Did you miss your flight because of the ongoing Federal Government’s cashless policy in Lagos and Abuja airports’ access gates? If you did, I empathise with you. If you have missed your flight before, you would understand the knock-on stress this has on your psyche. A missed flight automatically creates a domino effect on your life. Because you have missed your flight, you have also missed a scheduled meeting. You have broken a promise.

Meanwhile, the other party would view you as an irresponsible person who lacks the character to honour an appointment. Then your day suddenly turned around 360 degrees. First, some retrospection. Did you miss the flight because you overslept? No. If it were so, you would have quietly taken the blame and wallowed in your stew. A third party caused it.

On the one hand

Recently, this scenario happened when thousands of passengers failed to make it through the airports’ access gates. These passengers lacked the Federal Airports Authority of Nigeria (FAAN) dedicated payment card. Not having a dedicated payment card triggered massive gridlock. Missed flights. Sweats. Widespread frustration among travellers.

On the other hand

The cashless policy should not have led to a fever or caused passengers to abandon vehicles at the airport entrances. There were even some delayed flights because passengers did not arrive on time. This is not what the cashless policy was designed for; something was amiss.

In the long term

Media reports said that the federal airports authority would commence electronic payments at its revenue points – access gates, car parks, VIP lounges, and protocol services – from September 2025. Due to the cashless policy at the airports, vehicles passing through the tollgate endured some delays. The car owners could not obtain the ‘gold’ card. After obtaining the card, airport users must register the card. Fund it. Scan it. This must happen at the entry points.

In the first instance, this is a recipe for chaos. For context, the Lagos airport is Nigeria’s busiest airport. It handles 10,000 passengers daily. Six months is not enough to move 10,000 passengers from cash payment to a cashless policy. Cash payment culture has been ongoing at our airports since independence. Six months is too short to change a culture. Besides, a triple play would have hindered the chaos. The triple play: Accept cash. ATM card. FAAN card. This would have prevented the cashless policy from becoming a classless problem.

Why this matters

Technology need not cause chaos. It should not lead to missed flights and agitated passengers. Embracing existing payment cards or the triple play scenario would have prevented the ugly situation we experienced at the Lagos airport recently.

In the short term

At the Munich Airport, you cannot miss your flight. It was the first airport in Europe to introduce a ‘’Smart Checkout’’ system. You scan and pay for items without waiting in line.

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When suitability can’t help you scale

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The apex bank disclosed this on Tuesday in a circular posted on its website, addressed to all banks and other financial institutions.

The circular, signed by John Onojah, Acting Director, Financial Policy and Regulation Department, said the measure was in response to rising costs.

“In response to rising costs and the need to improve efficiency of Automated Teller Machine, ATM, services in the banking industry, the Central Bank of Nigeria, CBN, has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020 (the Guide).

“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.

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“Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025,” he said.

The circular said that withdrawals from a customer’s financial institution attracted no charge, but those from another institution’s ATM in Nigeria would attract charges of N100 per N20,000 withdrawal.

It listed charges of N100 plus a surcharge of not more than N500 per N20,000 withdrawal on other categories of fees for other financial institutions.

It also noted surcharge categories to be disclosed at the point of withdrawal to the consumer.

“Furthermore, the three free monthly withdrawals allowed for Remote-On-Us (other bank’s customers/Not-On-Us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply,” it said.

Source: NAN

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According to Hakama Sidi-Ali, CBN’s Director, Corporate Communications Department, in a statement, the action was a clear message of zero tolerance for cash flow disruptions.

The affected banks are United Bank for Africa Plc.; Fidelity Bank Plc.; Keystone Bank Plc.; Union Bank Plc., Globus Bank Plc.; Providus Bank Plc, Zenith Bank Plc.; First Bank Plc. and Sterling Bank Plc.

Sidi-Ali said that each of the banks was fined N150 million for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches.

She said that the enforcement action followed repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.

“Communication with the banks revealed that the fines would be debited directly from their accounts with the apex bank.

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“Ensuring seamless cash flow is paramount to maintaining public trust and economic stability.

“The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines,” she said.

She said the CBN’s investigations and monitoring would continue to scrutinise cash hoarding and rationing, both at bank branches and by Point-of-Sale (POS) operators.

