It meets the needs of a large portion of the population who rely on coins to survive, whether through handouts, tips or savings and NGOs or charities that collect coins.
The machine is a product and service initiated, developed, distributed and operated by Coin It Coin Exchange. It is a proudly South African-made product, designed, developed and manufactured in Cape Town. Actual production began in April 2012, but planning had already begun in 2010 with Special Products and Technologies, the partner engineering company.
Believed to be the first of its kind in the South African market, its originators believe it fills a need for coin handling where limited solutions currently exist.
Founded in 2009 by entrepreneurs Emile Langenhoven and Willem Nieuwenhuis, the company's focus is on creating wealth where others do not see any. According to the founders, the machine is essentially a coin recycler that helps keep coins in circulation, eliminating wastage of currency. as well as lowering the economic and environmental costs associated with needlessly manufacturing new coins.
"About four years ago, I heard about a business in the US that took in coins and dispensed cash. I started looking at how coins were managed in South Africa by speaking to people and doing research and found that it was a big problem and an inconvenience, to the extent that coins had lost their value. I was always told that the best businesses are the ones that solve a problem for people and make their lives more convenient. It was this, and my early childhood experience with coins, where I learned to save money through my hobby of collecting jars of coins, that inspired me to start the business," explains Langenhoven.
He says it caters for people who struggle to put food on the table, those whose core operations involve the accumulation of coins or those who simply cannot stand how heavy their wallets are getting. He adds that environmental factors are also a significant motivator behind the development of the concept.
"Recycling coins means less impact on the environment. By recycling coins, we are able to significantly reduce coin production - this means a reduction in the carbon footprint from mining for raw materials, a reduction in water wastage in the mining and manufacturing process and less carbon emissions from shipping coins around the country."
The process is quite simple, the customer pours his/her unsorted jar of coins into the designated area on top of the machine, which then counts the coins (up to 600/minute) and prints out a receipt. The consumer may use the receipt to purchase goods in a number of participating stores, or exchange the receipt for cash - quick, safe and convenient.
Although similar businesses exist in the US, Canada and the UK, there are no such businesses in South Africa and possibly the African continent.
Langenhoven would like to see the concept expanding to an extent where the machines are operating in all the major retail stores and wholesale stores nationally and linking up with banking institutions, so that customers can directly deposit coins into their bank accounts.
Currently the business has partnered with the Spar supermarket chain in its initial rollout phase. The company has also received several requests from countries such as Nigeria, Kenya and Namibia that are interested in the product.
As of July 2013, the machines will be found in seven locations in the Western Cape, namely Bellville Kwikspar, Edgemead Superspar, Khayelitsha Superspar, Kraaifontein Superspar, Observatory (Obz) Kwikspar, Vangate Superspar and Zevenwacht Superspar.
Besides these locations, the company will also be rolling out to three other locations in South Africa, namely Barkley Square Superspar in Sunnyside, Pretoria, Harbour View Superspar in Port Shepstone, KwaZulu-Natal and Brackengate Superspar in Brackendowns, Alberton.
For more information, go to www.coin-it.co.za.
