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Banks Invest $2.5Bn on ATMs to Decongest Banking Halls

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Money deposit banks in the country  have invested some $2.5billion in the acquisition of Automated Teller Machines (ATMs) deployed across the country at both offsite and banking premises, Nigeria CommunicationsWeek can now reveal.

Investigations revealed that as at the end of October this year there are about 12,100 active ATM performing transactions across the country at bank branches, hotels and airports.

It was gathered that the cost of ATMs are determined by their functionalities which including; mono-functional, cashless and multi-functional ATMs.

A mono-functional ATM is the type mostly deployed by banks in the country which dispenses cash as well as carry out other transactions such as payment of utility bills and cost $20,000, this type of ATM is the one mostly deployed by banks in the country.

Multi-functional ATM whose cost is between $50,000 and $100, 000 are those that aside dispensing of cash also accept cash deposit as well as cheque, there are very few of this type deployed in the country.

Cashless ATMs as the name implies does not accepts or dispense cash but rather carry out electronic payment transactions only and it costs some $3,000.

Nigeria CommunicationsWeek learnt that there are two major brands of ATMs that are deployed by banks they include, NCR and Wincor Nixdorf. More so, there are ATMs that are stand-alone which are not deployed on walls, they are mostly deployed at airports and hotels, and the type deployed on walls.

It would be recalled that ATM deployment in the country before now witnessed policy somersault when Central Bank of Nigeria (CBN) issued a directive stopping banks from deploying ATMs at offsite locations thereby mandating its licensed Independent ATM Deployers (IADs) to do so.

But, months after the expiration of the deadline IADs were reluctant to commence operation in this space due largely to issues of Cash In Transit as well as high interest banks charge IADs on funds to be loaded in the IADs owned ATMs.

CBN had to reverse its earlier directive and allow banks to operate offsite ATMs. The reversal of this policy inflicted heavy losses on the IADs who have borrowed money to deploy infrastructure as well as ATM terminal and to cushion the effect that CBN decided to find a role in the operation of offsite ATMs for the three licensed IAD, namely, ChamsAccess, ATMC and Cooperative Support Services.

Central Bank of Nigeria  had to offer Independent Automated Teller Machine Deployers (IADs) the option of becoming Terminal Service Providers in the deployment of offsite ATMs, IADs were skeptical in accepting the CBN offer expressing worry over modalities for its implementation.

They cited CBN’s inability to implement its earlier policy due to pressure from Bankers Committee who promised to collectively deploy 10,000 ATMs between July and January 2012 if the policy is reversed.

IADs believe that the Bankers Committee was determined to frustrate the smooth take of their operation. They wondered how banks that could not deploy up to 10,000 ATMs in five years will deploy such number in less than six months.

Today, banks have taken the fully responsibility of deploying ATMs at offsite locations as well as within bank premises as IADs are no longer playing any role in the ecosystem.


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E-Business

Hisense Electronics Unveils Flagship Showroom in Abuja

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By Fabian Tarpael, Abuja

Hisense electronics unveiled a flagship showroom in Abuja over the weekend. Speaking at the event, Mr. Mustapha Khries, the Abuja Branch Manager of the Fouani Group, highlighted the significance of the flagship store, describing it as the first of its kind in the entire West African region.

He also addressed the challenges facing businesses in Nigeria, particularly the high exchange rates and transportation costs.

“The Fouani Group remains resilient and ready to overcome challenges, unlike others who often exit the market when faced with similar issues.”

Ms. Haifa Du, Senior Sales Manager for Hisense Electronics, emphasized the brand’s commitment to affordability and innovation, stating that Hisense offers the most cost-effective and advanced solutions in the market.

The event underscored Hisense’s dedication to technological innovation and sustainability while reaffirming its leadership position in the consumer electronics market.

Mr. Robbin Wei, Senior Sales Manager of Hisense Group, supported by Mr. Greg and Ms. Haifa Du, showcased various innovative products from the new flagship store.