She added that the CBN was working with security agencies to crack down on illegal cash sales and operational violations, including enforcing POS operators’ daily cumulative withdrawal limit of N1.2 million.

She urged all financial institutions to comply with its guidelines, warning that further violations would attract swift and decisive sanctions.

The CBN governor, Yemi Cardoso, had earlier warned banks to strictly adhere to cash distribution policies or face severe penalties.

Cardoso gave the warning in his address at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in November, 2024.

He underscored the apex bank’s commitment to maintaining a robust cash buffer to meet the need of Nigerians.

“Our focus remains on fostering trust, ensuring stability, and guaranteeing seamless cash circulation across the financial system,” Cardoso had said.

Source: NAN

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The police also recovered 54 ATM cards with a Point of Sale, POS, machine.

The command’s spokesperson, ASP Mansir Hassan, confirmed the development in a statement issued in Kaduna on Friday.

Hassan said: “On August 27, at about 23:00 hours, following a credible intelligence, police operatives nabbed three suspects involved in ATM Card Swap Fraud, through a well-coordinated operation.”

He said the suspects included Umar Ya’u of Zoo Road, Kano;  Abdullahi Bukar of Tudun Wada Kaduna, and Hussaini Sulaiman of Zoo Road, Kano.

He added that the suspects were known for loitering around ATM machines, where they pretended to assist individuals who appeared unfamiliar with operating the machines.

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“In doing so, they would deceitfully swap the victims’ ATM cards, allowing them to carry out unauthorised withdrawals.

“54 ATM cards of different banks and a POS machine were recovered from the suspects, which they confessed to getting from defrauding multiple victims across Kano, Kaduna, and Zaria,” he said.

Hassan said the Commissioner of Police, Mr Audu Dabigi assured the public of the command’s continuous commitment towards safeguarding the community.

He also urged the general public to be mindful of unsolicited assistance and to immediately report any suspicious behaviour at ATM points to the police for prompt action.

Source: NAN

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You need to detoxify. Detoxification is the medicinal removal of toxic substances from your body. The process eliminates harmful compounds accumulated over time due to environmental pollution, unhealthy diet, or substance abuse. Detoxification uses various methods. Diet. Herbal remedies. Intermittent fasting. Therapy. Research says the goal is to support your body’s natural detox systems: the liver, kidneys, and digestive tract to cleanse and purify your body.

On the one hand

A digital detox is detaching yourself away from social media platforms and electronic devices: mobile phones, laptops, or tablets. It is a digital reset. It forces you to be present. The idea is to break the cycle of dependency on digital devices. The overall effect can lead to improved mental health. Better sleep. Meaningful interactions with others. I observe digital detox every week.

On the other hand

A Fintech detox can be as short or as long as you want. Recently, I had a 72-hour Fintech detox. I was refreshed. You may not even think about it. But in the new dispensation, you may decide to go days or weeks without engaging Fintech in any form. It may be a major reset. It is up to you. For me, I took three days off and shunned engagements with Fintech. I took a break from Fintech. I did not use Fintech products at all, even to receive and send funds. Can you try it?

In the long term

The pandemic has changed the electronic payments landscape and hastened the adoption of instant payments as people switch to electronic channels for funds exchange. The Covid has transformed our lifestyle. Electronic payment is our world. The effect of the pandemic has pushed all of us to worship at the Fintech altar. We have moved in horde from cash to card, from bank branch to virtual payment and from virtual to instant payment.

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Then many Fintech start-ups emerged to oil the path of worship. A report from ACI Worldwide and Global Data, a leading data and Analytics Company, and the Centre for Economics and Business Research says the volume of real-time payment transactions in Nigeria’s economy will hit 8.9 billion in 2027 from 5.1 billion in 2022.

The next time you need more hours to work on a project, consider a digital detox. It will lead you to Fintech detox. No screen time equals Fintech detox. Fintech detox means working offline.

NIBSS Instant Payments (NIP) is Nigeria’s real-time payment system. NIBSS rolled out NIP in 2011. It is an account-number-based online, real-time inter-bank payment solution. The banks, micro-finance banks, and mobile money operators support NIP. You can use it via the Internet, mobile banking, bank branches, kiosks, mobile USSD, PoS terminals, and ATMs. This has helped NIP to achieve high adoption and usage rates.

