Australia is cutting its number of ATMs. This island country just got its first one

Australia is cutting its number of ATMs. This island country just got its first one

As Australia continues to scale back its ATM network, one Pacific Island nation has taken a big step in the opposite direction, by installing its very first cash machine.

Australia is cutting its number of ATMs. This island country just got its first one - Overpasses For America

Tuvalu, with a population of around 12,000 people, has officially launched its first automated teller machines (ATMs) and electronic payment system in a move that marks a major milestone in the nation’s financial future. Until now, residents have had to queue at the country’s only bank, with long lines often forming outside the National Bank of Tuvalu, particularly on paydays when it closes at 2pm. This week, the Tuvalu government rolled out fiv…

According to the Prime Minister of Tuvalu, this is a significant milestone in the history of one of the most isolated and smallest countries in the world.

The chief executive of the National Bank of Tuvalu says the installation of ATMs in the country of about 11,200 people opens the door to economic growth. Tuvalu is one of the smallest countries in the world, with nine tiny islands covering just 10 square miles.

The small Pacific nation of Tuvalu is experiencing a turning point in its history. After years of operating solely on traditional cash transactions, the country's capital has seen the first ATMs. Access to electronic banking is expected to reduce dependence on cash, improve access to financial services, and simplify the daily lives of its residents.

The Pacific paradise of Tuvalu is one of the world's most isolated nations, surrounded by exotic fish and colorful coral reefs. Located between Australia and Hawaii, the country is so isolated that until recently, all transactions, whether made by locals or visitors, were made exclusively in cash, writes CNN. That's why the installation of the country's first-ever ATMs on April 15 marked a historic moment.