What Future for ATMs in Nigeria - Death or Resurgence?

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Thursday, August 13, 2020 / 09:27 AM / By Tope Dare* / Header Image Credit: Tope Dare

 

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ATMs Usage in Nigeria - 17 Years in Review

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ATM and Bank Branch Growth in Nigeria

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Do We Have Enough ATMs In Nigeria?

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ATM and Branch

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Factors Encouraging ATM Growth in Nigeria

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Factors Discouraging ATM Growth in Nigeria

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What Are The Alternative Channels To ATM?

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How Are The Alternatives Fairing?

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Is The POS More Reliable?

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Are the Agents Network As Effective?

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Consumer Survey of Digital & Physical Channel Options in Nigeria

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The Relevance Of ATMs For The Purpose Of Financial Inclusion

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What Banks Can do to Improve ATM Deployment and Profitability

1. Embrace data driven ATM deployment

2. Upgrade to fintech enabled(NextGen) ATMs

3. Embark on branch transformation to enhance self serve banking functions

4. Activate modern features on ATMs to deliver frictionless and contactless transactions(NFC, barcode)

5. Increase offsite ATM deployment

6. Adopt branch on wheels for remote banking

7. Actively engage CBN on policy to drive rapid adoption of cash deposit ATMs for intra and interbank deposits to reduce cash management costs and logistic issues

 

What The Government Can Do To Improve ATM Growth

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What The Future Holds Without Government Intervention

  • Longer queues at financial institutions
  • No social distancing in the era of Covid-19
  • Longer period to achieve financial inclusion goals
  • Slower growth of financial services industry
  • Slower financial technology adoption: fingerprint, NFC and QR code banking

 

Why We Need More ATMs in Nigeria

  • There will always be a need for physical channels
  • ATMs are more effective and efficient than the current physical channel alternatives
  • ATMs can assist us to reach our financial inclusion goals faster
  • ATMs are more convenient and safer for the populace
  • With the recorded success in growing BVN enrollment and reaching the un-banked, the population of ATM users further grows thereby worsening consumer frustrations (the long queues, social distancing breaches, etc) and increased exposure to risks

 

What will the Future Look Like for ATMs and Branches in Nigeria?

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Rethinking The Role Of The ATM In Nigeria

  • As long as Cash is King, Cash is not going to be phased out any time soon, but cash access is evolving to suit the customer's "anytime, anywhere" needs.
  • The role of the ATM is evolving for financial institutions and cardholders - new ATM technologies will make banking easier and more convenient which plays a critical role in keeping consumers connected to their banks in the new digital era
  • ATM remains a critical kingpin for customer engagement as part of a broader omni-channel and retail-banking strategy
  • The bottom of the pyramid (poor Nigerians who do not have a voice at the webinar but deserve due consideration) whose daily living still demands use of cash until mass availability of proven, feasible and affordable alternatives

 

About the Author

Mr Tope Dare is one the principal drivers of the Digital Business and Strategy practice of Inlaks. He currently oversees the development and implementation of the Digital Transformation Strategy of the Infrastructure and e-Banking Business Division of Inlaks while also serving as the Director for Sales and Strategy to achieve an annual divisional revenue objective of more than $30m. He oversees the sales, services (technical support), software development and R&D of the Business Unit with a workforce of more than two hundred (200). His vast competencies and proficiency in sales and services have been a game changer in the organisation's financial and people performance matrix. He enjoys identifying, defining and solving key business challenges and needs in the digital space. Tope leads the regional and global partnerships required to implement the digital strategic initiatives of the organisation. He can be reached on 0802-312-3393

 

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