With Fintech detox, you have eliminated phishing, identity theft, and fraud because you rely on cash and not a card. Your spending is minimised. You are not compelled to spend money because you have prepared for all your needs in advance. No mobile banking. No USSD. No online shopping.

You will not send money via electronic means. You will rely on cash for your purchases. You will not register to complete any transaction. You’d reduce screen time. In exchange, you will have productive time. For instance, if you spend an average of six hours online per day, that is about 180 hours per month. You can transfer this to improve your life.

By disconnecting from Fintech, and by extension digital, I did more. I concentrated more. I got more out of life. I finished personal projects on time. Maybe you can work at it too. In the process, you could pick up a new skill that could lead to a promotion. Or get a raise at work. Perhaps you can start a side hustle for some extra income.

When I discovered Fintech detox, I was on a digital detox. I had restricted access to my mobile phone and laptop. The devices were in my limo’s trunk at a retreat. Yes, because I had no access to my devices, I had no access to the Fintech menu. That was the ha-ha moment. The next time you need more hours to work on a project, consider a digital detox. It will lead you to Fintech detox. No screen time equals Fintech detox. Fintech detox means working offline.

In the short term

With Fintech, you need a device to pay bills, make transfers, and shop online. Start with a digital detox. Then graduate to Fintech detox.

*Olaegbe (psalmsonolaegbe@gmail.com)

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You can trust artificial intelligence. AI is not creative. It is not emphatic. It lacks dexterity. People have all of these abilities. As such, you cannot trust people. AI will not let you down. People will let you down. Sometimes. If the ATM shows an error message, it reports the people’s action, reaction, or inaction.

For instance, the ATM will reject a withdrawal if it detects fraud. If you have insufficient funds in your account, you cannot make a withdrawal. ATM does not sympathize with you because you needed that extra cash to pay your rent or take your daughter to hospital. However, an engineer can initiate a bypass and command the ATM so you can make the withdrawal. The reason money-laundering effort is not a one-man business. It is a collaboration. It is a union.

The parties must agree. There is a giving and a receiving. There are specific skills involved. There is a transfer from one account to another account. There is a collabo between the receiver and cash out at the agency banking level. It is a fraud ring.

You can trust artificial intelligence. AI is not creative. It is not emphatic. It lacks dexterity. People have all of these abilities. As such, you cannot trust people

On the one hand

The CEO of a cybersecurity firm shared a fraud story involving a bank. It showed the machine was not at fault. It was a breakdown of internal processes. Anyway, as the story goes, the bank had discontinued the services of a telecom operator without following due diligence. After quitting the telecom services, some bad eggs in the bank noticed an abandoned live cable. They connected the cable to a system. They left with billions. You can trust a machine. You cannot trust people. People will let you down. Sometimes.

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On the other hand

When financial institutions are involved, they need to share information. Because people are involved. People stand in the gap. People command the machine. Machines obey commands. Whom do you obey? The criminals are leaving the banks. They are cleaving to the agency network. Because anti-money laundering legislation is not entrenched in the Fintech space. Therefore, criminals are using the agency network to cash out. To wash the dirty funds.

In the long term

Recently, a bank lost N40 billion to fraudsters. The story went unreported. Kudos to the corporate comms of the particular bank. Does that mean the bank does not have a fraud ring internally? The type of fraud ring that steals personal information and sometimes combines pieces to create synthetic identities and defraud customers.

Yes. This bank would pay back the customers. Yes. This fraud was unreported. However, here is the underlying fact: The bank should investigate its internal control and inspection units. What happens after is at the prerogative of the bank’s management. Because you can trust a machine. But people will let you down. Sometimes.

In the short term

Anyway, the recent fraud of N40 billion does not give any bank a competitive advantage. Does is it? Well, as a guard against fraud, whom do you trust? Man or machine?

*Olaegbe (psalmsonolaegbe@gmail.com)

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According to a statement issued by Dr Isa AbdulMumin, the Acting Director, Corporate Communications of the CBN, it is part of a coordinated effort to ease the circulation of banknotes of various denominations.

AbdulMumin said that the CBN also directed all commercial banks to open for operation on Saturdays and Sundays to meet their customers’ demand.

He said that the CBN Governor, Mr Godwin Emefiele, would personally monitor compliance of the commercial banks to the directive.

