Stanbic Bank Botswana continues to pioneer innovative and secure cash management solutions for Botswana businesses. On the back of the recently launched Transregional Banking capabilities, the bank brings a first for the market product, Deposita cash management solution—which is now available to all Corporate and Business Banking customers.
One of the main benefits of installing a Deposita with Stanbic Bank is that the bank offers same day electronic settlement of the deposited funds into our customers’ bank account. The Deposita cash accepting terminal counts, verifies, validates and secure banknotes on business premises.
Moreover, the Deposita and POS devices are linked through the Business Current account and can be managed via Business Online, thus providing seamless, efficient means of managing and monitoring cash within a business. The solution eliminates the need for lengthy manual cash up processes, improves operational efficiency and reduces operational costs. All transactions are done in real time so business can manage their trail at any time of day.
“At Stanbic Bank, we strive to provide our clients with products and services that improve their banking experience and make their lives that much easier. Deposita is a tailor made, innovation product for our business clients aimed at championing safe and secure cash management,” said Chiko Manokore, Head of Commercial Banking at Stanbic Bank Botswana.
“In this uncertain financial climate, it is imperative that every Pula is saved and accounted for. After all, who needs the inconvenience of unbalanced cash ups, theft, costly insurance or lengthy reconciliation processes? Many businesses struggle with cash management or lack thereof and this can hinder their growth and success.”
The many benefits of Deposita are; Accuracy – cash is inserted into the note feeder, thereby reducing the risk of human error, once cash is deposited into the device, it cannot be accessed until the cash-in-transit company collects it. Moreover, only authorised staff may use the device, thereby offering greater levels of internal control. The device also scans notes as they are counted and any counterfeit notes are rejected.
The other benefits are; Efficiency – allows you to sweep cash from your tills at regular intervals. Keeping less cash on the floor reduces risk. Furthermore, notes are counted speedily, reducing time spent on counting, Management control – deposits are reconciled automatically and reports generated daily, giving you accurate, up-to-date information with the other key benefit being total traceability of transactions.
Others are; Ease of Use- The machine is easy to use and customers receive in-depth training post installation; Secure Storage – The safest manner in which to secure cash in your premises; Decrease of theft – implementation results in a remarkable reduction in employee theft, pilfering and skimming, because the cash deposits are immediately and automatically registered per cashier per shift.
Equally, the benefits are; Insurance – cash deposited in the machine will be covered to give you complete peace of mind and it improves Cash Cycle – This automated cash handling solution allows for better management of in-store cash holding requirements, therefore removing excess cash from clients store safes and freeing up additional funds for depositing into clients bank accounts.
“We at Stanbic Bank pride ourselves in offering platforms for easy and convenient banking as well as making a real contribution to the development of local businesses. Deposita is one of a number of business solutions recently introduced, and it is one we are exceptionally pleased has the ability to really move local businesses forward,” added Manokore.