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What
is an ATM? |
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ATM
stands for Automated Teller Machine.
ATMs can be free standing in-lobby or
in-store or through-the-wall versions. |
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How
Do ATMs Work? |
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An
ATM is simply a terminal with
input and output devices. The
ATM is connected via a telephone
dial-up or VSAT link to a central
switch (or host computer), that
is probably several |
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the building. The switch is the
gateway through which transactions
are securely routed to your cardholder’s
bank account. This technology
enables transactions on the QuickCash™
machines to be completed online
and real-time. |
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What
are the parts of the Machine? |
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An ATM has two input
devices and three output devices.
The input devices are:
Card
reader - The card reader captures
the account information stored on the
magnetic stripe or chip on the ATM card.
The host computer uses this information
to route the transaction to the cardholder’s
bank.
Keypad - the bank
requires the cardholder's personal
identification number (PIN) for verification,
and the cardholder inputs this using
the keypad. Also, the keypad lets
the cardholder tell the bank what
kind of transaction is required (cash
withdrawal, balance inquiry, etc.),
from what account (current or savings)
and for what amount.
Security is assured by a PIN block
which is sent to the host computer
in encrypted form. An encrypted message
is one which is protected and passworded
to ensure security of data.
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The
three output devices are:
Display screen:
The display screen prompts the
cardholder through each step of
the transaction process. ATMs
commonly use a monochrome or colour
display screen. Adverts can also
be run on this screen while it
is idle or in-between transaction
processing.
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printer:
The receipt printer
provides the cardholder with
a paper receipt of the transaction.
Cash dispenser:
The heart of an ATM
is the safe cash-dispensing
mechanism. |
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When
will the company commence operations? |
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The first set of
30 QuickCash™ machines became
operational in Quarter 3, 2004. |
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Will
this project work in Nigeria? |
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We are fully committed
to the success of this initiative.
The drivers of the success of a project
of this type and scale in Nigeria are:
Reliability and consistency
of service
The ATM Consortium is taking all necessary
measure to ensure that QuickCash™
ATMs will be up and running 24x7 with
the lowest possible downtime. To ensure
efficiency and consistency in operations,
Euronet Worldwide is providing day-to-day
management support to the Consortium
in its first few years of operations,
while building local skills to support
the network. Euronet’s benefits
are inextricably tied to the long-term
success of the Consortium.
Large Customer base
Aside from the fact that membership
in the Consortium is open to all banks
in Nigeria, the ATM Consortium has
mapped out a strategy to ensure a
steady increase in the usage of QuickCash™
machines over the first few years
of operations until it becomes part
of the local culture. The nine (9)
owner banks have a customer base well
above 10 million account holders.
Mass Market Product
QuickCash™ machines will be
accessible to the majority of Nigerian
account holders who use savings accounts
and not just the few who have current
accounts. It is also accessible to
cardholders of all banks in Nigeria
once these banks join the QuickCash™
network.
Accessibility of locations
Unlike previous ventures in the past
which have not gained wide acceptance,
the ATM Consortium has had from its
onset, a mass deployment strategy
to ensure that QuickCash™ machines
are made available anywhere and everywhere
there are people who need them, but
only in non-bank branches. Hence you
will find them in quickservice restaurants,
universities, airports, hotels, filling
stations and other notable locations.
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How
many sites will the company have and
where will they be? |
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QuickCashTM is
located in over 100 convenient locations
in Abuja, Benin, Enugu, Ibadan, Lagos,
Kaduna, Kano and Port Harcourt. In all,
ATM Consortium will deploy about 1,000
ATMs at various non-bank branch locations
in all the major cities of Nigeria in
its first three years of operations.
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What
services will QuickCash ATMs provide? |
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In the first year
of operations, QuickCash™ machines
will provide two basic services –
cash withdrawals and balance enquiries.
In subsequent years, other value added
services such as airtime vending, statement
printing and electronic bill payments
will be provided. |
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Will
holders of international cards be able
to use the ATMs? |
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MasterCard and
Visa cardholders will in due course
be able to use the QuickCash™
machines. |
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