Bangladesh Benefits from New Cash Machines
Bangladeshi banks are deploying new cash machines that not only offer withdrawals but also deposits, enabling retailers and cash-based workers to pay in their daily earnings more quickly and conveniently than ever.
To date, three banks—City, Southeast and United Commercial—have installed 56 of the new machines (referred to as CRMs or ‘cash recycler machines’) with 166 more planned in the coming months.
The rollout follows successful trials of a CRM installed by United Commercial Bank (UCB) near a land registry office in the Rupganj district of Dhaka. Customers were quick to make use of the new facility, said UCB, encouraging a larger-scale deployment, with 100 CRMs planned to be in service by the end of this year.
Southeast Bank is planning to have more than 60 CRMs available by March 2023, aiming their service particularly at retailers. ‘Their money will be in a safe zone once they shut for the day,’ says Abdus Sabur Khan, Southeast’s Head of Cards. He also confirms the machines will operate around the clock, and at no additional charge to customers.