Tuvalu, one of the world's most remote nations with a population of about 12,000, has long relied solely on cash transactions. Banking often meant long lines at the National Bank of Tuvalu (NBT), especially on paydays.
That changed last week. The National Bank unveiled five ATMs and 30 point-of-sale terminals on Funafuti, the country's main island. NBT General Manager Siose Penitalia called it a "transformative switch" that's been years in the making.
The AU$3 million project, initiated in 2021, was a collaboration between NBT, Fiji-based Pacific Technologies Limited, and the Tuvalu Telecommunications Corporation. Currently, the system operates with prepaid cards, but plans are underway to introduce Tuvalu-issued debit and credit cards.
Prime Minister Feleti Teo, speaking at the launch event, hailed the development as a significant milestone toward comprehensive electronic banking services. He said the initiative aims to improve financial access, particularly for those on Tuvalu's outer islands, and reduce the nation's reliance on cash.
