Latest news with #NationalBankofTuvalu
See - Sada Elbalad
20-04-2025
- Business
- See - Sada Elbalad
Pacific Island "Tuvalu" Welcomes First ATM
Taarek Refaat The Pacific island nation of Tuvalu is one of the world's most isolated countries, surrounded by no country or landmass, but by colorful fish, coral reefs, and azure waters. Located between Australia and Hawaii, Tuvalu is so isolated that all financial transactions by locals or visitors are cash-only. So when the tiny nation unveiled its first ATM on April 15, it was a big celebration. Officials gathered in front of the first ATM in the capital, Funafuti, and Prime Minister Feleti Teo hailed the "huge achievement" and cut a huge chocolate cake. Siosi Teo, CEO of the National Bank of Tuvalu, which operates the machines, said it was a "great achievement" and a "transformation" that would "open the doors to economic empowerment for the people of Tuvalu," whose population is about 11,200. "This machine will revolutionize the world of banking and introduce people to modern, reliable banking services," Nissar Ali of Pacific Technology Ltd., which helped design the ATM, was quoted by the Australian Broadcasting Corporation as saying. Tuvalu is one of the smallest countries in the world, with its nine small islands covering a combined area of just over 10 square miles. It is sparsely traveled, with just over 3,000 tourists visiting the island in 2023, according to government data. Tuvalu has one airport, in the capital, Funafuti, which serves a handful of weekly flights from its Pacific neighbor, Fiji. When the capital isn't hosting flights, locals use the runway as a playground for activities ranging from rugby to soccer. Within the country, people travel between islands by ferry, as there are no domestic flights. With the highest point in the country only 15 feet above sea level, Tuvalu is one of the countries most at risk from the climate crisis. Rising sea levels are not only damaging beaches; saltwater intrusion is also eroding the country's limited agricultural land, and rising sea temperatures are threatening marine life. The country made global headlines in 2021 when then-Foreign Minister Simon Coffey addressed the United Nations while knee-deep in seawater, warning the world of the dangers climate change poses to life in his country. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Arts & Culture Arwa Gouda Gets Married (Photos)
Yahoo
18-04-2025
- Business
- Yahoo
This remote Pacific island nation just got its first ATMs
The Pacific paradise of Tuvalu is one of the most remote nations in the world, surrounded by bountiful exotic fish and colorful corals. Located between Australia and Hawaii, the country is so isolated that all transactions, either by locals or visitors, have only ever been done in cash. So when the small country unveiled its first ever ATMs on April 15 it was a major celebration. As officials gathered in front of one of the ATMs on the country's main island of Funafuti, Prime Minister Feleti Teo hailed the 'significant milestone.' He presented the new machines to the country on Tuesday surrounded by local dignitaries, cutting a massive chocolate cake. Siose Teo, general manager of National Bank of Tuvalu, which operates the machines, said it was a 'great achievement' and 'transformative switch' that will 'open doors for economic empowerment of the people of Tuvalu,' which has a population of around 11,200. 'It will definitely break the barriers and introduce the people to modern and reliable banking services,' Nisar Ali from Pacific Technology Limited, which helped design the machine, was quoted as saying by Australian public broadcaster ABC. Tuvalu is one of the smallest countries in the world, its nine tiny islands covering just 10 square miles combined. Not many people travel there. Just over 3,000 tourists visited the island in 2023, according to government data. It has one airport, on Funafuti, that services just a handful of flights each week from Pacific neighbor Fiji. When no planes are landing, the runway is used by locals as a playground for all kinds of activities from rugby to soccer. Within the country, people go between islands by ferry, as there are no domestic flights. As its highest point is only 15 feet above sea level, Tuvalu is extremely vulnerable to rising sea levels and is one of the countries most threatened by the climate crisis. Rising sea levels not only push back its shorelines, but the encroaching salt water also erodes the country's limited farmland. The sea's warming temperatures also threaten surrounding marine life. The country made international headlines in 2021 when then-foreign minister Simon Kofe delivered a speech to the United Nations while standing knee-deep in water.
