CWG to cut banks’ ATM spending by 20%

James Agada, managing director, Computer Warehouse Group plc, has said that Computer Warehouse Group Automated Teller Machine (ATM) as-a- service initiative will save banks 20 percent of their current expenses on ATM on a monthly basis.

“Currently, an average Nigerian bank spends about N637, 047 on a monthly basis on ATM outright purchase which amounts to N38 million over 5 years. Through the ATM aaS Initiative, CWG helps the banks make a saving of a minimum of 20% in comparison.

“In other words, CWG can offer the banks N509,638 on a monthly basis over 5 years, which amounts N31 million over 5 years,” he added.

Agada noted that ATMs in Nigeria dispense 3 times the number of cash ATMs in Ghana dispense and 10 times the number of cash ATMs in UK dispense.

“We don’t have enough ATMs in Nigeria, the few we have are over worked, if there are enough ATMs in the country there is no need for people to queue at ATMs. ATMs should be a primary point for financial inclusion as we don’t have enough pay-out agents at rural areas.

He, however, explained that the solution is aimed at increasing banks focus on core banking operations, increase bank ATM deployment and coverage as well as ensures cost savings based on ATM volumes.

“CWG can provide all these with the vast infrastructure setup the business has to ensure efficient service delivery.