Tuskys to deposit Sh100mn daily collections using iCMD

June 25, 2018
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As Tuskys deposits collections from its tills, the twin-use iCDM terminals will also be available for use by Bank customers as Automated Teller Machines while also featuring a cash deposit capability/CFM BUSINESS

, NAIROBI, Kenya, Jun 25 – Regional retailer Tusker Mattresses Limited, has completed the adoption and countrywide branch rollout of intelligent Cash Deposit Machines as part of ongoing efforts to reduce its operating costs.

In partnership with DTB Bank, Tusker Mattresses has been progressively rolling out the intelligent Cash Deposit Machines (iCDM) at all its branches in Kenya.

The twin-use iCDM terminals installed in Tuskys Supermarkets branches will also be used to conveniently deposit an average of Sh100million daily cash collections from the firm’s checkout tills directly to the Bank from the respective store locations.

As Tuskys deposits collections from its tills, the twin-use iCDM terminals will also be available for use by Bank customers as Automated Teller Machines (ATM) while also featuring a cash deposit capability.

The integration of the iCDM terminals by Irish technology firm e-CFS at Tuskys branches are expected to cut the cost of cash management and handling; incurred by the retail chain by up to 50pc, impacting positively on the firms overall operating costs.

Speaking at the launch of the latest iCDM unit at the new Tuskys Diamond Plaza supermarket, Tusker Mattresses Group Chief Finance Officer, Daniel Ndirangu, said the adoption of the iCDM units will also enhance internal finance controls while enhancing cash flow management.

The integration of the iCDM terminals, Ndirangu said, will allow Tusker Mattresses to curb losses associated with cash handling at the tills. He added that with the new real-time reconciliation and cash deposit capability, Tusker Mattresses will also be cutting down on its cash in transit transport and insurance costs by more than 50pc providing significant value to the business.

“With the DTB iCDM terminals, Tuskys has turned a new leaf as we’ll no longer need to incur heavy cash handling costs that arise from Cash in Transit, general security, and related risks management,” Ndirangu said and added: “these solution is also expected to significantly reduce cash losses relating to till and back office reconciliations, effectively enabling us to reduce our operating cost.”

Currently enjoying a close technical and systems collaboration with DTB Bank, Tusker Mattresses first piloted the iCDM terminals in 2016.

“At DTB Bank, we are excited to be taking our business relationship with Tusker Mattresses a notch higher with the system integration of our intelligent cash handling machines,” DTB Bank Group CEO Nasim Devji said. Adding that: “the association with Tuskys is geared at enhancing their operating efficiency through mutual benefit partnerships that can facilitate the deepening of formal retail services in East Africa.”

Tusker Mattresses operates Tuskys Supermarkets and Mavazi Lifestyle clothing stores and has a branch complement of 64 stores in Kenya and Uganda. The firm has adopted competitive operating strategies focused on solid partnerships with local suppliers to shake off competition from multinational retail operators.

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