Olayinka Moses: The ATM Dimension in Nigerian Banking: Issues, Challenges and Prospects

The ATM Dimension in Nigerian Banking: Issues,

Challenges and Prospects

OLUDIMU O. EHALAIYE (ACA)

OLAYINKA MOSES (CNA)

DEPARTMENT OF ACCOUNTING

UNIVERSITY OF JOS,

P.M.B 2084,

JOS-NIGERIA

Email: ehalaiyeo@unijos.edu.ng; olayinkam@unijos.edu.ng

A PAPER SUBMITTED FOR PUBLICATION IN THE NIGERIAN ACCOUNTING

HORIZON VOLUME 2, No. 1 JANUARY-JUNE, 2008

ABSTRACT

Banking globally has evolved in different scenarios over the last two decades. The desire to bring satisfaction to the customer has also forced top-thinkers of the industry to develop multiple time-saving and service satisfaction products; these services are backed by the prowess of modern information technology. The Automatic Teller Machine (ATM) is one of these self-serving technologies that have come to change the way banking is done in Nigeria. With just about 3 years in full service within the country, we examine in this paper how the service has fared in the country. The primary data for this study were sourced through a survey of 800 ATM users within Jos metropolis the Plateau state capital in Nigeria via simple random sampling at various ATM stands in the city. Questionnaires were administered to them and 680 were returned satisfactorily, representing 85% response rate. The respondents were carefully selected based on their varied experiences with the use of ATM machines. The study revealed that customers were concerned about the network failure of the systems and also wanted more machines to be deplored in order to facilitate speed and satisfactory services. The issue of scam and frauds was also raised in the discussion and recommendations such as the need to improve the technology and making sure that ATMs are never out of cash were suggested. The future directions for bankers and service providers were also discussed. It is hoped that the ATM service will champion the cause for a cashless society in Nigeria.

Keywords: ATM, Network, e-banking, Service provider, cash, bank

INTRODUCTION

It is one of the paradoxes of success that the things and ways which got you where you are, are seldom the things to keep you there (Handy 1994:49). The world is changing, so is banking and all the activities around it. Thriving in this industry calls for stringent crystallization of evolving concepts and brands within the industry.

The Automatic Teller Machine (ATM) has been a lucrative point for banks in Nigeria both to reduce traffic within banking halls and the increased revenue through induced spending, but that scene is changing even as off-premises opportunities grows larger and the market saturates based on the number of machines within circulation. In the past six years, the number of ATMs worldwide has grown by a half million, and estimates from the ATM Industry Association (ATMIA) reveal that the number of ATMs in the world exceeded 1.5 million at the end of 2005. By 2011, an estimated 2 million ATMs will be deployed. (Crosby and Killifer 2007:1). As competition increases and surcharge fees decrease or go away altogether, many banks are exploring other markets (cash Points) for the spread of their ATM services.

In this paper we provide further evidence for the understanding of the contributions, challenges and prospects of e-banking through the ATM technology with special emphasis on Nigeria. The paper is intended to:

- Provide the elements of definition of ATM and identify critical vectors of its developmental issues;

- Review the country’s experience of ATM and draw preliminary conclusions from the experiences of 680 users along all banks surveyed within Jos metropolis;

- Analyze ATM initiatives, aiming specifically to support prompt and modern banking services within a developing economy as Nigeria.

- Examine prospects for greater use of ATM to promote business growth and development and the challenges arising from such a use.

CONCEPTUAL FOUNDATIONS AND LITERATURE REVIEW

THE AUTOMATED TELLER MACHINE

The acronym ATM simply stands for Automated Teller Machine. ATM dates back over a century ago. The inventor of this machine remains an issue of debate in the minds of scholars, one’s perceived inventor, therefore depends on the school of thought he or she gives credence to. Whether we admit the positions of Miller (2007) that accept the traditional position of Luther George Simjian as the inventor because his idea came first, or concede to the view of Smithsonian Institute Museum who accepts Don Wetzel as the authentic inventor of the machine, after all he was the first to obtain a patent right on the machine, the debate rages on. Perhaps others may even toe the line of the Queen of England to believe it was John Shephard-Baron who invented the ATM machine (Bellis, 2008). The core emphases here would be to unravel the pros and cons the invention has brought, nonetheless the inventor and invention still remains another area of research by scholars.

