Azernews.Az

By Alimat Aliyeva

In Tuvalu, one of the most isolated countries on the planet, automated teller machines (ATMs) have been installed for the first time in history, marking a major step forward for the Pacific island nation's financial infrastructure. Until now, residents had no access to electronic banking, relying entirely on cash-based transactions, Azernews reports.

The official launch ceremony took place in the village of Vaiaku, on Funafuti, Tuvalu’s main island. The event was attended by Prime Minister Feleti Teo and other high-ranking government officials. The first ATMs were placed inside the main office of the National Bank of Tuvalu, signifying a new era of convenience and financial inclusion for the country's population.

Until this development, all monetary operations were done manually and in cash. On payday, workers would often stand in long queues at the bank, which closed as early as 2 p.m. Everyday purchases — from groceries to hotel bookings — were paid exclusively in paper bills, and there was no infrastructure to support digital payments.

Now, the government plans to install additional ATMs in surrounding villages and at Funafuti International Airport. Citizens will soon receive bank cards, and online banking services will be offered free of charge during the rollout phase, as the Prime Minister explained, "until people get used to it." The implementation project, which includes five ATMs and 30 electronic payment terminals, cost $1.9 million.

Tuvalu, with a population of just around 12,000, expects about 6,000 residents to become active users of these new digital banking tools.

Tuvalu is one of the countries most vulnerable to rising sea levels due to climate change. As part of its efforts to preserve national identity, the government has even announced plans to create a digital version of the country in the metaverse. With the arrival of ATMs and digital banking, Tuvalu is now taking steps not only to adapt to the physical challenges of the future, but also to digitally connect its people to the global economy.