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Yahoo
16-04-2025
- Business
- Yahoo
Tuvalu unveils first cash machines in 'momentous' ceremony
The tiny Pacific island nation of Tuvalu has unveiled its first ever cash machines in a move hailed as momentous by the prime minister. Their instalment marks the first time the island's 11,000 inhabitants have had access to electronic banking. Five machines and 30 sale terminals have been installed on Funafuti, the country's main island, including at its airport. Feleti Teo, the prime minister, said the move "not only marks a momentous occasion but it is also historic as the bank moves into a totally new era". "We've been in an analogue space all along, these were dreams for us," Teo said according to the Guardian. "These machines don't come cheap. But with government support and sheer determination, we were able to roll out this service for our people." The ceremony took place at the headquarters of the National Bank of Tuvalu in the village of Vaiaku on Funafuti. It was also attended by traditional leaders, members of parliament and business officials. Until now, Tuvaluans have had to physically visit a bank to get money, and lengthy queues form outside as workers withdraw salaries on pay day. Shops will also be able to process electronic payments for the first time. The cash machines will initially only accept prepaid cards, however. The bank plans to introduce debit and credit cards that can be used internationally at a later date. The head of the national bank, Siose Penitala Teo, said the move to electronic banking and payments would open the door to economic empowerment. Tuvalu is a group of nine small islands in the South Pacific which won independence from the United Kingdom in 1978. Formerly known as the Ellice Islands, all are low-lying, with no point on Tuvalu being higher than 4.5m above sea level. Local politicians have campaigned against climate change, arguing that it could see the islands swamped by rising sea levels. In November, Teo delivered a national statement at the COP29 Climate Conference in Azerbaijan, warning that rising sea levels as a result of melting glaciers will one day mean Tuvalu is entirely submerged. Tuvalu country profile
BBC News
16-04-2025
- Business
- BBC News
Tuvalu unveils first cash machines in 'momentous' ceremony
The tiny Pacific island nation of Tuvalu has unveiled its first ever cash machines in a move hailed as momentous by the prime minister. Their instalment marks the first time the island's 11,000 inhabitants have had access to electronic machines and 30 sale terminals have been installed on Funafuti, the country's main island, including at its Teo, the prime minister, said the move "not only marks a momentous occasion but it is also historic as the bank moves into a totally new era". "We've been in an analogue space all along, these were dreams for us," Teo said according to the Guardian."These machines don't come cheap. But with government support and sheer determination, we were able to roll out this service for our people."The ceremony took place at the headquarters of the National Bank of Tuvalu in the village of Vaiaku on Funafuti. It was also attended by traditional leaders, members of parliament and business officials. Until now, Tuvaluans have had to physically visit a bank to get money, and lengthy queues form outside as workers withdraw salaries on pay will also be able to process electronic payments for the first cash machines will initially only accept prepaid cards, however. The bank plans to introduce debit and credit cards that can be used internationally at a later head of the national bank, Siose Penitala Teo, said the move to electronic banking and payments would open the door to economic is a group of nine small islands in the South Pacific which won independence from the United Kingdom in 1978. Formerly known as the Ellice Islands, all are low-lying, with no point on Tuvalu being higher than 4.5m above sea level. Local politicians have campaigned against climate change, arguing that it could see the islands swamped by rising sea November, Teo delivered a national statement at the COP29 Climate Conference in Azerbaijan, warning that rising sea levels as a result of melting glaciers will one day mean Tuvalu is entirely submerged.
