A ‘Dream’ Fulfilled: Tuvalu Gets Its First ATMs

Tuvalu, a nation of nine small islands in the South Pacific, got its first-ever ATM machines this week, celebrating the new arrivals in a joyous ceremony attended by traditional leaders, government, business officials, and the public, the BBC reported. 

“These were dreams for us,” Prime Minister Feleti Teo said, according to the Guardian, adding that the day was “momentous” and “historic.” 

The first ATM was unveiled at the headquarters of the National Bank of Tuvalu in the village of Vaiaku on Funafuti, the main island, where the ceremony took place on Tuesday.  

So far, five machines and 30 sales terminals have been installed on Funafuti, including at the airport. These and other banking improvements will give the country’s 11,000 residents access to electronic banking for the first time. 

Until now, all banking in Tuvalu has been done in cash, with workers lining up at banks to collect their salaries in notes. Stores, meanwhile, only accepted cash – until now. 

Now, locals hope the new system will ease congestion, reduce cash dependence, expand financial access in the outer islands, and lead to increased economic empowerment. 

Teo said that the process of getting the ATMs was expensive but that “with sheer determination,” they were able to provide residents with this new convenience. 

At the moment, the ATMs only accept prepaid cards, but the bank plans to introduce Tuvalu-issued debit cards next, and eventually Visa debit and credit cards that can be used for online shopping and travel. 

According to Teo, the service is free for now. Fees may come later, he added.