IT firm awash with orders to set up cutting-edge ATMs for banks
IT Consultants Ltd (ITCL) has started installing at least 500 Automated Teller Machines (ATMs) across the country after the technology firm snagged contracts from banks.
The company, which is engaged in providing IT solutions and services to retailers and banks, will use advanced technology named ProCash for the installation purpose, its officials said.
Md Ashfaq Sayeed, a vice president of the company, said 70 per cent of ATMs have already been set up and installation of the rest will be done by June.
He said the country has 3,500 ATM booths across the country, more than one-third was installed by his company.
The company provided 122 latest ATMs for City Bank Ltd, 101 for Dutch Bangla Bank Ltd (DBBL), 47 for Jamuna Bank Ltd and 58 for the state run Sonali Bank Ltd, he said.
He also said that Mercantile Bank Ltd has ordered for a hundred machines recently.
Besides ATMs, ITCL provides Cash Deposit Machine and Cause Machine to our 26 client banks, he added.
ITCL business development director Osman Haider pointed out that common operational problems of ATMs are lying with shabby or torn bank notes, which increase the possibility of jams and reduce the availability of ATMs to the users.
He said this new technology will help overcome such obstacles faced by the customers.
"Half of the adult population in the country is unbanked in terms of deposit accounts held at banks" ITCL managing director Dr. Kazi Saifuddin Munir, said.
He pointed out that the major hurdle is geographical as well as physical access from a household to bank branch or ATM.
"Adopting a multidimensional approach to financial inclusion such as using ATMs will make a significant difference in serving the unbanked population," Dr. Munir said.
He informed the FE that they have extensive experiences of deploying ATMs in suburban and rural areas to ensure access of greater numbers of unbanked people to basic financial services.
Officials of the company said these 500 ProCash 280 systems, supplied by ITCL partner 'Wincor Nixdorf' will be installed across the Q-Cash network by June 2012.
Q-Cash is the largest shared ATM network in Bangladesh, with more than 26 member banks connected to the link.
The ATM installation business is booming in the country due to growing demand of the service that has paved the way for many firms like Aamra Technologies Ltd (ATL), Technomedia Limited (TML) and LEADS Corporation Limited (LCL) to take market share.
The TML supplies GRG technology, Aamra Technology provides international ATM solutions like Diebold, Hypercom and Juniper while the LCL operates world famous NCR solution for the multinational and local banks.
The pioneer in the service--DBBL--accounts for nearly 60 per cent out of the country's total ATMs as it has already set up 2,000 such special outlets across the country.
According to the Bangladesh Bank, the number of ATM per 0.1 million people increased from 0.09 in 2005 to 1.43 in 2010.
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