Nigeria beats Ghana, Switzerland in use of ATM machines

A recent survey has rated Nigeria higher in the use of Automated Teller Machines (ATM) than countries like Ghana, Switzerland, and others in the middle belt.

The survey by a United States-based independent body, the International Financial Study (IFC) said a sampled poll it carried in 50 countries, Nigeria came 20 top, as a fast growing consumer of ATM machines.

Despite the fact that most rural areas are not yet fully covered with banking activities, the zeal in use of the automated machine gives the country an edge over some others.

There is also a low response in replacement of the technology in Nigeria, said the report.

Read also: CBN raises interest rate to 14%, retains interbank lending rate

The World Bank recently quoted Nigeria as having recorded 16.8 volume of ATM, of which 10 per cent is dysfunctional periodically, while Ghana records 8.7 with less than 5 per cent dysfunctional periodically.

But a bank official said there would likely be an increase in use of the machine by the time financial institutions upgrade their machines to receive and also dispense cash, irrespective of location.

The CBN had in 2009 come up with the cashless policy, a programme that has been subjected to different

interpretations, including limiting cash withdrawal across the counter to a minimum of N100, 000.

It was stressed that all cash withdrawal below that sum will be charged N100.

But non availability of enough ATMs and other charges by banks, as well as network issues have discouraged customers from patronizing the technology.

The charges however made CBN direct that no charges put on the consumer unless till after three transactions are carried via interbank payment.

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