Left to right: MC Fakatoafe Teikauea, Reverend Alamatiga Lusama, Tuvalu Prime Minister Feleti Teo, and Pacific Technology Limited Representative Nasir Ali. 16 April 2025. Photo: Tuvalu Government Media
For the first time, Tuvalu has access to electronic banking after its first ATM was unveiled this week.
Officials called it a "transformative" era of modern banking in the island nation.
For years, the nation's 12,000 residents have done all their banking in cash, with workers enduring long lines to withdraw their wages from the bank each pay day.
Now they will be able to withdraw money at the swipe of a card, with five ATMs and 30 point-of-sale terminals installed.
National Bank of Tuvalu general manager Siose Teo said it was a "great achievement" and "transformative switch" that was many years in the making.
Prime Minister Feleti Teo said it was a "significant milestone" with a "noble objective".
Dignitaries gathered in front of the ATM, on the main island of Funafuti, to mark the occasion with a chocolate cake.
"It will definitely break the barriers and introduce the people to modern and reliable banking services," said Nisar Ali from Pacific Technology Limited, which helped design the machine.
With a landmass of just 26 square kilometres, climate-threatened Tuvalu is one of the smallest and most remote nations on the planet.
An Asian Development Bank briefing from 2019 described its banking sector as "effectively unregulated".
"Key reform priorities are instituting effective banking oversight and expanding access to financial services," it said.
-This article was first published by ABC.
