By Alex Muriithi.
Tusker Mattresses Limited, has finalized the adoption and countrywide branch implementation of Intelligent Cash Deposit Machines with an aim to reduce its operating costs.
Tusker Mattresses runs Tuskys Supermarkets and Mavazi Lifestyle clothing stores. The firm has absorbed the competitive operating strategies focused on solid partnerships with local suppliers to shake off competition from multinational retail operators.
The use ICDM terminals installed in Tuskys Supermarkets branches will also be used to conveniently deposit an average of Sh100million daily cash collections from the firm’s checkout tills directly to the Bank from the respective store locations.
In partnership with DTB Bank, Tusker Mattresses has been progressively rolling out the Intelligent Cash Deposit Machines (ICDM) at all its branches in Kenya.
Bank customers as Automated Teller Machines (ATM) will also benefit from the roll out while Tuskys will deposits collections from its tills, the twin-use iCDM terminals will also be available for use by 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 lower the cost of cash management and handling; incurred by the retail chain by up to 50%.
Tusker Mattresses Group Chief Finance Officer, Daniel Ndirangu speaking during the launch , said that the adoption of the iCDM units will also promote internal finance controls while enhancing cash flow management.
“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 and added: “these solution is also expected to significantly reduce cash losses relating to till and back office reconciliations, effectively enabling us to reduce our operating cost.”
The introduction of the iCDM terminals, 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 % providing significant value to the business,Ndirangu said.
“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. Adding that: “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.”