According to him, a substantial amount of money in various denominations had been received by the banks for onward circulation to their customers.

“The CBN has also directed all banks to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through the weekends.

“Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs,” he said.

He urged Nigerians to exercise patience as the current situation would soon ease off with the injection of more banknotes into circulation.

Source: NAN

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Waiting is good. But it is tiring. If you know what you are waiting for, and why you are waiting, with joy you will wait. A groom waits for his bride. A pupil waits for after-school chocolate. The president-elect waits for the baton. These waiters have the assurance of why they are waiting. They know what comes after the wait. But what do you do when your delay is uncertain, untimely, and unending? What do you do when it destroys the trust between two partners? There is no joy in waiting. Users of digital channels have endured the agony of waiting. That is the trend. That is the way it is.

On the one hand

In 2022, making payments digitally was the best thing after ChatGPT. Click the send button. Your transactions were delivered. Blink. The recipients called to acknowledge the payments. Digital payment had such a high level of efficiency. And consistency. This regularity had built trust between millions of partners and parties. The trust was mutual. Could it be eternal? The parties were sure the electronic transactions would deliver. Instantly. When digital payments moved at the speed of thought, businesses flourished. The delivery channels were super. Optimal.

A software engineer-friend said the banks’ servers need replacements. The software needs an upgrade. This should have happened 36 months ago.

The advent of the Nigerian Inter-Bank Settlement System (NIBSS) Instant Payment gateway (NIP) has raised the bar. The plethora of USSD codes from the banks’ Fintech department sent the ecosystem into a frenzy. Experts hailed these modern inventions as the best thing after electricity. We were quick to jump on the bank wagon. We had millions of reasons to use the codes. Do you want to top up your phone? Done. Do you need to recharge your cable television? Done. Is paying your salon subscription a bother? Not anymore! Nothing comes close to the codes. Do you want instant payment delivery? Send it through NIP. NIP does not fail. It cannot fail! We were in a cashless paradise. Or so we thought. Until the devil crept into the naira redesign policy.

READ ALSO: Why cyber attackers have you on their radar, By Rarzack Olaegbe 

On the other hand

In 2023, some banker-friends said the country was the first to develop instant payment, that even America does not have it, that Australia got it in 2022, and that we should be grateful to the e-payment gods! Well said. But the e-payment gods and priests are disappointingly embarrassing lately. The e-payment gods are on holiday. They are not likely to return soon. The shrine is empty. It is in darkness. There is no fire. There is no oil. There is no goat. The e-payment worshippers are agitated. They are waiting for the priests. No one knows when he would say yes. Is the wait worth it?

A software engineer-friend said the banks’ servers need replacements. The software needs an upgrade. This should have happened 36 months ago. The banks have not done so. This is the reason we are experiencing several failed transactions. The banks made provision for a year of “capital expenditure as opposed to a lifetime of built-in budgets with recurring maintenance.”

She shared a story. One of the FUGAZ banks was ready to switch on a particular service. The service would accommodate 40,000 transactions in one hour. “We felt we would not get up to 10, 000 transactions in a day. Then we switched on the feature. We had 400,000 transactions in one hour. Everything crashed. It took two weeks to recover. We had to start from the beginning.”

What has happened to our networks? What is the matter with our switches? Why are the ATMs not working? Are they available? Do we have to “manage it like that” (MILT)?

Are we not having a similar experience? What has happened to our networks? What is the matter with our switches? Why are the ATMs not working? Are they available? Do we have to “manage it like that” (MILT)?

“One financial institution is too small to build the infrastructure for scale. It is not economically feasible. Our financial institutions are too small to afford it. Even if they can, it will be prohibitive to build it during a crisis,” she said.

In the short term

I was in a fuel station. Two queues emerged. Line A and B. Line A was shorter. Line B was longer. Within minutes, the motorists on line B had disappeared.

Why?

They paid cash.

What happened to line A?

We were the victims of the cashless transaction! We were waiting for the network to be restored.

*Olaegbe (psalmsonolaegbe@gmail.com)

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Learners who take their driving tests on a certain day are more likely to pass. And Monday is a good day for testing. The record shows a 53 per cent pass rate. But you must avoid certain times and days. After 7pm is bad. Only 30 per cent of learners passed. Friday is bad. About 49 per cent of learners passed on this day. A spokesman for Collingwood Insurance Services, who collected the data, said: “Learners should choose the time and date of their driving test with caution.”

