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By BISI OLALEYE
Tuesday, March 2, 2010
When the Automated Teller Machine (ATM), was introduced into Nigeria in 1986 by the defunct Societe Generale Bank, Nigerians heaved a sigh of relief. The reason being that long queues in the banking halls would be a thing of the past and life made much easier. |
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In October 2003, InterSwitch ATM system took off, and life was better, until several rounds of fraud-related complaints started emerging.
Interswitch was fast enough to change from the old ATM card to a magnetic striped card when the Central Bank of Nigeria (CBN), mandated all banks to comply with the issuance of chip and PIN based and Europay MasterCard Visa (EMV) compliant cards, before the end of the second quarter of 2009.
Without much ado, a new symbol of technological progress made headlines in the Nigerian e-banking industry as many banks latched on it.
Intercontinental Bank Plc was the first to introduce the multiple chip and Personal Identification Number (PIN)-based electronic card, known as ‘Intercontinental Verve Card,’ thus, making it the first bank in Nigeria to introduce such.
Managing Director of pioneer electronic payment switching company, InterSwitch Limited, Mr. Mitchell Elegbe, had explained that Verve, a chip-based card offers more security to the end-user than was ever available in the e-payment solution in the country.
“Verve was manufactured by Nigeria for the world,” he said, reiterating that the product debut was in compliance with the CBN directive to banks to migrate all card in the country to a truly global chip card. “The card has the ability to execute biometric functions,” he had said.
However, it appears that 65 per cent of recent problem militating against the ATM card is seizure. Many transactions had been seized by ATM and people debited without receiving their money.
Several explanations had come up based on this seizure from some of these banks e-payment/ATM departments ranging from lack of money to when the customer’s bank becomes inoperative. Noting that the old card takes a minimum of 24 hours for reversal or at most two days.
Mrs. Chioma Oyegoke (Not real names), recently went to withdraw N7,000 with her master card (naira) from one of the ATM points at another new generation bank, Ikotun,Lagos, only for her money to be seized and her mobile alert informing her that she had been debited with N7,100.
Oyegoke narrated to Daily Sun that she was advised to go to any branch of her bank and she was informed that she had to wait another 45 days for the reversal. She, was however, fortunate that 22 days after her transaction, there was a reversal.
An employee of a second generation bank in Lagos, who pleaded anonymity explained that there are some issues involved in seizures but was quick to point out that Master Cards Naira could most times take up to 45 days before it could be reversed if it is another bank’s ATM.
Said he: “It is usually advisable to use ATM cards at designated banks. For instance, if customers have a particular bank’s ATM card, it is advised that they use that same bank ATM.. In case of any problem, irrespective of the locations or state, it is much easier to solve. Unlike when it involves other banks, memo had to be written and we have to wait a while for us to be advised on what happened before we know what to do. There are several things involved. Any master card takes longer before the problem is resolved and reversal is made. It may not even take up to 45 days before it is reversed, but we always prepare the minds of our customers.”
However, many people have jettisoned ATM cards and have gone back to the old system of receiving cash from banking halls with either their savings passbooks or cheques. Daily Sun’s observation revealed that long queues at various banks during peak periods are strong indications of this.
Lagos State Commissioner for Science and Technology, Dr Kadiri Obafemi Hamzat, disclosed recently at a function that the only way Nigeria can compete as a nation is to enhance her ICT.
“There is no two ways about it, we either survive or not. And the only way to survive is to improve on our ICT and all aspects of our lives. In about 10 years time, the best bank in this country would be the most proficient in IT. Competition is becoming very stiff and the most proficient company in ICT would survive. It allows every company to automate processes, make services reliable, dependable and repeatable.
In the nearest future, people would work more from home and achieve results because the system is configured. I don’t measure your performance by seeing your face in the office but by the quality of work delivered at the end of the day. The future of Nigeria depends on how we can use our IT.”
He added that a cashless economy is achievable in the country since market women use cell phones and ATM cards.
“A cashless economy is very much achievable in this country but only if the necessary things are put in place,” he said.
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