CWG Seals Deal with Financial Institutions

Emma Okonji

The Automated Teller Machine (ATM) as a service concept, initiated about two years ago by CWG Plc is gradually gaining traction, as the company has signed supply deals with three financial institutions in Nigeria.

According to CWG, these deals with the undisclosed financial institutions were testament to the soundness of the concepts model and how it fits well into the innovativeness required to support banks in boosting the competitiveness for customer satisfaction with banking operations in Nigeria with respect to ATM services.

CWG’s Product Manager, ATM/POS, Adeshile Adekanbi, who made the disclosure, said: “The gradual acceptance of the ATM as a Service (AaaS) concept is backed up with signed deals between the company and three financial institutions in Nigeria; one of the tier 1 banks, a commercial banks and microfinance bank in the country.

“The concept is sure to be adopted by more financial institutions as the platform has embedded more innovations.”

According to Adekanbi, with every innovation out of the stables of CWG Plc, AaaS was initiated with the aim of allowing banks focus on their core competencies whilst allowing technology platform providers such as CWG drive their ATM Businesses.

Technology Platform provider, CWG, will thus provide a specified set of infrastructures and aligned responsibilities to drive efficiency of operations, whilst the banks responsibilities will also be as aligned with their capabilities and competencies.

Adekanbi further explained that CWG added innovativeness for improved revenue generation and have set a model that would in effect support the strategy of the Central Bank of Nigeria in closing the gap on financial inclusion by 2020. “The value-added services integrated into the AaaS platforms is sure to drive usage and overall satisfaction to all concerned stakeholders” Adekanbi said.

Responding to queries about the possible deviation of the ATM as a Service initiative from the company’s normal ATM support business, where it presently supports 30 per cent of ATM base in Nigeria; Adekanbi said regular ATM business remained a foundation on which the ATM as a Service concept is riding and it does not take away from the other, but gives room for more business opportunities depending on the capacity of its banking clients.