By fire, by force: CBN introduces coins dispensing ATMs

by Tospy Oba

In what looks like a frantic bid to encourage the use of coins, the Central Bank of Nigeria (CBN) is planning on facilitating the introduction of Automated Teller Machines (ATMs) capable of dispensing coins into the system.
The Apex bank reckons that the innovation will encourage the acceptance of coins and help change the perception of people against its usage.
The CBN Head of Shared Services, Chidi Umeano, on Monday explained the bank’s plan to the press saying, “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.

When asked about the newly deployed ATMs and the availability of the ‘add on’ feature, he said, “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.

Dipo Fatokun, CBN Director of Banking and Payments System, had in August disclosed plans by the CBN to facilitate the introduction of multifunctional ATMs which would be able to accept deposits from customers and credit their accounts immediately.

It’s raining coins Alleluyah…!