The ATM card technology when it started was a perfect replacement for the manual cash withdrawal and transfer in the banking hall. Though, at the initial stage, majority of the populace were skeptical about it because of the widespread rumors about electronic card transaction fraud. Many did not buy the idea but as time progressed, people started realizing the benefits of this wonderful ICT technology. It has proved to be faster, reliable and stress free means of cash withdrawals and transfers, given card holders the privilege to withdraw and transfer money at any time. Even at night! Some even collect deposit, taken electronic transaction system to the next level. It can also be used for online transactions as well as POS transactions.
Statistics show that the population of people using ATM has grown from 10% in 2008 to 70% in 2017, though many are yet to embrace the technology.
Just as every new innovation that start with a good and promising beginning in the country, only to decline drastically after a period of time, the ATM card technology story in Nigeria is also not different.
Lately, there had been irregularities in the quality of service rendered by ATMs of almost all the financial institutions in Nigeria. The use of obsolete ATMs and slow servers by most of the banks has really really hampered the smooth flow of e-transactions. Most banks ATM outlets are characterized by long queues because of inadequate ATMs. Therefore, rendering the very essence of this technology useless. ATMs were designed for fast, efficient and stress free transactions. Today there seems to be no difference between cash withdrawal manually and the use of ATMs in terms of quickness of transaction.
Network fluctuations and failure has made the whole situation even worse. The frequency of out of service can be very alarming. Sometimes, customers wait under the sun and rain for service to return. Sometimes it can take up 30 minutes before service is finally restored. Many a time, the ATM debits you without dispensing cash. The reversal of this situation is sometimes immediate and it could also take up to 24hrs at times before the reversal is done. In extreme cases, it might require the affected customer going to the banking to complain before the reversal is carried out.This slows down the entire process making it tiresome and stressful. Many a time, a financial institution might not be available. Customers of such financial institutions get highly disappointed and frustrated whenever such message displays. This could disrupt their financial plan for that day and can be very painful.
Other problems encountered by customers include: Card seizure by machine, temporarily unable to dispense cash, insufficient funds even when customers have enough balance in their account etc.
Delay of card issuance by some financial institutions is also a cause to worry about. Customers being unable to get their cards after 3 months of application is unreasonable. Kudos to those banks that have embraced the instant issuance technology.
More so, some banks engage in auto renewal of ATM cards after expiry at the customers branch without putting into consideration that customers might relocate some where else distant from their branch. This act has deprived many the benefit of engaging in transactions using ATMs. This act should be frowned at with all vigor.
It gladdens my heart when ever am permitted to share the surface, faint and minute knowledge that have about ICT with the rest of the world. Please endeavor to leave a comment below after reading this post. Also, subscribe to our mailing list so that you will be the first to know what is new on this blog. Scroll down to the bottom of this blog to view our subscriber's form.
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