The first ATM in all of Nigeria was actually installed in 1989,-more than 20 years before they became a thing, by National Cash Register for the now-defunct Societe Generale Bank of Nigeria (SGBN).
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Thirty years later, ATM’s are now commonplace in the banking system but have not quite spread out well beyond the huge population centres of the country. Security challenges dogged the adoption of ATM’s from 2005 and saw many banks become conservative in installing ATM’s outside their bank branches where they could not guarantee the safety of the deposits. You see, armed robbers and street daredevils wasted no time in taking advantage of the machines to achieve their sinister ends. This was especially true when they were outside bank branches even in city business districts. This probably explains the decade gap between the first ATM and those that followed.
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NCR remains relevant today and is, in fact, one of the oldest tech companies in the country and has since become a bastion in the Nigerian business space, holding the fort for the new wave of tech start-ups in Nigeria. Societe Generale went under a turbulent evolution after being one of the subjects of Soludo’s CBN recapitalization scheme in 2005. After being closed down and reinstated by the CBN, the bank rebranded and became Heritage Bank in 2012.
Featured Image Source: IT Edge News NG
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