The Automated Teller Machine (ATM) is a machine that dispenses cash to account holders or accepts cash deposits. The transaction is initiated and concluded with the use of a magnetic stripe card or smart card. The ATM card has either a magnetic stripe or a processor (or chip) that allows data or information to be stored or processed in it. Automated Teller Machines are a quick and convenient way to access money in your accounts. It allows bank customers to conduct their banking transactions from almost every other place within or around the banking premise except the banking hall (i.e. with every relative sense of convenience).

According to Wikipedia (2009), an automated teller machine (ATM) is a computerized telecommunications device that provides the customers of a financial institution with access to financial transactions in a public space without the need for a human clerk or bank teller.

The Hardware: An ATM is typically made up of the following devices:

1. CPU (to control the user interface and transaction devices)

2. Magnetic and/or Chip card reader (to identify the customer)

3. PIN Pad (similar in layout to a Touch tone or Calculator keypad), often manufactured as part of a secure enclosure.

4. Secure cryptoprocessor, generally within a secure enclosure.

5. Display (used by the customer for performing the transaction)

6. Function key buttons (usually close to the display) or a Touch screen (used to select the various aspects of the transaction)

7. Record Printer (to provide the customer with a record of their transaction)

8. Vault (to store the parts of the machinery requiring restricted access)

9. Housing (for aesthetics and to attach signage to)

Recently, due to heavier computing demands and the falling price of computer-like architectures, ATMs have moved away from custom hardware architectures using microcontrollers and/or application-specific integrated circuits to adopting a hardware architecture that is very similar to a personal computer. Many ATMs are now able to use operating systems such as Microsoft Windows and Linux. Although it is undoubtedly cheaper to use commercial off-the-shelf hardware, it does make ATMs vulnerable to the same sort of problems exhibited by conventional computers.

The Software: With the migration to commodity PC hardware, standard commercial "off-the-shelf" operating systems and programming environments can be used inside of ATMs. Typical platforms used in ATM development include RMX, OS/2, and Microsoft operating systems (such as MS-DOS, PC-DOS, Windows NT, Windows 2000, Windows XP Professional, or Windows XP Embedded). Java, Linux and Unix may also be used in these environments.

Linux is also finding some reception in the ATM marketplace. An example of this is Banrisul, the largest bank in the south of Brazil, which has replaced the MS-DOS operating systems in its ATMs with Linux. Banco do Brasil is also migrating ATMs to Linux. With the move to a more standardized software base, financial institutions have been increasingly interested in the ability to pick and choose the application programs that drive their equipment. WOSA/XFS, now known as CEN XFS (or simply XFS), provides a common API for accessing and manipulating the various devices of an ATM.

J/XFS is a Java implementation of the CEN XFS API. While the perceived benefit of XFS is similar to the Java's "Write once, run anywhere" mantra, often different ATM hardware vendors have different interpretations of the XFS standard. The result of these differences in interpretation means that ATM applications typically use a middleware to even out the differences between various platforms. With the move of ATMs to industry-standard computing environments, concern has risen about the integrity of the ATM's software stack.

Alternative Uses

Although ATMs were originally developed as just cash dispensers, they have evolved to include many other bank-related functions. In some countries, especially those which benefit from a fully integrated cross-bank ATM network (e.g.: Multibanco in Portugal), ATMs include many functions which are not directly related to the management of one's own bank account, such as:

· Deposit currency recognition, acceptance, and recycling

· Paying routine bills, fees, and taxes (utilities, phone bills, social security, legal fees, taxes, etc.)

· Printing bank statements

· Updating passbooks

· Loading monetary value into stored value cards

· Purchasing of Postage stamps, lottery tickets, train tickets and concert tickets

· Games and promotional features

· Donating to charities

· Cheque Processing Module

· Adding pre-paid cell phone credit.

Increasingly banks are seeking to use the ATM as a sales device to deliver pre approved loans and targeted advertising using products such as ITM (the Intelligent Teller Machine) from CR2 or Aptra Relate from NCR. ATMs can also act as an advertising channel for companies to advertise their own products or third-party products and services.

