Kayode Tokede
With the prevalence of high denomination of counterfeit naira notes and foreign currencies, Thunderballs Arrow Heads Nigeria Limited, in partnership with KISAN Electronic Company Limited, have launched a local assembly of K2A Model and Newton 3V currency counting machines in Nigeria.
Both machines are designed to detect and reject counterfeit notes in Nigeria’s banking sector.
The CEO, Thunderballs Arrow Heads Nigeria, Mr. Tunde Ojo, at the launching in Lagos recently, said the two machines were designed to detect counterfeit notes in Nigeria’s banking sector, revealing that the sector is currently flooded with authentic fake naira notes.
“The two machines were designed to catch fake naira notes as well as fake foreign currencies. Any bank that buys our machines, it can be sure no counterfeit will pass through the system. The two machines are fail‑proof.
“I have been in this profession for almost 40 years and for us to settle for these products, we know it is fail‑proof. We have tested it and even the super counterfeit that everyone is talking about cannot pass through it,” Ojo said.
According to him, 20 per cent counterfeit notes being laundered pass through the financial institutions.
“If we can eliminate fake N1,000, N500 and foreign currencies, we have blocked the gateway to counterfeit notes in circulation,” he said.
In his presentation, the Manager at Global Sales Department, KISANE Electronic Limited, Mr. Yu Ho‑Sung, stated that the launching of the K2A Model and Newton 3V marks an exciting beginning in the Nigerian banking sector.
He noted that the latest models are designed to tackle counterfeit notes, adding that both machines have passed counterfeit detection tests by the European Central Bank and National Central Bank of other countries.
“The cornerstone of our competitive edge lies in technology and talent. Over 40 per cent of our workforce is directly embedded within our R & D institute,” he said.
According to him, the South Korean company is offering a complete range of cash handling solutions from the banknote counter/sorter to deposit machines for banks, CITs and retail customers.
Ho‑Sung stated that the company’s global grouping spans over 130 authorized distributors across 100 countries.