This remote island just got its first ATM: ‘These were dreams for us’

Attended by Prime Minister Feleti Teo, the governor general, community elders, and other dignitaries, the event celebrated the long-awaited modernisation of the island’s financial system—something that was, until now, just a dream.

“Today not only marks a momentous occasion but it is also historic as the bank moves into a totally new era, not just in terms of its services but also in terms of its strategic direction,” Teo said in his keynote speech, the Guardian reported.

Until this week, banking in Tuvalu meant queuing for hours to withdraw cash before the bank closed at 2pm. Want groceries? Cash. Booking a hotel? Cash. Pretty much everything ran on physical money.

That changes now. Five ATMs have been installed around the capital island, and 30 point-of-sale terminals are being rolled out to shops, services and other hotspots—thanks to a project that’s been in the works since 2021 and cost over A$3 million.

“We’ve been in an analogue space all along, these were dreams for us,” said general manager Siose Penitala Teo. “These machines don’t come cheap. But with government support and sheer determination, we were able to roll out this service for our people.”

For now, only prepaid cards will work in the new machines, but Tuvaluans can expect local debit cards soon—and eventually Visa functionality for international travel and online shopping.

“We’re providing the service for free until people get the hang of it,” Teo added. “In time we’ll look at fees, but right now this is about accessibility and progress.”

From the homepage

Amid internal strife in Naxal ranks, Amit Shah draws the red line: ‘What talks? Drop weapons or…’

Former J&K CM Farooq Abdullah hospitalised in Srinagar

Hyderabad youth in US for Master’s degree shot dead at gas station, where he worked part-time