News In Brief

Tuvalu Gets Its 1st ATMs

Tuvalu is home to 11,000 people and now, for the first time, five ATMs as well, thereby opening up electronic banking for the tiny Pacific island’s inhabitants.

The ATMs, along with 30 POS terminals, have been installed on Funafuti, the country’s main island, including at its airport.

Until now, Tuvaluans have had to physically visit a bank to get money, and lengthy queues form outside as workers withdraw salaries on pay day. Shops will also be able to process electronic payments for the first time.

The cash machines will initially only accept prepaid cards, however. The Bank plans to introduce debit and credit cards that can be used internationally at a later date.

Tuvalu is a group of nine small islands in the South Pacific which won independence from the United Kingdom in 1978, and which uses the Australian dollar as its currency.

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