Moneybox to open 200 in-store banks

Moneybox, the cash machine network located in 400 convenience stores, pubs, restaurants and nightclubs, plans to launch 200 banks in the major UK multiples by the summer.

The banks will be based in areas where access to financial services is limited.

Moneybox will target small businesses and shop customers. The service will enable them to deposit cheques and cash, transfer money between accounts and pay bills.

Many of the transactions will be made electronically, although most of the in-store banks will have a Moneybox employee available at peak times.

The service will act as an intermediary between the banks and their customers and will not offer its own bank account.

Moneybox managing director Paul Stanley says he is negotiating to install banks in several unnamed multiples in which the network already has cash machines.

Moneybox has cash machines in retailers such as Londis, Spar and Dillons, as well as in a number of independent leisure clubs and First Leisure.

Stanley says: “By the end of the year we will have cash machines in 1,500 sites, and we aim to roll out the new banking service to many of those in the long term.”

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