Inlaks last Friday affirmed its position as one of the leading Information Technology Systems Integrator that specialises in the deployment of dynamic and highly scalable ICT Infrastructure Solutions, when it partnered First Bank to launch the MoniSafe 500, a teller cash recycler machine.

The machine, which stakeholders believe the first of its kind in Nigeria was launched at its maiden digital summit in Lagos, with the theme “Unlocking the Opportunities in the Digital Banking Age”.

According Inlaks, the MoniSafe 500 Teller Cash Recycler from Hyosung TNS INC. is a powerful solution in the transformation of the retail banking branch channel, as it has the capacity to decongesting banking halls, boost operational excellence in banking activities by using highly scalable technology solutions as the TCR and ultimately, boost customer experience.

“At Inlaks, we always try to play our unique role in the financial sector in Sub-Saharan Africa by rolloing out products that will ease convenience and enable the growth of our customers. MoniSafe 500 Teller Cash Recycler is one of such products,” said MD/CEO, Inlaks (Africa Operations), Femi Adeoti.

He added that Inlaks is constantly devising ways to populate the Nigerian financial market with highly scalable technology solutions to advance development in the banking industry.

Speaking on the digital summit, Adeoti noted that adoption of digital banking strategies comes with great demands, opportunities and challenges. Thus, as a foremost Fintech solutions provider to key financial organizations in Nigeria, the Digital Summit is a platform to empower our clients across Africa with the requisite knowledge needed for a seamless transformation.

“The financial service providers need to adapt to the current digital trend and have a concrete strategy to keep them relevant. Fintech service providers and banks have to work well together to create a seamless financial experience for consumers in the near future, this can be achieved with the adoption of future-proof strategies to ensure relevance for years to come,” he advised.

Meanwhile, in a presentation delivered by the Deputy Managing Director, First Bank of Nigeria, Mr. Francis Shobo, he admitted the problems of the manual cash operations and the benefits of TCR at FBN since its adoption, noting that about 100 machines are available for the bank’s customers in more than 95 branches.

The maiden edition of the Inlaks’s digital summit, played host to hundreds of African industry professionals amongst whom are their customers in Nigeria and around sub-Sahara Africa. Notably among the stakeholders are the Deputy Governor, Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi alongside Mr. Clarence Blay, representative of the Deputy Governor 1, Bank of Ghana, who unveiled the the MoniSafe 500 machine.

The Summit was organized to exchange best practices and experiences related to the latest achievements in the field of banking, technology and other fields.

The summit themed “Unlocking the Opportunities in the Digital Banking Age” featured over 15 industry experts in plenary sessions and as speakers led by the keynote speaker; Deputy Governor, Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi.

The keynote speaker delivered a speech on “Bank Branches and the Future: The Regulator’s Perspective”, which highlighted that transactions are moving closer to customers with the adoption of various banking channels, including agency banking and POS machines. This brings to bear that though the traditional means of banking is not going away for a while, acceptability remains critical in the customer’s decision which may be influenced by available infrastructure and culture.

The event rounded up on a grandeur note with an award and dinner ceremony aimed at recognizing the major contributions and support of long-standing clients and OEM partners.

Some of the major partners of the summit were Temenos, Hyosung TNS Inc, KPMG, CeBIH, Fintech 1000, Kennedia Consulting and Businessday.

Most interestingly, a guest at the summit, Ifeoma Chukwuneke, was the lucky winner of the electronic raffle draw with the price of an all-expense paid trip to South Korea.


ITPulse is a wholly information technology communication (ICT) news website, with a special focus on the African continent. The website provides up-to-date biz-tech news, analysis and comprehensive and thorough insight into the continent's ICT terrain

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