The prime minister praised Tuvalu’s debut as significant because the little Pacific island nation’s first ever cash systems.
The region’s 11, 000 residents have for the first moment had access to electronic bank since their installment.
On Funafuti, the country’s major area, five models and 30 sales connectors have been installed, including at its airport.
The move, according to Feleti Teo, the prime minister, “is both ancient and significant as the bank transitions into a completely new era.”
” These devices don’t come low-cost,” said one user. However, we were able to provide this service to our citizens with the support of the government and large determination.
The ceremony took place in the town of Vaiaku on Funafuti, near the National Bank of Tuvalu’s office. Standard leaders, members of parliament, and company leaders were also present.
Before then, Tuvaluans had to go to a bank to literally withdraw money, and long lines form outside as pay day arrives.
For the first time, stores will be able to process digital payment.
However, the cash machines may first simply accept prepaid cards. The banks intends to introduce debit and credit cards that can be used abroad at a later time.
Siose Penitala Teo, the regional bank’s head, claimed that switching to electronic bank and payments may lead to financial empowerment.
Nine smaller islands in the South Pacific, which gained independence from the United Kingdom in 1978, make up Tuvalu.
All of the islands are low-lying, with no place on Tuvalu higher than 4.5 meters above sea level.
Regional politicians have argued that rising sea levels may cause the islands to become suffocated by climate change.
At the COP29 Climate Conference in Azerbaijan in November, Teo made a nationwide statement warning that rising sea levels as a result of melting ice will eventually leave Tuvalu completely submerged.