Jul 04, 2012 at 8:34pm

Subject to Bank of Ghana's (BoG) approval, your bank’s ATM machine may go beyond its traditional use of just dispensing cash.

It follows moves by technology giant, NCR, to introduce a new system which allows ATMs to provide more services to users.

Under this new initiative ‘intelligent deposits on ATMs’ ATMs can be used to deposit cash and cheques.

The initiative the first of its kind in the country is currently being piloted by some banks and can also be used to pay bills and conduct money transfers.

Citi Business News has learnt the Bank of Ghana is currently in talks with a number of banks on the initiative which when approved could take off by the last quarter of this year.

Managing Director of NCR, Teddy Osae told Citi Business News customers will be able to conduct most banking activities without going into the banking hall.

“Very soon a customer can go to an ATM and in addition to taking money from the machine they can also deposit money through the ATM as well pay their utility bills. Customers will also be able to do money transfers to any part of the country with this new initiative. We are also looking at getting the machines to accept cheques", he said.

Some critics however say the initiative may open avenues for fraud and crime, an assertion Teddy Osae dismisses.

"There is an activity called template development so you develop a template and train it to identify fake and genuine notes. This will involve the central bank because they issue notes. We are currently working with some of the banks and in discussion with the central bank on how to finalize the development of this template we have" he noted.


By: Vivian Kai Mensah/citifmonline.com/Ghan a