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Banks’ ATMs To Start Disbursing Loans Soon – CBN

The Central Bank of Nigeria wants banks’ Automatic Teller Machines (ATMs) to start disbursing loans to Nigerians soon. 

loans, Many Lagos residents still using old Naira notes may definitely lose their funds after Friday which marks the deadline by the CBN for Nigerians to exchange the old notes with the new Naira. , Do These If ATMs Dispense Old Naira Notes To You - CBN

The Central Bank of Nigeria wants banks’ Automatic Teller Machines (ATMs) to start disbursing loans to Nigerians soon.

ng to the CBN, banks may be able to approve and disburse loans via automated teller machines by 2025.

This is because, the Central Bank of Nigeria has urged the payment service providers to leverage machine learning and robotics process automation for ATM upgrades.

In the Nigeria Payments System Vision 2025 document obtained by our correspondent from the CBN’s website, the apex bank noted that payment service providers could lead the way through a focus on simplicity and ease of use of payment methods such as mobile and contactless solutions.

ALSO READ: OPay, PalmPay, Kuda Excluded In FG’s Newly Approved Loan Apps (See Full List)

The document added, “With Artificial Intelligence, there is the potential to transform customer experiences and establish entirely new business models in banking.”

The CBN recommended that ATMs should be upgraded to allow credit scoring and loan disbursements, and these ATMs should be in remote areas.

Among the recommendations for payment service providers, the CBN noted that “ATMs should be optimised to perform all other financial services outside cash – credit scoring, loans disbursement, and to be available in remote areas.”

It was also recommended that financial Institutions should move from basic dialogue and account inquiries to doing transactions using voice commands, which includes executing payments using the commands, as well as doing account transfers and establishing account alerts using the same.

The apex bank also suggested the establishment of digital banks with a complete focus on digital inclusion, urging banks to partner with financial technology companies to survive in the digital era of banking.

The central bank added, “Bank applications need to fully integrate into wearables (smart glasses and watches) for fully digitalised banking.”

In the foreword to the document, the CBN Governor, Godwin Emefiele, said that the document was designed to drive digital innovations and payment in the future.

He said, “The PSV 2025 will focus the attention of critical stakeholders on contemporary developments that will drive digital innovations and payment in the future, such as contactless payments, big data, open banking, etc. I urge all stakeholders to join hands with the CBN to execute initiatives under the PSV 2025 towards fostering efficient and secure payments system in Nigeria.

“As we implement the PSV 2025 agenda, the CBN will continue to ensure that the Nigerian payments system is widely utilised domestically, supports government’s financial inclusion objectives and meets international standards whilst contributing to overall national economic growth and development of Nigeria.”

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