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.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