ATM: THE NIGERIAN EXPERIENCE

The introduction of ATM in Nigeria can be traced to the defunct Societe Generale Bank in 1989. Since then other banks in the country have embraced the technology. The use of ATM in Nigeria has equally grown from mere dispensing of cash to include other customer service unit functions (i.e. verification of account balance and printing of mini statements). A major trend in the Nigerian experience is the way banks have metamorphosed the use and supply of these machines. At inception as affirmed by eShekels (2006), banks restricted users of the machine to their banking halls with only few machines around the banking premises. The major factor for this was the supply of the machine and the skepticisms attached to the use outside the banking premises. This was to change fast, as more banks acquired these machines and encouraged usage outside the banking halls and banking premises. In fact further development in the area was to be seen by the introduction of additional service charge by banks for transactions below a certain sum executed across the counter. By this the message was becoming load and clear the ATMs are to be used if customers must save the additional overhead transaction cost.

According to Solub (2008), there is no contesting the fact that the introduction of ATM has changed the face of electronic payment in Nigeria. Banks in the country are adopting Self Service (ATMs) technology because it is cost effective in the long run. In the past few years, Nigerian banks and the financial services industry in particular, have embraced the concept of e-money. Changes are beginning to take place in the Nigerian financial landscape and customers are increasingly raising the hope of expectations for quality customer services.

They offer convenience to customers and provide banking services well beyond the traditional brick and mortar service period. They also ensure that a lot of cash is still within the banking system where it can be managed and channeled into productive use, instead of bulk withdrawals that we use to witness in the past. It is good for customers to withdraw cash that they need by eliminating the risk of loss through theft and fire. All in all it has been a win-win scenario for all the parties concerned (Solub, 2008).

By the end of 2006 cash points and outpost dispensing centers had taken over all the major cities in Nigeria. Large retail outlet and fueling stations across the cities were first point of target to site ATM machines. Today the knowledge and use of ATMs are to the average Nigerian what a mobile phone is. The wide spread acceptance cuts across both literate and illiterate, even market women and artisans are now getting familiar with the service and are more comfortable dealing with the machines than discourteous customer service unit staff of banks. In the quest to reduce the number of customers in the banking halls and simultaneously encourage the customers’ patronage of ATM, some banks have employed a stringent means of dissuading customers from making over-the-counter withdrawal that falls below a specified amount.

GENERAL BENEFITS OF THE ATM

These benefits can be categorized into two; the benefits to the bank and those to customers. From the angle of the banks the Automated Teller Machine has been able to add value in the following areas.

1. The problem of endless queues most banking halls witnessed prior to the introduction of the machine is disappearing. Rather than having to queue up at a bank to withdraw money each time, most customers can get cash across the nearest branch of any bank, slot in their cards and pick whatever amount desired to meet their obligations.

2. Round the clock cash service-“Apart from its ability to reduce the traffic in the banking halls ATM facilitates the rendering of 24/7 banking services (i.e. 24 hours a day and seven days a week).

3. Additional revenue based on the commissions charged on transactions especially when the user is not an account holder with the machine.

4. Cost reduction, though this may not be easily known but banks are expected to save the cost of hiring tellers through the use of ATMs. In a study by Northcraft and Chase (1985) in the U.S.A they remarked as follows:

Branch officers, live tellers, or ATMs could process an account transaction. However, the branch officer would take (for example) 10 minutes, which at an annual salary of $30 thousand would cost the bank about $2.50. The live teller might take the same 10 minutes, but at an annual salary of only $12 thousand the transaction would cost the bank only $1. Finally, the ATM, at a cost of $80 thousand and a useful life of five years costs about $16 thousand per year, can complete the transaction in only five minutes at a cost of only $0.67.

5. Mini adverts and notices: For the fear of running into expensive errors, customers are likely to read notices displayed or aired through ATMs than other bill boards.

According to ATM Express (2005) customers or clients ATM’s benefits include:

Security: By having an ATM card there is less risk of robbery and employee theft, since it discourages the practice of carrying cash during long distance travels. This is necessary due to the dangers associated with such practices especially with our kind of roads.

