In a nation with a lesser number of people, it should be fun to live in, and now, the launch of an ATM has definitely doubled the fun. Let us know about the world’s remotest nation, which got its first-ever ATM.
One of the most isolated countries in the world, Tuvalu, has installed its first automated teller machines (ATMs) at the National Bank of Tuvalu headquarters in the settlement of Vaiaku on the main island of Funafuti.
With the event on Tuesday, the 12,000-person island nation, which had never before had access to computerised banking, underwent a momentous change. The occasion commemorated a long-awaited step towards financial modernisation and was attended by members of parliament, traditional leaders, the governor general, Prime Minister Feleti Teo, and representatives from the commercial and diplomatic communities.
According to The Guardian reports, in Tuvalu, cash has been used for all banking transactions up until now. Employees must wait in line at the bank on pay day to withdraw their pay cheques, which frequently results in large queues and restricted access after the bank shuts at 2:00 pm. Almost all daily purchases for services, hotels, and food are still made in cash.
During Teo’s keynote speech, he said, “Today not only marks a momentous occasion but it is also historic as the bank moves into a totally new era, not just in terms of its services but also in terms of its strategic direction.”
Initiated in 2021, the total cost of the ATM and point-of-sale rollout exceeded A$3m, according to the bank’s general manager, Siose Penitala Teo, who spoke to the Guardian at the main office of the bank.
“We’ve been in an analogue space all along, these were dreams for us,” Teo said. “These machines don’t come cheap. But with government support and sheer determination, we were able to roll out this service for our people.”
According to the prime minister, the bank first collaborated with an outside consultant before hiring Pacific Technologies Limited in Fiji to provide and set up the systems, which are now operational at several sites on Funafuti, including the airport and nearby towns. Thirty point-of-sale terminals will be deployed throughout the island, in addition to the five ATMs that are currently in place.
“We explored different options and undertook due diligence to find cost-effective solutions tailored to our customers’ needs,” Teo said. “That’s how we procured the ATMs and point-of-sale systems that are now operational.”
Only prepaid cards are now accepted at the machines. Teo stated that before using the ATMs, users would need to get prepaid cards.
To eventually offer Visa debit and credit card capability that may be used for travel and online transactions abroad, the bank intends to first introduce debit cards issued by Tuvalu.
With over 6,000 banking clients—many of whom have many accounts—electronic banking is anticipated to alleviate traffic, lessen the need for cash, and enhance access to financial services throughout the outer islands.
“We’re providing the service for free until people get the hang of it; in time we’ll look at fees, but right now this is about accessibility and progress,” said Teo.
Disclaimer: (This information has been provided by a third party. India TV does not vouch for the authenticity of the claims made.)
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