Inlaks Launches New ATM Models to Boost Cashless Initiative

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MD, Inlaks, Femi Adeoti

Emma Okonji

In a bid to support Nigeria’s cashless initiative and bridge the existing financial inclusion gap, leading system integrator in sub-Saharan Africa, Inlaks, in conjunction with Hyosung TNS of South Korea has introduced two new Automated Teller Machine (ATM) models – MX 5600ST, MX 8600T and MS500.

Inlaks has been at the forefront of supporting the Cashless Nigeria initiative championed by the Central Bank of Nigeria (CBN) through the deployment of over 6,000 Hyosung ATM to several banking institutions in Nigeria. The company has also partnered the Committee of e-Business Industry Heads (CeBIH) in implementing their vision to drive the adoption of electronic banking services through the right technologies, policies, standards, and innovation.

Executive Director, Infrastructure Business Division at Inlaks, Mr. Babatope Dare said: “The new Hyosung Self-service channels will be fully integrated by the financial institutions more than ever today to deliver absolute reliability, maximum efficiency and ultimate usability by the innovative terminals. To capitalise on the new consumer demands, the Hyosung ATMs offer innovative features like Near Field Communication (NFC), Barcode, fingerprint biometric reader and many new security features.”

He further mentioned that Inlaks has grown to becoming a trusted business partner to the banks to enable them attain the desired values on their investment on ATMs.

Speaking during the retreat, annual retreat of CeBIH which held recently in Abeokuta, Ogun State, the Vice President, Global Business Division at Hyosung TNS, Mr. Chang-Hak Kim, commended Inlaks for blazing the trail in providing best-in-class self-service payment terminals in Nigeria and conveyed Hyosung’s enthusiasm to forge ahead with future partnerships with Inlaks and the banking community at large.

The e-Business industry heads applauded the innovative Hyosung ATMs following a first-hand experience of the MX 5600ST, MX8600ST, and MS500 models while attesting to the potential value that will be added to financial institutions nationwide once the new models are fully adopted by the banks.

The MX 8600T is a unique self-service terminal with cash deposit and recycling technology using the superior neo-Bills Recycling Module Technology. This sleek and slim model is easy to install and equipped with the latest technology like the contactless reader, biometrics, barcode reader, anti-skimming protection, touch screen, and functional keys. The deposit/recycler modules come with advanced bill recognition technology and an advanced transaction speed of up to 12 notes per second, up to five recycling cassettes and 300 notes per transaction.

MS 500 is the new Teller Cash Recycler which can be used as a deposit and recycler by tellers at the branch, or as a bulk cash deposit machine by customers. The Ms500 supports a large volume of cash deposits, with a note speed of up to 12 notes per second and a continuous deposit feeding allowing for even faster processing of deposits and note validation.