Saves time: An ATM can save customer embarrassment and employees’ time. Imagine the type of embarrassment one will suffer in the hands of restaurant’s management for forgetting your cash at home; this can be minimized if not eliminated with an ATM card to one’s rescue.

In their narrative Meuter et al (2000) described the ATM as a self-service technology and asserted that customers benefited from the service in terms how easy it is to use, the avoidance of service personnel, the ability transact whenever they wanted and not necessarily in the bank premises. They also observed that ATM users believed it was a better alternative and could also save them some money.

Other third parties who enjoy the benefits of ATM include retail outlets, stores, eateries, clubs and taverns. These benefits as surveyed by ATM global (2008) include:

§ Increase Sales- according there studies. ATM can increase a business's sales as much as 8%. There is no doubt to that even in the Nigerian society as consumers tend to spend more from points where ATM are stationed.

§ Cash Retention. 25% of the cash withdrawn from an ATM is spent on the premises. This number can be as high as 75% for nightclubs and bars!

§ Control bad debt. Cash does not bounce. When a customer uses cash from an ATM it cuts down the charge backs, disputes, returned cheques, and the stress associated with these incidents.

§ Reduced operation costs. By directing your customer to the ATM, a business can greatly reduce the debt volume of the organization; this is particularly where customers blame banks or nearness to their homes as reasons for buying in credit.

§ Improved image and Increase customers. By providing new and unique services for your patrons, your image is improved. One reason people patronize your store is value. An ATM only adds to the overall value to your store. Rival firms can by mere introduction of ATM to their business win the confidence of more clients or customer. This may cause customers to stop at a competitor's establishment to get cash (and spend it there). Customers will instead stop at rival’s place of business because they can accommodate their cash needs.

METHODOLOGY

The primary data for this study were sourced through a survey of 800 ATM users within Jos metropolis the Plateau state capital in Nigeria via simple random sampling at various ATM stands in the city. The survey design entailed administration of questionnaires. These questionnaires were administered to them and 680 were returned satisfactorily, representing 85% response rate. The respondents were carefully selected based on their varied experiences with the use of ATM machines.

DATA ANALYSIS, DISCUSSION AND FINDINGS

The benefits of the ATM are better viewed from the experiences of users than mere literature. However the input and experiences of other researchers will be considered with those of the survey. The responses from the questionnaires administered are tabulated in the appendix and a study of the response pattern reveals that 476 men (70%) and 204 (30%) women were surveyed (Table 1). As at the time of this research in December 2007, 29% of the respondents said they had been using their ATM cards for less than 3 months, another 29% said they had had their ATM cards for 3-6 months (Table 2). Some 28% said they’ve been using their ATM cards for 6 months-1 year, while 9% of the respondents said they had used their cards between 1-2 years. Only 5% of the respondents had used their ATM cards for more than 2 years. These results show that awareness and use for the ATM facility in Jos metropolis was on the rise considering that it was in at the end of 2006 and early 2007 that the ATM facilities became common in the city. In a similar study by Intermarc Consulting (2007), ATM services provided by banks and non-financial institutions emerged the most popular e-business platform in Nigeria. Their report: "Nigeria e-Banking Customer survey on cards, ATM and PoS," shows that awareness among the more modern banking services such as electronic banking; Internet banking, PoS transactions and money transfer, ATM emerged the most popular with 96 per cent awareness. ATM awareness also ranked higher than that of current account and slightly below savings account. Although services such as local money transfer, international money transfer, loan facilities and telephone banking have been around before the advent of ATM, they recorded relatively low level of awareness.

The study also revealed in Table 3 that 3% of the people surveyed used the ATM more than once a day, 8% used the ATM daily, 41% made use of the machine on a weekly basis, 26% said they used the machine at least once a month and 22% used the ATM facility in a random manner and could not tell precisely how often they used the machine.

