The Central Bank of Nigeria (CBN) has been recommended to enhance measures that will speed up the deployment and use of Automated Teller Machines (ATMs) throughout the country.
Dr. Stanley Osayemwenre Edobor presented the paper at the Edo State Polytechnic, Usen’s 3rd Inaugural Lecture, titled ‘Automated Teller Machine (ATM) Innovation in Solving Today’s Challenges: A Plus in Paradigm Shift for the Good of Society.’
The use of ATMs has profoundly impacted the banking industry and offered a platform to ease banking transactions, according to Edobor, who is a Chief Lecturer in the polytechnic’s Department of Banking and Finance.
He urged the CBN to develop and implement policies that will improve ATM transactions in terms of charges and transaction failures.
The lecturer noted that such policies by the CBN would ultimately improve service delivery, especially with the realities of the post-pandemic world.
According to him, “ATM is designed to help solve queuing problems in banks. The queuing theory explains how ATMs innovation assists in solving waiting time in the bank for the good of society.
“Banks should provide more Automated Teller Machines in different strategic areas and busy streets with attached security features to prevent vandalisation and robbery.
“They should increase the number of ATMs in order to eliminate delays caused by long queues of persons waiting to transact using the ATMs. The machines should be situated in such a manner that customers can easily have access to them at any time.”