Dare: ATM Machines Will Enhance Nigeria’s Cashless Economy Drive

Stories by Emma Okonji

Global financial experts have described Nigeria as a cash-dependent nation, where people largely depend on physical cash despite efforts by government to transform Nigeria into a cashless economy.

In order to change the narrative, a technology expert, Tope Dare, who is passionate about the proliferation of Automated Teller Machine (ATM), has called for the distribution of more ATM machines across the nooks and crannies of Nigeria, insisting that such move will enhance Nigeria’s cashless economy drive.

Dare, who redefined the Nigerian ATM market in 2010, by boosting the NCR’s market share to 48 per cent, through the sales of ATM machine, explained that additional ATM machines positioned in strategic places across Nigeria, would reduce the risk of keeping bulk cash for personal use, since people could walk to the nearest ATM machine to withdraw little cash when needed for basic financial transactions.   

In 2013, he joined Inlaks as an executive director, where he transformed the company to ATM market leader, attaining 52 per cent market share having sold more than 12,500 Hyoung ATMs to all the banks in Nigeria.

Speaking about the challenges in achieving a cashless economy during his 50^th birthday anniversary in Lagos last week, Dare said his advocacy for the removal of ATM charges, captured the attention of the members of House of Representatives. He however frowned against the current situation where Point-of-Sale (POS) agents have created a parallel market for cash, while hoarding cash and selling same cash to Nigerians.

“The war between ATMs and POS agents is real. The cashless policy was meant to drive financial inclusion, yet it has birthed an exploitative system where customers are charged exorbitantly to access their own money. Something must be done urgently,” Dare declared at a recent public lecture.