Firm to power ATMs, banking software with solar energy

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To ease banks’ burden on power supply, Concept Technologies Managing Director, Tokunbo Tonade, has developed a solar energy option that will cost N13.6 million yearly to power each bank’s branch, The Nation reports.

He said the company, which for years maintained inverter-backup systems for banks’ Automated Teller Machines (ATMs), came up with the cost-effective solar energy option to reduce the burden of power supply on banks’ profitability.

Speaking at a media parley in Lagos, he said: “We are powering the banks. If any ATM goes down because of power, they call us to fix it. We mentioned to them that they do not need to be spending N50 million yearly per branch on diesel. This is what we are capable of doing”.

Ahead of the launch of the company’s first three-bedroom solar powered home on Saturday, in Lagos, he said in the long-run, every year a bank spends N50 million to power each of its branches and that in 10 years, it would have spent N500 million to power a branch alone.

He said he would in the coming months, be talking to the Bank of Industry and the Central Bank of Nigeria (CBN) on access to low-cost funds to enable the company produce at lower cost and compete effectively.