Nigeria to launch a cashless ATM service



Rototype International has teamed up with Orange Apple Technologies Limited (OAT) in Nigeria to introduce cashless ATM terminals to enhance a cashless economy.

According to the company, the Rototype Cashless ATM is purposefully built based on a shared ATM concept whereby shoppers will be able to pay for purchases using their ATM card – thus eliminating cash handling between the shopper and merchant. It also enables instantaneous payment debited into the merchant’s account so that merchants will never face the risk of robberies or pilferage again.

The cashless ATM machines will be shared among difference merchants reducing the entry cost of merchants into the cashless payment system.

The participating banks will benefit as the system would require that merchants open accounts with the banks to enable funds deposit.

Rototype International Group CEO Harres Tan said, “Nigeria is now equipped with the right infrastructure and its people are ready to embrace technological advancements. We look forward to continue expanding our presence in West Africa through forward thinking companies such as OAT.”

The Central Bank of Nigeria is has put policies to have a less cash based economy in a bid to eliminate money laundering.