March 2, 2024

Experts charge CBN on policies to deepen use of ATM

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By Our REPORTER, pub-3120625432113532, DIRECT, f08c47fec0942fa0

The Central Bank of Nigeria (CBN) has been advised to strengthen policies that would accelerate the deployment and usage of Automated Teller Machines (ATMs) across the country.

The submission was made by Dr. Stanley Osayemwenre Edobor at the 3rd Inaugural Lecture of Edo State Polytechnic, Usen, titled, ‘Automated Teller Machine (ATM) Innovation in Solving Today’s Challenges: A plus in paradigm shift for the good of Society.’

Edobor, who is a Chief Lecturer in the Department of Banking and Finance at the polytechnic, said the adoption of ATMs has greatly impacted the banking industry and provided a platform to ease banking transactions.

He urged the CBN to develop and implement policies that will improve ATM transactions in terms of charges and transaction failures.

The lecturer noted that such policies by the CBN would ultimately improve service delivery, especially with the realities of the post-pandemic world.

According to him, “ATM is designed to help solve queuing problems in banks. The queuing theory explains how ATMs innovation assists in solving waiting time in the bank for the good of society.

“Banks should provide more Automated Teller Machines in different strategic areas and busy streets with attached security features to prevent vandalisation and robbery.

“They should increase the number of ATMs in order to eliminate delays caused by long queues of persons waiting to transact using the ATMs. The machines should be situated in such a manner that customers can easily have access to them at any time.”

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