CAUSES OF DELAY AT ATM STATIONS

According to Table 5, it was discovered that 60% of the respondents surveyed said the number of people on queue for the service of the ATM accounted for them spending 10 minutes or more before being served by the ATM machine. Machine related problems accounted for 25% of the responses for such delays in service and power outages made up 4% of the responses for related delays. There were other reasons such as the inexperience of some ATM users wasting time and first timers not knowing to do when at the ATM facility. Also Network failures were mentioned among the causes of these delays. These findings are consistent with Aginam (2008) who lamented that majority of banks, are busy expanding their branches across major commercial cities in the country without investing in smart ATM infrastructures that can have enough carrying capacity to take care of large number of users. Like every other network, especially in the GSM network, once the ATM cash point is over used, network failure will take over leaving customers in queues for many hours. Solub (2008) also pinpointed that normal challenges facing other businesses in Nigeria – like power outages, telecoms breakdown and others do affect electronic payment platform like ATM services in Nigeria.

SATISFACTION LEVEL OF CUSTOMERS WITH THE ATM FACILITY

In terms of the satisfaction derived by the ATM users surveyed (Table 6), 32% said they

were satisfied with the services provided by the machines, 50% said they were just

satisfied, while 8.5% were indifferent in their response and 9.5% were not satisfied with

the ATM service. On how the respondents felt about the ATM service when they used

their own bank ATM cards on other bank’s ATM facilities the response were different

(Table 7). Only 12% felt satisfied with the system, 48% were satisfied, 19% were

indifferent in their response and 21% were not satisfied with the service. These findings

shows that many users of ATM cards are more comfortable using the cards on their own

bank’s machines rather other banks. It also shows that the ATM facilities have received

and will likely continue receive very warm welcome from Nigerian users.

ATM COST AND ITS BENEFITS

In terms of the cost of using the ATM facility (Table 8) a significant number of the respondents (66%) asserted that the cost of using the facility corresponded to the benefits they derived from it while 19% said it wasn’t and 15% were indifferent to the question. The basic cost associated with the ATM use is the N100 when using an ATM card of one bank on another bank’s machine and most respondents thought it was okay.

CHALLENGES AND PROBLEMS

Although this new technology which has reduced the number of customers at the banking hall, gradually making Nigeria become a cashless economy, it is being challenged with some major problems highlighted below:

a. Poor IT infrastructures: As mentioned from the responses above, network failures remain a major problem for ATM users as many machines function dismally because network failures.

b. Out-of-Cash problems: Many ATMs are out of service just because there is no cash in them. These is very unfortunate, because the idea was for customers to turn off the pressure on banking halls and turn it on the ATM, however when the machines are not powered with cash the predicament that was meant to be averted becomes common practice again.

c. Scam and Fraud problems: Another big problem is the ATM Scam issue. Odukoya (2007) noted that emails from Interswitch- the popular service provider of ATM cards in Nigeria were circulated warning users to disregard text messages asking them for their Personal Identification Number (PIN). Apparently, some fraudsters had been sending some scam SMS messages regarding an upgrade of the Interswitch Network. The contents of the SMS are below:

InterSwitch is upgrading their service, Please go & register UR ATM Cards NOW on www.interswitchnig.com. Only registered ATM cards will work on the ATM Machines

While this looks very genuine and unsuspicious, a scrutiny of the website address will show that it's not Interswitch's website. The real website is www.interswitchng.com (ends with "ng" and not "nig"). Upon visiting the site, unsuspecting victims are asked for their ATM debit card number and pin code. Of course, these details make their way into the fraudster's hands after which they can do anything with the card.

This form of scam is known as phishing and has been around for a long time.
For fallen victims who have already provided such details to the fraudulent website (or to any site at all in response to an SMS or email), are advised to change their pin code immediately. The safest way would be to proceed to the nearest ATM machine immediately and change the PIN code from there. They can also do it from the real Interswitch website http://www.interswitchng.com. As a precaution, users should never respond to such SMS messages without confirming from their bank which issued the card.

d. Location Challenges: Another discovery from this research is that most of the ATM machines are located on bank premises and there was an overwhelming consensus that banks should provide more off-site facilities so that the machines will be closer to users. The physical security issues however need to be carefully considered with respect to this challenge.

