By Simeon Mpamugoh
President and Chief Executive Officer, Tatup International Services Limited Mr. Happiness Etuk has said that statistics available revealed that in 2017 more than 50 million customers deposit cash between N1000 to N30, 000 monthly hence the need to revolutionize the way cash was being used as deposits in the bank.
He stated this in Lagos at the pre-launch of a new product; Tatup Cash deposit voucher to address post COVID 19 queues and use of canopy outside the banking hall to provide banking services to the underserved and unbanked populations in Nigeria and beyond.
Etuk noted that Lagos alone have up to 20m persons who deposit cash in the bank monthly. “Today the figure has risen to more than that. One of our targets is to save money people spend going to bank and introduce banking to more than 60 million adults on bank population in Nigeria through our 347312# code
“Through the use of this product which already has UBA as the settlement bank, and our services, banking halls will be decongested. So, by the time you walk into the banks, you would not see anybody, yet banking transactions will be going on 24/7, even when banks close officially. And the issue of “I have not seen alert,” is nipped in the bud because you bank your money yourself. It saves time and money spent going to the bank to deposit money, and it is stress free,” he said.
He said that the emergence of the product was not to compete with the bank instead to boost the economy and generate more cash deposits for the banks. ”Someone that would not naturally want to deposit N1, 000 would confidently do that because it is self service. It also minimizes banks workforce,” he highlighted.
He disclosed that the organization looked at the challenges in the banking sector and decided to solve part of it. “Our voucher which comes in different denominations will solve 80 percent of problems in the banking industry in terms of waiting or queuing in the banking hall. We know that some banks don’t produce enough seats for their customers, and those who don’t have seats stand. What a customer needs to do is get one of our vouchers and do the transaction by him/herself,” he added
On the issue of fraud, he said.”We cannot shy away from it. It is everywhere with the advent of technology. We expect that fraudsters would try, some people will want to subvert our efforts. We have put in place some measures to make sure that those who try will fail. But even if it happens, I don’t think it would be much because we cannot say it is hundred percent resistant,” he said, adding, “With the product, the general public would enjoy cashless policy, create wealth and promote social distancing guideline of the COVID 19 pandemic.”