Facing existential threats from climate change, the remote Pacific island nation of Tuvalu, comprised of nine coral islands, has marked a contrasting milestone: the unveiling of its first ATMs. This move towards financial modernisation, with ATMs now at the National Bank of Tuvalu on Funafuti, aims to improve banking access for its 12,000 residents who previously relied solely on cash transactions.
According to The Guardian, until now, on pay day, workers are required to queue at the bank to withdraw their salaries, a process that often leads to long lines and limited access after the bank closes at 2pm. Daily transactions for groceries, hotels and services remain almost entirely cash-based.
"Today not only marks a momentous occasion, but it is also historic as the bank moves into a totally new era, not just in terms of its services but also in terms of its strategic direction," Teo said during his keynote speech.
Initiated in 2021, the total cost of the ATM and point-of-sale rollout exceeded A$3m, according to the bank's general manager, Siose Penitala Teo, who spoke to the Guardian at the main office of the bank.
"We've been in an analogue space all along; these were dreams for us," Teo said. "These machines don't come cheap. But with government support and sheer determination, we were able to roll out this service for our people."
Simultaneously, Tuvalu is going one step further in its attempt to preserve its land and statehood. As the physical reality of the nation slips beneath the ocean, the government is building a digital copy of the country, backing up everything from its houses to its beaches to its trees. It hopes this virtual replica will preserve the nation's beauty and culture - as well as the legal rights of its 11,000 citizens - for generations to come, according to BBC.
