Retail chain Tusker Mattresses Ltd will be depositing its Sh100 million daily collections through smart cash deposit machines.
This is after the retailer completed a rollout of the intelligent Cash Deposit Machines (iCDM) at its branches, in efforts to reduce operating costs.
In partnership with DTB Bank, the supermarket chain has been progressively installing the machines at all its branches in Kenya.
The twin-use iCDM terminals installed in Tuskys branches will be used to conveniently deposit an average of Sh100 million daily cash collections from the firm’s check-out tills directly to the bank from the respective store locations.
The terminals will also be available for use by bank customers as Automated Teller Machines (ATM) while also featuring a cash deposit capability.
The integration of the iCDM terminals by Irish technology firm e-CFS at Tuskys branches are expected to cut the cost of cash management and handling; incurred by the retail chain by up to 50 per cent, impacting positively on the firms overall operating costs.
Internal finance controls
Speaking at the launch of the latest iCDM unit at the new Tuskys Diamond Plaza supermarket, Group Chief Finance Officer Daniel Ndirangu, said the adoption of the iCDM units will also enhance internal finance controls while enhancing cash flow management.
The integration of the iCDM terminals, Ndirangu said, will allow Tusker Mattresses to curb losses associated with cash handling at the tills.
He added that with the new real-time reconciliation and cash deposit capability, Tusker Mattresses will also be cutting down on its cash in transit transport and insurance costs by more than 50 per cent providing significant value to the business.
“With the DTB iCDM terminals, Tuskys has turned a new leaf as we’ll no longer need to incur heavy cash handling costs that arise from Cash in Transit, general security, and related risks management,” Ndirangu said.
He added: “This solution is also expected to significantly reduce cash losses relating to till and back office reconciliations, effectively enabling us to reduce our operating cost.”
Pilot terminals in 2016
Currently enjoying a close technical and systems collaboration with DTB Bank, Tusker Mattresses first piloted the iCDM terminals in 2016.
“At DTB Bank, we are excited to be taking our business relationship with Tusker Mattresses a notch higher with the system integration of our intelligent cash handling machines,” DTB Bank Group CEO Nasim Devji said.
“The association with Tuskys is geared at enhancing their operating efficiency through mutual benefit partnerships that can facilitate the deepening of formal retail services in East Africa,” she added.
Tusker Mattresses operates Tuskys Supermarkets and Mavazi Lifestyle clothing stores and has a branch complement of 64 stores in Kenya and Uganda.
The firm has adopted competitive operating strategies focused on solid partnerships with local suppliers to shake off competition from multinational retail operators.