ATM IN NIGERIA: PROSPECTS

ATM in Nigeria has come to stay definitely, hence the discussion is what needs to be done to enhance the system and make it more effective and efficient. The prospects of the ATM system are sure on the bright side, however for the best to be achieved the following should be considered:

1. Availability of Machines and Cash: One of the greatest challenges for ATM banking in Nigeria presently is that the number of ATM per customer ratio is still very low, thereby causing unnecessary queues and delays. Even where there are machines some are out of cash. In order for ATM services to ultimately bring the requisite satisfaction to customers, more machines need to be deplored in business activity sites like supermarkets, schools, hospitals, restaurants and shopping malls. Furthermore Cash should never be unavailable in the machines because customers come to the ATM to withdraw cash hence bank officials should make adequate provisions so that their ATM are not out of cash especially during weekends and holidays. This will ease the pressure on the banks and ultimately make the services more satisfactory to the customers.

2. Functionality, Maintenance and Software Efficiency: Some of the ATM services as found out from the survey were epileptic and erratic owing to network failures, power outages and mechanical faults on the machines. This situation does not augur well for customers as they express frustration whenever they cannot access their money from the machines. It is recommended that service providers improve significantly on the network efficiency and program speeds, provide uninterrupted sources of power and maintain their machines on a regular basis in order to forestall such ugly occurrences and provide 24/7 services. Also the inter-bank ATM programs should be enhanced as many customers complain of poor service when using their ATM cards on another bank’s machine.

3. System, Database and Physical facility Security: Following the above recommendation databases of financial records should be kept with utmost care and skill in order to reduce significantly threats of financial data compromise and frauds which could be very costly both to the customers and the banks. Beyond software security it is also important to provide security in the premises where these machines are located to protect customers withdrawing and also the service provider. Close Circuit Television (CCTV) Cameras could be located at strategic points to guide against theft and privacy intrusion of customer’s PIN. Also physical security personnel can also help in keeping the peace and maintaining law and order at ATM stations.

4. Support and Enlightenment: The popularity of the ATM system is just beginning to blossom within the country and it is important that banks and Interswitch help enlighten the public on how to use the machine especially illiterates and rural dwellers who may not be conversant with the technology. A trained staff could be designated at ATM stations to help first time users and people who are unfamiliar with the system. This will help reduce queues and make the services more effective.

5. Competition should be facilitated: The Central Bank of Nigeria in conjunction with other regulators should encourage competition with Interswitch who is currently the only service provider. This monopoly will only foster inefficiency in a country that has the potential for her citizens to be the largest ATM user in the African continent by share population numbers. More service providers should be encouraged in the system. With this in place the cost of the service will be driven downwards and also special attractions like crisp naira notes and optional denominations of cash can be easily provided to customers.

ATM: FUTURE DIRECTIONS

The trend today in technology especially in Information Technology is convergence; hence in the future customers would desire an ATM system that could be operational in conjunction with their mobile phones, PDAs and the internet. Soon an ATM system that would be interactive with other devices should be in the plan for banks thinking about having an edge in the marketplace.

A system where ATMs would be able to accept cash deposits should also be examined as the question arises “if I can withdraw cash why can’t I deposit cash?” This is an area we think should be explored.

Finally in terms of security we believe in the nearest future regulators and service providers should explore forensics, such as thumb and finger print technology in order to reduce incidents of fraud and increase capacity for detecting fraudulent perpetrators with the ATM facility.

CONCLUSION

Technology has become an integral part of the marketplace. In Nigeria, the Automatic Teller Machine (ATM) is changing the banking culture of customers rapidly and enabling them to actually conduct banking transactions without being in the bank. This Self-service Technology has been widely embraced in the country and it is important for providers of ATM services to understand how customers evaluate such services so that the firms can improve them. In this research, we have identified several issues and challenges that influence the satisfaction of customers at the ATM. Also the expectations of customers of the service and options in the immediate future that could be explored by service providers have been mentioned. The benefits that will be derived if these issues are handled rightly as discussed in the article we believe will be of great benefits to all parties-the banks, the service providers and ultimately the customers.

REFERENCES

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APPENDIX

Table 1: Sex Distribution of Respondents

SEX	FREQUENCY	PERCENTAGE (%)
MALE	476	70
FEMALE	204	30