Tuskys deploys cash deposit machines to curb fraud
Regional retailer Tuskys has moved to curb fraud across its branches by deploying cash deposit machines across its branches.
The strategy, in partnership with Diamond Trust Bank (DTB) will cut cash losses experienced with human handling by having money deposited credited directly in the Tuskys’ account.
Internal fraud has been a major challenge for retailers, with Tuskys losing an average of Sh3 million monthly from the tills.
Tuskys Group chief executive officer Dan Githua said the adoption will enhance internal finance controls while enhancing cash flow management.
“With the DTB CDM terminals, Tuskys has turned a new leaf as we’ll no longer need to incur heavy cash handling costs that arise from Cash in Transit, general security and related risk management. This solution is expected to significantly reduce cash losses relating to till and back office reconciliations,” Mr Githua said.
With 64 bracnhes in Kenya and Uganda, Tuskys is adopting competitive operating strategies to shake off competition from local and multinational retail operators.
DTB Bank Head of Operations Suraj Shah said the collaboration with Tuskys would enable the deepening of the formal retail sector in the region.
“The association with Tuskys is geared at enhancing their operating efficiency through mutual benefit partnerships that can facilitate the deepening of formal retail services in East Africa,” Mr Shah said.
Tuskys first trialed the cash deposit machines in 2014.