Among the standout products showcased include; The Hisense 110″ Smart Ultra AMOLED TV, featuring unique capabilities such as a solar-powered remote control and a “locate remote” function to find misplaced remotes easily.


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PalmPay, Jumia Partner to Launch Integration for Shoppers in Nigeria

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PalmPay, Africa-focused fintech operating Nigeria’s most used mobile wallet, and Jumia, Africa’s e-commerce giant, today announce a strategic partnership to enhance the digital payment ecosystem on the continent, starting with payment integrations and co-marketing efforts in Nigeria.

This partnership underscores both parties’ commitment to developing the digital payment ecosystem in Nigeria and grow the use of the cashless economy.

WIth PalmPay now available as a payment method, shoppers on Jumia will now be able to pay for their purchases with the option to check out with their PalmPay wallet, ensuring a seamless user experience and transaction reliability through the direct integration.

“We are proud to partner with Jumia as we bring together the best of fintech and e-commerce to redefine the online shopping experience,” said Sofia Zab, Chief Marketing Officer, PalmPay. “This strategic alliance aligns perfectly with our shared commitment to delivering a superior user experience and exceptional value to our customers.”

Speaking on the partnership, Sunil Natraj, CEO, Jumia Nigeria added: “At Jumia, we are dedicated to creating value for our customers by ensuring a convenient, reliable, and secure shopping experience.

“This partnership with PalmPay strengthens our commitment to enhancing the digital payments within our platform. By integrating PalmPay, we are providing more options for customers to access affordable and quality goods with the convenience of cashless transactions.”

This alliance marks the beginning of a long-term collaboration between two industry giants, aiming to drive innovation, increase convenience for consumers, and foster the adoption of digital payments across Africa.

To celebrate the launch of the partnership, PalmPay and Jumia are launching a special Christmas campaign, running from December 11th to 30th. During this period, customers who make purchases on Jumia using the PalmPay payment method will stand a chance to win exciting cash rewards. More details can be found on the brands’ respective social media pages. @palmpay_ng and @JumiaNigeria.


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Aero Contractors Launches “12 Days of Christmas” Campaign

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Aero Contractors is thrilled to announce the launch of its “12 Days of Christmas” campaign, a festive and engaging social media initiative designed to spread holiday cheer and reward loyal customers.

Running from December 13 to December 24, 2024, this exciting campaign underscores Aero Contractors’ commitment to connecting families, friends, and communities during the holidays.

The “12 Days of Christmas” campaign invites travel enthusiasts, loyal customers, and holiday travelers to participate in fun and interactive activities on Aero Contractors’ social media platforms, including Instagram, Facebook, and X (formerly Twitter). Each day will feature engaging posts such as trivia, puzzles, and challenges designed to ignite the festive spirit and encourage community participation.

Participants are encouraged to follow Aero Contractors’ social media pages, engage with the daily posts by liking, commenting, or sharing, and follow the specific instructions for each day’s activity.

Winners will be selected daily and announced on the respective platforms. Exciting prizes await participants, with the grand reward of a free return economy class ticket—a perfect gift for reconnecting with loved ones or exploring new destinations this holiday season.

“At Aero Contractors, we believe in the power of togetherness, especially during the holidays,” said Capt. Ado Sanusi, Managing Director of Aero Contractors.

“Our ‘12 Days of Christmas’ campaign is our way of giving back to the community that has supported us throughout the year. It’s an opportunity to engage, celebrate, and reward our customers while spreading joy and festive cheer.”

This campaign targets travel enthusiasts, loyal Aero Contractors customers, and families looking to make the most of the holiday season. Through this initiative, Aero Contractors reaffirms its dedication to safe, reliable, and efficient air travel, bringing people closer when it matters most.

Follow Aero Contractors on Instagram, Facebook, and X to join the “12 Days of Christmas” campaign. Engage daily for a chance to win a free return economy class ticket and other exciting offers.


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