If it is not a profit centre, why should the banks deploy more ATMs? So that explains why we have fewer ATMs in the system.

That is because different times and days of the week have completely different pass rates on average. “After analysing DVSA data for 2021, we found that between 5pm and 6pm on a Monday is the best time to pass your test.”  A previous study found that the best place to pass your driving test was the Welsh coastal town of Pwllheli. 86 per cent of learners passed the test. Of the UK’s 380 driving test centres, the worst pass rate was found to be at Erith, South East London. It has a 32 per cent success rate.

On the one hand

You, too, may not have a success pass rate. That is, if you make cash withdrawals on another bank’s ATM. For the third time. In a month. You will be charged N35 after the third withdrawal in the same month. That is not the reason we have fewer ATMs. In “why banks are removing the ATMs”, I had asked why we have a reduction in the number of active machines. To answer the question, I offered two reasons. The high maintenance cost of the machine. The machines are expensive to procure. The machines are expensive to service. That is why the banks have not deployed many machines. I had submitted.

But one of the highly influential CEOs in the industry disagreed. He engaged me.  He didn’t quite agree with my position. From his height, he observed that the reason we have fewer ATMs in the system is because of regulatory price control. This has led to the false belief that if we rob Peter we can pay Paul. This erroneous action has activated other mistakes.

Some of these have pushed the Central Bank of Nigeria (CBN) to reduce the ATM fees. The fees came down from the almighty N100 to N65. Then from a princely N65 to the lowly N35. This was done to promote financial inclusion. The CBN claimed. The apex bank also capped the number of withdrawals before the fees apply.

To the discerning eyes of my CEO friend, that was the day the wahala seed was planted. As you may already have known the banks will not offer you a cup of chilled water without charges. If you don’t pay at the dispense point, you will pay somehow.  Anyway, with that arrangement, the banks do not view the ATM deployment as a profit centre. If it is not a profit centre, why should the banks deploy more ATMs? So that explains why we have fewer ATMs in the system.

A deeper reason is that the CBN has successfully created a monster. The monster is the agent. The agents have exploited the ATM conundrum. The CBN cannot regulate the agents’ pricing. The agents have emerged as the new, silent mafia. For the agents, it is a business opportunity. With the connivance of the in-house gurus, the mafia have ensured that the ATMs don’t function. Because the ATMs don’t function, you are forced to patronise the agents. So the masses invariably pay more than the initial N100 for cash withdrawal. That explains why you may forever pay more at the ATMs.

Who are the agents?

Bigmummy, I am thinking, please. I will get back to you.

On the other hand

The Reserve Bank of India (RBI) is considering a number of changes. These changes will affect the financial and non-financial transactions as they relate to the ATMs in India. Now, the banks in India have permission to increase the charges. This is contained in a circular signed by P Vasudevan, the Chief General Manager.

A customer will pay 21 rupees (N114.34) if the customer exceeds the monthly limits of the ATM withdrawal. Initially, the ATM charges were 20 rupees. RBI has also imposed the interchange fee charged by the banks for the ATM transactions. This has been increased from 15 to 17 rupees for each financial transaction. The interchange fee for the non-financial transactions is increased from 5 to 6 rupees. The bank pays an interchange fee to the operator of the ATM. This applies when a customer makes a transaction at an ATM that does not belong to the card-issuing bank.

Meanwhile, the RBI will penalise the banks if the ATMs remain out-of-cash. Why? The inconvenience caused to the public due to the non-availability of cash in the machines led the apex bank of India to take this decision. In addition, if the machines fail to dispense cash for more than 10 hours in a month, the bank will face a penalty of 10,000 (N55, 000) rupees per ATM.

Meanwhile, the RBI will penalise the banks if the ATMs remain out-of-cash.

When will the penalty apply?

Bigmummy, when the customer cannot withdraw cash due to non-availability of cash in a particular ATM.

Who will impose the penalty?

The person under whose jurisdiction the ATMs are located.

Can we impose this penalty in Nigeria? It will pepper the banks.

Yes, Bigmummy.

Who will collect the fees?

MC Oluomo.

Who is he?

The person who issued you a driver’s license when you did not pass your test!

