TATUP launches Cash Deposit Tokento enable self-cash deposits, transfers outside banking halls
By Charles Abuede
TATUP International Services Limited (TISL), a financial inclusion company in Nigeria, has launched its cash deposit token, which it says enables self cash deposits and transfers outside of banking halls. The launch, held last Friday in Lagos, saw the brand unveiling and product presentation of the TATUP cash token service.
The company explained that with the product, it strives to eliminate the barriers that exclude people from participating in the financial sector and it is, therefore, using these services to improve their lives.
Etuk Happiness, president and chief executive officer, said the event was held to unveil the birth of a new product in the financial services sector, adding that it is the first of its kind in Nigeria.
“We have looked at the problems in the financial services sector and have decided to solve part of the problems from which TATUP will solve eighty per cent of the entire problem. With the TATUP cash token service, there will be decongestion of the banking halls, nullification of time and money-wasting and the achievement of stress-less transaction.
“Furthermore, there is the general acceptance of the product which we have seen to be overwhelming and here, we can say that it will positively impact the nation’s economy as we strive to create 20 thousand jobs in the space of 12 months. As an emerging market, we are here to serve the underserved and the unbanked population in Nigeria,” the CEO said.
James Okocha, vice president of TATUP International Services Limited, commenting on the token, said that TATUP has come to solve a problem, bringing ease to the processes of transactions. He further revealed the company’s drive to create job opportunities by recruiting over 10 thousand agents nationwide.
“At this point, I will say TATUP has come to solve a problem and bringing ease to the process of transactions as ought to have been done in banks. With TATUP cash deposit, the service fee charged is low compared to other players. We are on a mission to recruit 10 thousand agents nationwide into the system to make life easy and also provide job opportunities for all. Our authorised agents have the products with the code. The dream is to transform all mobile phones into something more, an automated teller machines (ATMs,” Okocha said.
“One of the unique things about the TATUP platform is that it has the authentication technology which switches automatically to correct errors that may arise in the process of transactions. TATUP has a partnership that has been signed with UBA for the deployment of points of sale (POS) machines to our agents and franchisees,” he added.
Speaking on the level of security employed in the development of the product, TATUP president,Etuk Happiness, said that there is a technology which will help in the protection of customers’ funds.
“We have our authentication technology that is secured enough to help protect funds and stop whatever transaction that may seem fraudulent. On the other hand, in the case of stolen cards or unsuccessful transactions, TATUP cards are insured, on which an agent can get the card recovered and the unsuccessful funds reverted. However, the cases of frauds being seen today in the banking sector cannot be 100 per cent detected but we can ensure such a situation to be averted both internally and externally as funds security is another case to be looked into with this innovation in place.”
About the TATUP Cash Deposit Token
The TATUP cash deposit token is a tech-enabled Cash-Token Card pioneered by TISL in Nigeria targeted at serving the underserved and unbanked population in Nigeria and beyond. The product is available and use-able every time, everywhere in Nigeria and Africa as a whole. The platform, in partnership with UBA, can be used and accessed by all users for cash depositions, cash transfers, account openings, mobile top-ups, loan repayments, account balance queries, utility bills, tax and government fees, etc. The product is expected to be in circulation across the federation within the next 3 months.