Fintech player E-CFS secures $1.4m infosec deal with Kenyan supermarket chain

15 Feb 2017

From left: John Nugent of E-CFS with Dr Sam Nyaoke, Kenya Commercial Bank, at an Irish Embassy event in Nairobi. Image: Brian Inganga

Irish fintech company E-CFS is helping Kenyan supermarket chain Tuskys to fight crime and reduce cash errors.

E-Channel Financial Systems (E-CFS), a fintech player based in Dublin, has won a $1.4m contract to supply safety technology to Tuskys, one of the largest supermarket chains in Kenya.

E-CFS has developed an intelligent safe solution that manages cash, prevents theft and reduces exposure to cash-in-transit (CIT) robberies.

The E-CFS solution allows cashiers to lodge takings in the intelligent safe, which are then counted, sorted, and counterfeit-checked, saving considerable time and resources.

The solution is being delivered in partnership with Kenya Commercial Bank Ltd (KCB).

Proven savings

The solution links to the CIT partner, allowing it monitor cash levels in real time and improving security though an on-demand cash pick-up model, which eliminates scheduled cash movements.

It is also linked from the intelligent safe in the supermarket branch directly to KCB’s Temenos T24 core banking solution, resulting in real-time interest on lodgements being earned by the supermarket chain across all of its 60-plus outlets.

It has already resulted in proven savings at Tuskys’ head office and through its branch network.

“A Tuskys/Shell service station reduced the time taken for daily cash reconciliation and collection activities by 70pc, on top of the reduction in errors and added security,” explained E-CFS managing director John Nugent.

“In the larger Tuskys supermarkets, the need for back-office cash staff was significantly reduced, producing further savings for the supermarket chain.

“They also now receive real-time interest on their considerable overnight cash balances, thereby increasing profitability.”

The project’s success is enabling the Dublin company to win similar contracts in Kenya with supermarkets, banks, health service providers and brands such as KFC and Shell.

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years