Nigerian banking sector gets major boost

Nigeria will receive another 600 Automated Teller Machines

Computer Warehouse Group (CWG), a technology solutions provider, is set to boost retail banking in Nigeria with the supply of 600 new Automated Teller Machines (ATMs) to Nigerian banks. CWG is partnering with Wincor Nixdorf to deliver the new ATM banking infrastructure.

Computer Warehouse Group will develop solutions that meet the country’s specific needs and improve the Nigerian bank financial system. Austin Okere, CWG CEO says his company has ordered 600 ATMs to be delivered as soon as possible and plans to supply Nigerian banks with the ATM systems.

Okere says 23 of the country’s 25 banks have already installed automated teller machines from the German supplier of information technology (IT) solutions.

Okere says the number of installed ATMs has risen sharply to over 4 000 machines catering for the Nigerian financial sector.

Isabel Nitz, Wincor Nixdorf Banking Division Director for East Europe and Middle East Africa says Nigeria is an attractive growth market and the company is set to invest more in its partner’s network in order to optimise service delivery.

“It is Wincor Nixdorf’s objective to support customers all over the world in business expansion and the company plans to collaborate with local partners to pursue this successful course,” says Nitz.

Nitz explained that the key strength of the company is the development of innovative solutions – an approach that has already been successful in areas such as cash recycling, cash and cheque deposits and the rollout of multi-channel software.

Wincor Nixdorf is working on test installations with cash recycling systems which validate deposited Nigerian Naira banknotes before making them available again for withdrawal.

Nitz added that secure automation of cash processes in the cash-heavy Nigerian economy is also one of the goals pursued by the Central Bank of Nigeria (CBN). It is projected to rise and reach N192 billion (about US$1,3 billion) by 2012.

“With its new portfolio of Cash Cycle Management solutions, Wincor Nixdorf offers solutions that reduce the cost of cash handling, going far beyond the issue of cash recycling and optimising processes along the entire cash logistics chain.

“The advantages this bring include significant cost reductions, far greater security as well as optimal and transparent processes,” says Nitz.

Bimbo Amotooki