[NEWS] CBN plans coins dispensing ATMs

The Central Bank of Nigeria (CBN) says it
will facilitate the introduction of Automated
Teller Machines (ATMs) that can dispense
coins to encourage Nigerians imbibe the
culture of spending them.
Mr Chidi Umeano, Head of Shared Services
at CBN, on Monday in Lagos said that this
plan was in tune with the currency
restructuring exercise. He said that the
coins dispensing ATMs would 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.
“Good enough, the existing ATMs have the
“add-on“ feature that will easily make them
adapt to coins dispensing, “ he said.
Umeano said that the apex bank would
ensure that newly deployed ATMs had the
“add-on“ feature among others.
“It is very possible to achieve Automated
Teller Machines that will dispense coins.
“This “add-on” feature can be activated on
the ATMs at any time by the CBN and this is
not new because it is being practiced in
advanced countries.
“This proposal is in consonance with our
cash-less policy and also in line with the
CBN’s effort to encourage Nigerians to
appreciate coins, “he said.
Mr Dipo Fatokun, CBN Director of Banking
and Payments System, had in August said
that the apex bank would soon facilitate the
introduction of multi-functional ATMs.
Fatokun said that such ATMs would also be
able to accept deposits from customers and
credit their accounts immediately.
Source: NAN