CBN will introduce coin dispensing ATMs

Its not really about encouraging us to spend the coins when it lands, its more about small businesses accepting them when we give it to them. I am still imagining how interesting having that sort of ATM machine would be...

Read the story below:


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, said on  Monday in Lagos 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.

It will be recalled that 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: BusinessDay