Opinion

Technical hitches in Nigeria’s financial institutions

The invention of the Automated Teller M a c h i n e (ATM) into the banking sector was indeed a right step in the right direction, to assert the least. Any discerning mindset can attest to this assertion.

 

However, the said device has hitherto been conspicuously giving its teeming users in Nigeria a nightmare that only a drastic measure is needed with a view to tactically eliminating the menace.

 

Without equivocations, the conundrum – which pertains to Financial Technology (FinTech) – possesses the tendency of constituting a colossal financial mayhem to the totality of the contemporary Nigerian society, particularly in the banking sector.

 

Tremendous effort needs to be put in place regarding the existing use of ATM in the acclaimed giant of Africa.

 

There’s a compelling need for greater accurate and efficient technical know-how in the country’s banking industry as regards the operation of the said device.

 

Technical irregularities or hitches such as out of service, temporarily unable to dispense cash, issuer or switch inoperative, and unreasonable seizing/withholding of transaction cards, among others, which are often encountered while using the machine must be addressed headlong.

 

The ridiculous technical anomalies to include debiting an account without any withdrawal made by the owner, is the most devastating aspect of the ongoing ATM quagmire in Nigeria, among other developing nations.

 

This implies that the country is yet to fully key into FinTech. The Central Bank of Nigeria (CBN), which serves as the mother-bank of all commercial banks in the country, is expected to intervene especially at this period we are suffering from an enormous economic crisis.

 

Hence, enabling policies ought to be aptly implemented into the sector for a healthier banking practices.

 

The teeming bank account owners have suffered greatly, thus are in need of the onward intervention of the apex bank towards ensuring that the country’s dream of seeing an arena filled with thorough cashless banking is duly actualized in the nearest future.

 

Among all, the routine of loading torn or mutilated naira notes in the machines must be put to stop by the CBN.

 

How could notes that are meant to be burnt or replaced be loaded in the ATM,

 

 

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