Business Hilights
Tracking Nigeria's Headline Business News Online

CWG Plc, Chinese group, GRG Banking set to change Nigerian ATM experience

Pioneer investor in Nigeria’s information technology and leading systems integration company, CWG Plc and a leading Chinese high-tech financial services provider, GRG Banking, have sealed a deal designed to lift the experience of Nigerians in Automated Teller Machines (ATMs) experience.

Kay part of the understanding is to support the Central Bank of Nigeria (CBN), in changing the narrative on financial inclusion by 2020 as the emerging ATM facilities coming from the deal will among other things, boost functionality, efficiency and accessibility of funds for the populace.

Besides, the agreement will further deepen financial inclusion as the scheme will up traction to financial inclusion with the aim of reaching a 20 per cent in 2020.

Business Hilights recalls that as at last count this 2018, it has achieved a 5 per cent reduction in 8 years which makes it glaring that some support will be needed from other financial experts; likes of CWG and GRG Banking, to help achieve this laudable goal of bringing everyone to a digital platform where financial transactions for the payment for goods and services are done electronically through various electronic channels that are efficient, affordable, safe and secure; delivered in a responsible and sustainable way.

GRG Banking is a subsidiary of Guangzhou Radio Group (GRG); a state owned organisation which ranks TOP100 IT companies in China with businesses covering many areas; such as smart transportation solutions, public security with Artificial Intelligence (AI) technologies like biometrics identification, image and video analysis, big data, and much more.

It was further gathered that the Banking subsidiary offers financial self-service products, solution and service area and has successfully deployed her products and solutions in Nigeria for the past 5 years.

Some of the strategic imports of the understanding include Intelligent Cash Deposit machines and Cash Recyclers(P Series) Cash Recycling ATMs(H Series) , Cash sorting Machines( CM Series) and recently Cash Dispensing ATMs( N and V Series)

CWG Plc, has been at the forefront of most financial technology innovation in the country in the last two decades; deploying software solutions to over 60 Financial Institutions that have helped to change the narrative of what financial efficiencies should be, with the inclusion of core-banking software like Finedge, VSAT and Infosys Finacle, huge gaps have been closed in the financial industry in Africa.

In 2005, GRG Banking developed its own core module of cash recycler, which brought to its business a big success in China market and global market as well. In 2007, GRG Banking was listed in the Shenzhen stock market of China. Since 2008, GRG Banking took the first place of ATM market share in China and on the 1st of November 2010 the first Chinese ATM R&D Academy; GRG R&D Academy was founded by GRG Banking.

Currently, GRG Banking serves a number of Financial Institutions like Banks and CIT Companies with their products and their alignment with CWG Plc has brought on more opportunities to provide these services. Only recently, CWG supplied GTB with over 100 new GRG Banking ATMS across Nigeria with the intention to spread to over 1,000 across West Africa in coming months.

CWG’s ATM as a Service (CWG-AaaS) concept is also one of the GRG business extensions CWG will be serving to other financial Institutions in the coming weeks. The vision to deploy technology solutions that enable economic growth has been part of the core of CWG’s mandate in the last few years and it is actively geared towards delivering on that mandate as the H2 of the year moves to full blast.