*Olaegbe (psalmsonolaegbe@gmail.com

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The Associated Press got exclusive access over two days to the first 12 inmates. And to their cellblock. The programme is privately-funded. It is located at the DuPage County jail. For their safety, the inmates are isolated from the jail’s 500 other inmates. Half of these inmates belong to gangs.

Bigmummy, we need to use the machine to perform more functions. That is when it will become more profitable for the banks.

Eck is jailed on burglary charges. He earned the nickname Hollywood on the street for his swagger. But, as Eck changed his focus, nightmares jarred him awake for days. That was before he walked into the jail’s new tattoo-removal wing.

On the one hand

Australia is also removing its own “tattoos”. Thousands of automated teller machines have been removed in Australia. Why is this so? Aussie banks have gone digital. So, automated teller machines and bank branches across Australia are closing at a rapid rate. This is because customers have embraced digital banking. Due to this trend, the ‘Big Four’ banks have switched their focus.

As Australia accelerates towards a cashless society, the emphasis is now on digital banking. ANZ head of distribution, Kath Bray, said these changes were a clear sign of the times. While Australian banks have continued to focus on digital transactions for customers, automated teller machines and bank branches are disappearing on the streets. Data reveals close to 460 bank branches have shut down across Australia in recent years. This was in year 2020. In Australia, approximately 3,800 active automated teller machines have been removed.

Research shows that New South Wales alone has 140 fewer in-store banks. Almost 300 suburbs don’t have automated teller machines to withdraw cash. The story is similar in Victoria. Here, 120 branches have permanently closed their doors to customers. ‘Closures have a devastating impact on local communities,’ Finance Sector Union national secretary, Julia Angrisano said.

This is the flipside. Jobs are lost. Business is impacted. Another local service has disappeared. In addition, the removal of the machines means the banks are bringing in a small fortune from daily digital transactions.

The cashless environment is sprouting in Australia. So, fees from either the customers or vendors for online banking are now common place. Due to the new leaning, estimated 80 per cent of Aussies prefer to bank online. But the remaining 20 per cent, namely the disabled or those who are not digital savvy, have been left stranded.

On the other hand

Nigeria is not removing its tattoos. It is not in the same league with the Aussies. The automated teller machines is in high demand in Nigeria. Research shows that Nigeria has 8.75 automated teller machines per 100,000 people. This is because the banks are avoiding the high maintenance cost of the machines. This development has helped to shrink the number of the machine. According to data from the Nigeria Interbank Settlement System (NIBSS), the country had 18,731 active machines in 2019. The country now boasts 17,518 active machines. About 1,213 machines are defunct. Or have been removed.

Unlike the Aussies, Nigerians are attracted to the machines. For instance, the machines have assisted the banks to extend their touch points. The machines have propelled the banks to attract more customers. The machines have helped the banks’ customers to access basic banking needs. This was visible at the height of the pandemic. That was when the federal government imposed Covid-19 restrictions. Employees stayed indoors. The bank branches were closed. No one had access to the banking hall. But the machines were spewing cash. In short, data from NIBSS shows that many banks did increase their number of automated teller machines in 2021.

So, why do we have a reduction in the number of active machines? Two reasons have sufficed. The high maintenance cost of the machine is a major hurdle for the banks. The machines are expensive to procure. The machines are expensive to service. Therefore, the banks have not deployed many machines. Lately.

According to a friend who earns a living by selling automated teller machines, a button at both sides of a machine costs N80 thousand each. To service a machine, it will cost about N2 million. This is outside of power and diesel engine. The internet, hybrid inverter and security personnel that is deployed onsite. “That’s why there are less machines on the streets,” he told me.

How can we overcome this challenge?

So, why do we have a reduction in the number of active machines? Two reasons have sufficed.

Bigmummy, we need to use the machine to perform more functions. That is when it will become more profitable for the banks.

What other functions do you have in mind?

Bigmummy, I know you only make cash withdrawal at the ATM. But do you know you can make funds transfer? You can make cash deposit? You can pay electricity and water bills? You can recharge your phone. You can do…

It is okay.

Bigmummy, we can also think about manufacturing the machine in Nigeria. That way, the cost of procurement will reduce. So, we will have more machines. We will not need to remove them.

*Olaegbe (psalmsonolaegbe@gmail.com)

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