[2008-09-04]  CFX seeks to speed up cash transactions
CFX Bank has introduced a new system, the Cybercash in a bid to speed up the processing of cash transactions in the banking system.

CFX Bank has introduced a new system, the Cybercash in a bid to speed up the processing of cash transactions in the banking system.

Cybercash is an electronic banking channel that enables an individual to use the Internet, cell phone and ATM card for banking and shopping transactions.

Speaking at the launch of the Cybercash, CFX managing director Mr Onesimo Mukumba said the product was the brand name for a bouquet of electronic products. "Cybercash is a three in one product, the Internet PC based solution, mobile banking solution and SMS banking solution.

"This day’s time is money. Time has become so precious that few people can afford the time it takes to visit the bank or join queues at service providers’ offices paying bills. "Cybercash makes it possible to pay bills electronically via- the Internet or by means of a text message from the cell phone" said Mr Mukumba.

He said the product incorporated a direct bill payment system for electricity and other utility bills via the Internet or a cell phone. Cell phone airtime can also be purchased from each of the country’s mobile phone networks.

In addition to that, Mr Mukumba said the bank was in the process of increasing the number of point of sale terminals countrywide.

"The new terminals have a wireless link to the bank, making them faster and more portable than any other device on the market," he said.

In the current environment, where prices are rising, quick transactions are essentia
Source: HERALD