GTBank ATM that accepts cash deposits

Posted by Felix Okoli on Thursday January 8, 2015 at 17:56:8:

I've been hearing about ATMs that accept cash deposits in Nigeria but all of the ones I've been seeing didn't have that capability as they were mostly cash dispensing ATMs. During the Christmas holidays however, I had to inquire from a GTBank branch about where their deposit ATMs were located and was directed to a GTExpress outlet along Adeniran Ogunsanya street in Surulere.

The GTExpress outlet is a bit like a bank branch but you don't really get to meet with any GTbank staff physically except for machines they've already deployed to provide you with their banking services. They have ATMs, touchscreen tabs and a customer care line there and that was where I also noticed an ATM that accepts cash.

I've not really tried it as it happens that there were also a lot of people on the line waiting for it and for some people, it was not smooth experience and so I had to leave for another time.

GTbank and other Nigerian banks have been gradually deploying cash deposit ATMs but there are still relatively very scarce even in Lagos and you are more likely to find just 1 unit at any GTExpress location.

The process normally involves giving the machine your cash and also entering the amount you want to deposit together with your account number. The machine will count the cash, confirm your account number and automatically credits your bank account.

I've been trying to actually use the cash deposit ATM at several times but there seem to always be a long queue at the branch. Anyway, it's a good thing that Nigerian banks have introduced this option as it will help people have access to banking services even after banking hours have closed.

One other thing I wanted to know is what level of protection do Nigerian bank customers have when using these machines. Are there cameras or other checks installed on the system for instance that allows the bank to monitor if cash payments were actually made by the customer? What does a customer do if the machine collects the money and then fails to credit one's account.

Many Nigerians have complained of their bad experiences with cash dispensing ATMs and I hope it doesn't extend to cash deposit ATMs.