CNN
18-04-2025
- Business
- CNN
This remote Pacific island nation just got its first ATMs
The Pacific paradise of Tuvalu is one of the most remote nations in the world, surrounded by bountiful exotic fish and colorful corals. Located between Australia and Hawaii, the country is so isolated that all transactions, either by locals or visitors, have only ever been done in cash. So when the small country unveiled its first ever ATMs on April 15 it was a major celebration. As officials gathered in front of one of the ATMs on the country's main island of Funafuti, Prime Minister Feleti Teo hailed the 'significant milestone.' He presented the new machines to the country on Tuesday surrounded by local dignitaries, cutting a massive chocolate cake. Siose Teo, general manager of National Bank of Tuvalu, which operates the machines, said it was a 'great achievement' and 'transformative switch' that will 'open doors for economic empowerment of the people of Tuvalu,' which has a population of around 11,200. 'It will definitely break the barriers and introduce the people to modern and reliable banking services,' Nisar Ali from Pacific Technology Limited, which helped design the machine, was quoted as saying by Australian public broadcaster ABC. Tuvalu is one of the smallest countries in the world, its nine tiny islands covering just 10 square miles combined. Not many people travel there. Just over 3,000 tourists visited the island in 2023, according to government data. It has one airport, on Funafuti, that services just a handful of flights each week from Pacific neighbor Fiji. When no planes are landing, the runway is used by locals as a playground for all kinds of activities from rugby to soccer. Within the country, people go between islands by ferry, as there are no domestic flights. As its highest point is only 15 feet above sea level, Tuvalu is extremely vulnerable to rising sea levels and is one of the countries most threatened by the climate crisis. Rising sea levels not only push back its shorelines, but the encroaching salt water also erodes the country's limited farmland. The sea's warming temperatures also threaten surrounding marine life. The country made international headlines in 2021 when then-foreign minister Simon Kofe delivered a speech to the United Nations while standing knee-deep in water.
CNN
18-04-2025
- Business
- CNN
This remote Pacific island nation just got its first ATMs
The Pacific paradise of Tuvalu is one of the most remote nations in the world, surrounded by bountiful exotic fish and colorful corals. Located between Australia and Hawaii, the country is so isolated that all transactions, either by locals or visitors, have only ever been done in cash. So when the small country unveiled its first ever ATMs on April 15 it was a major celebration. As officials gathered in front of one of the ATMs on the country's main island of Funafuti, Prime Minister Feleti Teo hailed the 'significant milestone.' He presented the new machines to the country on Tuesday surrounded by local dignitaries, cutting a massive chocolate cake. Siose Teo, general manager of National Bank of Tuvalu, which operates the machines, said it was a 'great achievement' and 'transformative switch' that will 'open doors for economic empowerment of the people of Tuvalu,' which has a population of around 11,200. 'It will definitely break the barriers and introduce the people to modern and reliable banking services,' Nisar Ali from Pacific Technology Limited, which helped design the machine, was quoted as saying by Australian public broadcaster ABC. Tuvalu is one of the smallest countries in the world, its nine tiny islands covering just 10 square miles combined. Not many people travel there. Just over 3,000 tourists visited the island in 2023, according to government data. It has one airport, on Funafuti, that services just a handful of flights each week from Pacific neighbor Fiji. When no planes are landing, the runway is used by locals as a playground for all kinds of activities from rugby to soccer. Within the country, people go between islands by ferry, as there are no domestic flights. As its highest point is only 15 feet above sea level, Tuvalu is extremely vulnerable to rising sea levels and is one of the countries most threatened by the climate crisis. Rising sea levels not only push back its shorelines, but the encroaching salt water also erodes the country's limited farmland. The sea's warming temperatures also threaten surrounding marine life. The country made international headlines in 2021 when then-foreign minister Simon Kofe delivered a speech to the United Nations while standing knee-deep in water.
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
