Thursday, April 24, 2014

ATMs to dispense coins- CBN

Published:

The CBN says the proposal to introduce the coins dispensing ATMs is in line with its cashless policy.

 

The Central Bank of Nigeria, CBN, will introduce Automated Teller Machines, ATM, that can dispense coins to encourage Nigerians imbibe the culture of spending them.

The Head of Shared Services at the bank, Chidi Umeano, said on Monday in Lagos, that this plan is in tune with the currency restructuring exercise.

He said that the coins dispensing ATMs would help hasten the acceptance of coins by Nigerians and change misconception about their use.

“To achieve this plan, what is needed is to facilitate the inclusion of a process called ‘add-on’ to the ATMs,” Mr. Umeano said. “Good enough, the existing ATMs have the “add-on” feature that will easily make them adapt to coins dispensing,” he said.

Mr. Umeano said that the apex bank would ensure that newly deployed ATMs have the “add-on” feature, among others.

“It is very possible to achieve Automated Teller Machines that will dispense coins. … It is being practiced in advanced countries,” he said.

Mr. Umeano said the plan to introduce the coins dispensing ATMs’ is in consonance with the CBN’s cash-less policy and its effort to encourage Nigerians to appreciate coins.

The CBN Director of Banking and Payments System, Dipo Fatokun, had in August said that the apex bank would soon facilitate the introduction of multi-functional ATMs.

Mr. Fatokun said that such ATMs would also be able to accept deposits from customers and credit their accounts immediately.

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