Regardless of bank verification number (BVN) and ATM card, you can deposit cash in any Cash Deposit Machine (CDM) in Nigeria. CDM performs the opposite functions of Automated Tellers Machine (ATM).
With Cash Deposit Machine (CDM), you can send cash directly into your bank account instead of despencing and debiting your bank account.
In Nigeria today, there are many CDM that's currently installed at most commercial banks. The first bank I see this machine is GTBANK at Ogba Lagos. Other banks including FCBM, Fidelity Bank, United Bank for Africa (UBA), First Bank of Nigeria (FBN), Access Bank and others have already implemented the Cash Deposit Machine.
The interest part of these machine is that, it can allows you to deposit cash from other bank's CDM to your bank account. For instance, you can deposit cash from FCMB's CDM to Access Bank Account.
However, it's important to let you know that not all ATMs are CDMs. Identify your bank's CDM network by checking with your bank's customer service to confirm which machines accept cash deposits before proceeding to depositing cash.
Depositing Cash at CDM
Follow the steps to successfully deposit cash at any Cash Deposit Machine in Nigeria:
- Walk to any bank that have CDM installed alongside their ATMs.
- Press any button on the Machine to activate the screen.
- Click on "Cash Deposit," and choose beneficiary account type (e.g Savings Account or Current Account).
- Enter "Beneficiary Account Number" and confirm the "Account Name."
- Once the details are confirmed by the machine, it will request you to insert cash one after the others.
- Start inserting "Cash" and wait for CDM to sort cash and display cash details.
- If the cash details is correct, press "Deposit" and repeat the process to deposit more cash.
However, do note that must Cash Deposit Machines (CDMs) in Nigeria accept N1000 notes only. It's also noteworthy that immidiately after each deposit, you or your beneficiary will receive credit alert.
Depositing with your ATM Card
You can also deposit money to your bank account at Cash Deposit Machine (CDM) using your ATM card. Here's how:
- Simply insert your card in the CDM and enter your PIN. Depending on the bank's CDM you're using, follow the on-screen prompts to authenticate your identity.
- Next, select "Cash Deposit," and select your account type where you're sending money from (e.g, savings account or current account).
- Enter the deposit amount to be deposited.
- Choose "Beneficiary Bank Name," and enter the "Account Number," then confirm the "Account Name."
- Tap on "Deposit" to send money to the bank account. Your transaction slip/receipt will be printed out after successful transaction.
Now, take your receipt for record-keeping.
Depositing without ATM Card
This is otherwise known as "Cardless Deposit". To deposit cash at ATM without a card, follow these steps:
- Select "Cardless Deposit" on the CDM screen.
- Select the bank you're debiting e.g FCMB
- Enter your account number.
- Enter your generated "Cardless Withdrawal Code" and follow the onscreen instructions.
- Enter beneficiary bank name, account number and confirm the account name.
- The amount entered when generating the cardless withdrawal code will be attached to the transaction.
- Confirm your transaction and tap "Deposit"
- Immidiately, the funds will be removed from your bank account and deposited to your beneficiary bank account, regardless of banks or organizations.
Final words
Cash Deposit Machines (CDMs) offer a convenient and secure way to deposit your hard-earned cash in Nigeria. The machine has helped eliminates the need for long lines and teller interactions in Nigeria banks.
Whether you're a seasoned CDM user or a curious newcomer, by following these simple steps and keeping these tips in mind, you can deposit cash at any CDMs with confidence and efficiency in Nigeria.
Remember, if you encounter any difficulties, don't hesitate to seek assistance from your bank's customer service team.