a speech on “Bank Branches and the Future: The Regulator’s Perspective”, which highlighted that transactions are moving closer to customers with the adoption of various banking channels, including agency banking and POS machines. This brings to bear that though the traditional means of banking is not going away for a while, acceptability remains critical in the customer’s decision which may be influenced by available infrastructure and culture.

Also speaking at the event, the MD/CEO, Inlaks (Africa Operations), Femi Adeoti in his welcome address said that financial service providers need to adapt to the current digital trend and have a concrete strategy to keep them relevant. In his words, “Fintech service providers and banks have to work well together to create a seamless financial experience for consumers in the near future, this can be achieved with the adoption of a future-proof strategies to ensure relevance for years to come”.

He added, “Inlaks is constantly devising ways to populate the Nigerian financial market with highly scalable technology solutions to advance development in the banking industry. The adoption of digital banking strategies comes with great demands, opportunities and challenges. As a foremost fintech solutions provider to key financial organizations in Nigeria, the Digital Summit is a platform to empower our clients across Africa with the requisite knowledge needed for a seamless transformation”.

L-r: Managing Director/CEO, SANEF, Ronke Kuye; Executive Director, Technology and Operations, NIBSS, Aminu Maina; MD/CEO Xpress Payment Solutions, Oluwadare Owolabi; Director, Mobile Financial Services, Airtel Nigeria, Muyiwa Ebitanmi and Country Manager, Inlaks Kenya, Edna Kimurwa, at the second panel session tagged, “Mobile Money in West Africa: Lessons Learnt” from the Inlaks Digital Summit over the weekend.

Authenticating the unique role Inlaks plays in the financial sector in Sub-Saharan Africa, a new product; The MoniSafe 500, the first of its kind in Nigeria, was launched into the market.

The MoniSafe 500 Teller Cash Recycler from Hyosung TNS INC. is a powerful solution in the transformation of the retail banking branch channel.

The new machine was unveiled by the Deputy Governor, Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi alongside Mr. Clarence Blay, representative of the Deputy Governor 1, Bank of Ghana, Mr. Maxwell Opoku-Afari highlighting the importance of the machine as key in decongesting banking halls, boost operational excellence in banking activities by using highly scalable technology solutions as the TCR and ultimately customer experience.


Also, in a presentation delivered by the Deputy Managing Director, First Bank of Nigeria, Mr. Francis Shobo highlighted the problems of the manual cash operations and the benefits of TCR at FBN since its adoption, noting that about 100 machines are available for the bank’s customers in more than 95 branches.

The event rounded up on a grandeur note with an award and dinner ceremony aimed at recognizing the major contributions and support of long-standing clients and OEM partners.

Some of the major partners of the summit were Temenos, Hyosung TNS Inc, KPMG, CeBIH, Fintech 1000, Kennedia Consulting and Businessday.

Most interestingly, a guest at the summit, Ifeoma Chukwuneke, was the lucky winner of the electronic raffle draw with the price of an all-expense paid trip to South Korea.

Established in 1982, INLAKS is an Information Technology Systems Integrator specialised in the deployment of dynamic and highly scalable ICT Infrastructure Solutions.

The customers cut across various segments including Banking, Telecommunication, Oil/Gas, Power, Utilities and the Distribution sectors of the economy.

Written by PH

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