Tuvalu has launched its first-ever ATMs at the National Bank's headquarters in Vaiaku, Funafuti, transforming the financial landscape for its population of 12,000. Previously reliant on cash transactions, Tuvaluans faced long queues at the bank for their salaries, limiting their banking options. The introduction of electronic banking, celebrated by government officials, marks a pivotal step toward modernization. With an investment exceeding A$3 million, five ATMs and 30 point-of-sale terminals will enhance financial services across the island, representing a dream realized for many residents who have long awaited such advancements.
"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," Teo said during his keynote speech.
"We've been in an analogue space all along, these were dreams for us... These machines don't come cheap. But with government support and sheer determination, we were able to roll out this service for our people," Teo said.
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