Banking
How Has the COVID-19 Pandemic Changed the ATM and Cash Trends?
One thing that the pandemic has shed light on, ever since it struck us from the middle of nowhere, is that our society shall always depend on cash despite having access to a hoard of self-serving banking technology.
We are gradually inching towards assuming the shape of a cashless society, and this transformation has come in handy in a number of situations.
It reduces the dependence on cash, reduces the act of transferring cash from one hand to another and also makes for quick payment.
However, all that said, one thing that we have realized in this pandemic is that human beings shall always depend on cash during emergencies and crises.
And this need for cash, especially during the pandemic, has also led to an increased demand for ATMs. ATMs, these days, are not just acting as cash dispensing machines, but have also branched out in a number of other directions. Over the length and breadth of this article, we shall talk a bit about the ATM and cash trends and see how they have changed due to the pandemic.
ATM and Cash Trends During the Pandemic:
Customer payment and cash withdrawal behaviour have changed over the course of the pandemic, and several factors can be attributed to this change. Consumers are withdrawing as much cash as possible owing to the volatilities in the market and so that they can be prepared in the face of emergencies. Technology might fail in times of emergencies, and the only thing that shall come to our rescue is cash.
People are well aware of this aspect and are, therefore, withdrawing more cash just to stay prepared. These patterns have led financial institutions and small businesses to rethink their business models and come up with better cash forecasting strategies. That said, let us look at a few more ways in which the ATM and cash trends have changed during the pandemic.
Bank Branch Activities Have Changed Over the Course of the Pandemic
As we mentioned earlier in the article, self-serving banking technologies are now more important than ever. With physical distancing becoming the new normal, customers now prefer to go about different banking processes via apps. Banks have also increased the daily withdrawal limits at the ATMs and waived off the charges so that customers can withdraw as much cash as they want in this hour of crisis.
Financial institutions have curtailed the number of hours they function so that people do not have to queue up in front of the banks. Banks and financial institutions have also enhanced their apps and banking technology so that their customers can go about the banking processes without any hassle.
Technology is Supporting and Making Banking Easy as Ever
Banks have improved their ATM technologies, and ATMs these days have started operating on a number of verticals. Plus, drive-up ATMs have also made it increasingly easy for customers to withdraw cash without having to risk their safety. Cash recycling technologies have also made cash availability easier. Plus, with a hoard of apps and online banking services, consumers hardly have to step outside their comfort zones to go about their banking tasks.
Therefore, the pandemic has changed the ways in which consumers interact with banks and financial institutions and has also given rise to new cash and ATM trends. These institutions are now placing more importance on appropriate cash optimization and cash forecasting techniques so that they can stay afloat even during the pandemic and keep serving their customers in times of crisis.
Summing It Up:
The COVID-19 pandemic has not only changed the way we behave and interact with banks and financial institutions but also changed the way the world functions. Businesses across every vertical have changed their core values and are looking for better ways to stay afloat. Banks and financial institutions are just a part of this entire ecosystem that has been toppled over by the virus.
Therefore, if we are to survive this challenge and make our peace with the new normal, it is important that we learn how to function in this new world and adapt to the changes.
The aforementioned trends are some of the ways in which our cash and ATM behaviour have changed. As we make it through the months, we might witness some more trends and fresh new changes in this new world.
Banking
Development Bank of Nigeria Wins Financial Inclusion Leadership Award
By Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
Banking
The Banker Magazine Declares Zenith Bank as Bank of the Year in Nigeria
By Modupe Gbadeyanka
The Banker Magazine of the Financial Times Group in the United Kingdom has announced Zenith Bank Plc as Bank of the Year, Nigeria.
At the Banker’s Bank of the Year Awards 2024 held on in London on Wednesday, December 4, 2024, it was stated that Nigerian lender clinched the award for its strong management, sound business model and strategy, and approach to sustainability and ESG banking practices.
The chief executive of Zenith Bank, Ms Adaora Umeoji, described the recognition as a “testament to the unwavering trust and loyalty of our esteemed customers, the unparalleled leadership and guidance of the board and management as well as the hard work and dedication of our staff.”
She said, “It also reflects our bank’s steadfast commitment to delivering excellent services to our customers and contributing to the growth and development of the Nigerian economy.”
“We will continue to invest in innovative technologies, expand our range of products and services, and maintain our commitment to exceptional customer service in order to sustain our position as Nigeria’s Number One Bank,” Ms Umeoji assured.
The Banker’s Bank of the Year accolade is among the most coveted and widely regarded award in the banking industry.
Often contested by the world’s leading financial institutions, the winners span across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.
Recall that last month, Zenith Bank commissioned its branch in Paris, France following the granting of the final approval by the country’s banking regulator, the Autorité de ContrôlePrudentiel et de Résolution (ACPR).
This is part of the bank’s global expansion strategy, and its commitment to serving clients wherever their businesses are around the world.
Zenith Bank has continued to earn numerous awards, with this latest accolade coming on the heels of several recognitions, including being the Number One Bank in Nigeria by Tier-1 Capital for the 15th consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine.
Banking
CBN Reveals Phone Numbers to Report Banks Not Disbursing Cash
By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has published some phone numbers citizens can call to report any bank that fails to give them cash over-the-counter or at Automated Teller Machines (ATMs).
In a circular, the banking sector regulator said cash has been made available to lenders to disburse to their customers, saying they have no reason to do so.
DMBs are directed to ensure efficient cash disbursement to customers OTC and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance,” a part of a circular signed by acting Director of Currency Operations, Solaja Mohammed Olayemi; and the acting Director for Branch Operations, Isa-Olatinwo Aisha, stated.
It encouraged members of the public who are unable to obtain cash at their banks to “report these instances using the designated reporting channels and format provided,” saying it will “assist the CBN in addressing issues hindering the availability of cash and further improve currency circulation.”
They are to reach the central bank through designated phone numbers of the CBN branch in the state where the incident occurred or via email.
According to the circular, the complaints should be sent with “the relevant details which shall include account name/name of the DMB/amount/time and date of incidents, amongst others.”
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