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Microfinance Banks to deploy ATM, Debit Card – Inlaks CEO

Managing Director of Inlaks, Mr. Femi Adeot
Managing Director of Inlaks, Mr. Femi Adeot

Seye Joseph

Before the end of this year, the 1000 Microfinance Banks [MFBs] licensed by the Central Bank of Nigeria [CBN] would commence the deployment of their own Automated Teller Machines [ATMs] as well as issuing of debit cards.
The ATM deployment project to be implemented by Inlaks is under the umbrella of National Association of Microfinance Banks Unified IT Platform (NAMBUIT) project commissioned by the CBN.
According to the MD/CEO of Inlaks, Mr. Femi Adeoti, the NAMBUIT would aggregate all MFBs on a common platform with the objectives to make regulatory supervision more refined as well as to empower the MFBs to launch more products.
“The business model for the deployment of the ATMs is going to be something like a shared platform. These banks would not pay the ATM fees upfront. It will be a deferred payment. The customers can use any of the ATMs, as you do with your debit card.
“The same thing will apply because there is already a platform connecting these banks together. The first phase would go live before the end of the year at least the pilot. We would then roll out massively next year. Other phase would be the issuing of cards”, he said.
He added that when completed the platform would make it easy for the MFBs to engage and transact business among themselves. Aside, as enunciated by the apex bank, the platform would have many values for the MFBs.