Effect of A.T.M cards on the Nigerian market

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Posted by on Sunday December 11, 2011 11:4:2:

What is the effect of ATM cards on the Nigerian market?
One thing I can say about ATM is that it has made life easier for both banks and customers. In Nigeria, banking business is big business and in every day of the week, even some Saturdays, banks are mostly crowded, at varying times. If you just want to go to a bank without getting delayed or on a queue, you may have to get there very early or during off peak times like from 1O am to 12am. Other time are mostly crowded. Nowadays however, it seems that the queues have reduced to what it used to be ubt it still exists. It is much easier and better now to just use an ATM card when making mini withdrawals from your bank and if you are making big withdrawals, using an ATM is only advisable if you come with security or if you are going to a not too safe outlet or secluded area. Most people who tend to make big withdrawals don't do so everyday and when they do so only when banks may have closed but they still need the cash.

There are many other ways ATM cards have changed the way Nigerians live in the following ways:

- Lesser queues at banks
- Faster service delivery for customers
- Easier and unrestricted access to savings
- Banks save cost for handling withdrawal requests
- It has encouraged the growth of electronic payment and settlement of bills online
- It has helped educate users on card technology
- It has even encouraged people to leave more money at banks by only making mini withdrawals only when necessary since ATMs are mostly always available
- It has mechanized service delivery for banks
- It has reduced fraud
- It has encouraged specialization by allowing banks to direct their resources to other services
- It has promoted 24 hrs banking in Nigeria

Although I still have some uncles and even friends who prefer not to use ATM cards due to the growing fraud rate or their inability to comprehend its use, yet it seems that ATM cards are here to stay. It has become fashionable to own an ATM card in Nigeria as even undergraduates all have and even high school students sitting for examinations have been encouraged to get used to them.



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