Irish Ambassador to Kenya, Dr Vincent O’Neill, was among the guests at the launch of new electronic cash management systems for Tuskys stores throughout Kenya which were developed with ICT software provided by Irish company e-Channel Financial Systems Ltd (E-CFS).
The Dublin based fintech company was awarded the $1.4m contract to supply safety technology to Tuskys, which is one of the largest supermarket chains in Kenya with the solution is being delivered in partnership with Kenya Commercial Bank Ltd (KCB).
The fintech player, based in Dublin, have developed an intelligent safe solution that manages cash, prevents theft and reduces exposure to cash-in-transit (CIT) robberies. It allows cashiers to lodge takings in the intelligent safe, which are then counted, sorted, and counterfeit-checked, saving considerable time and resources.
By linking to the CIT partner, the solution allows the monitoring of cash levels in real time which improves security though an on-demand cash pick-up model, eliminating scheduled cash movements.
It is also linked from the intelligent safe in the supermarket branch directly to KCB’s Temenos T24 core banking solution, resulting in real-time interest on lodgements being earned by the supermarket chain across all of its 60-plus outlets.
The solution has already resulted in proven savings at Tuskys’ head office and through its branch network.
“A Tuskys/Shell service station reduced the time taken for daily cash reconciliation and collection activities by 70pc, on top of the reduction in errors and added security.
“In the larger Tuskys supermarkets, the need for back-office cash staff was significantly reduced, producing further savings for the supermarket chain.
“They also now receive real-time interest on their considerable overnight cash balances, thereby increasing profitability.”
– E-CFS managing director, John Nugent
The success of the project has enabled the Dublin company to win similar contracts in Kenya with supermarkets, banks, health service providers and international brands including as KFC and Shell.