News
Banks In Bangladesh Now Switching To Cash Recycling Machinesppp

Automated teller machines (ATMs) were once a symbol of modern electronic banking for facilitating quick and easy cash withdrawals alongside other banking solutions, including credit card payments and balance confirmation.
However, banks in Bangladesh are now switching to cash recycling machinesppp (CRMs) as they provide customers the added convenience of being able to deposit or withdraw funds from a single location.
Besides, CRM usage is helping banks reduce their operational expenses associated with having to load the machines with cash for withdrawals by recycling deposited funds.
At the same time, people are increasingly turning toward electronic solutions for fund transfers, bill payments and other transactions in a trend that is gradually reducing the need for cash handling.
Data of Bangladesh Bank showed there were about 13,732 ATMs in the country as of August 2023.
However, the number fell to 13,437 by the end of November that year as banks started reducing their ATMs in rural areas.
On the other hand, CRMs were first introduced in Bangladesh just seven years ago, but their usage has steadily risen with banks having installed 3,897 units as of last November.
Arup Haider, head of retail banking at City Bank PLC, agreed that electronic solutions are becoming exceedingly popular payment methods.
For example, Mobile Financial Services (MFS) are now a major medium for conducting transactions, thereby reducing the need for cash withdrawals and furthering the country’s move towards a cashless society.
Additionally, banks are gradually replacing ATMs with CRMs as the latter enables customers to deposit or withdraw money on a real-time basis from a single spot, he said.
Haider also informed that like ATMs, which mainly facilitate cash withdrawals, banks are gradually phasing out cash deposit machines (CDMs) as these too have little purpose other than taking deposits.
Moreover, the money deposited through CDMs does not show in the customer’s account until after the bank’s cash officers register the transaction, he added.
And although installing CRMs required more investment compared to ATMs and CDMs, banks are preferring CRMs as they reduce the cost of cash replenishment.
“A lot of cost goes into loading cash in ATMs both in terms of money and time. But when it comes to CRMs, it is actually reducing the operating cost,” Haider said.
Md Shafquat Hossain, deputy managing director and head of retail banking at Mutual Trust Bank PLC, said the number of CRMs will grow as they facilitate both deposits and withdrawals.
“These are benefiting banks too. They can bring down the queue of clients in branches,” he added.
Meanwhile, as the cost of operating ATMs is high, some banks are depending on the ATMs of other banks to serve their customers instead of establishing their own.
Md Mahiul Islam, deputy managing director of BRAC Bank, said some big banks are downsizing the number of their ATMs.
“We did not close any ATMs recently. Instead, we are opening subbranches featuring ATMs,” he added.
In May 2023, Standard Chartered Bank (SCB) Bangladesh began to restrict access to ATMs at its branches to encourage cashless transactions.
As such, it eventually closed down several of its ATM outlets.
In an email response regarding the closure of ATMs in May last year, SCB said as cash and ATMs lose relevance and Bangladesh Bank charts a course to become cashless by 2027, it was following suit.
“We started promoting cashless lifestyle through campaigns that we started in March 2023,” SCB said.
“We believe in having separate ATM networks for each bank but having them at the same locations is redundant not only in terms of investment for installation, but the use of electricity and carbon emissions associated with the operation of these networks,” it added.
The SCB also said that since almost all of the ATMS were connected through Visa/Mastercard/National Payment Switch Bangladesh (NPSB) network, it Is only a matter of time before there is a convergence of these networks.
However, Abul Kashem Md Shirin, managing director and CEO at Dutch-Bank PLC, said demand for cash withdrawal through ATMs/CRMs will persist for some time in the future.
“This is because people in Bangladesh are still not ready to go fully cashless. But the growth of ATMs will not be that high anymore as CRM usage will grow,” Shirin added.
At present, Dutch-Bangla Bank PLC has 5,500 ATMs and 2,000 CRMs across the country.
The private bank recently placed work orders to buy another 3,000 CRMs as a part of its effort to install the device at all branches.
News
Official Disclaimer Notice From The Honourable Minister Of State For Finance , DR. Doris Uzoka -Anite

It has come to our attention that a fraudulent website — lankantamil.com — is falsely using the name, image, and identity of Dr. Doris Uzoka-Anite, Honourable Minister of State for Finance of the Federal Republic of Nigeria, in an attempt to mislead the public.
We state categorically that Dr. Uzoka-Anite has no affiliation whatsoever with the aforementioned website or any content being circulated in her name through that channel. The materials therein are entirely unauthorised, deceptive, and intended to misinform the public.
This is a case of digital impersonation and fraud, and the matter has already been reported to the appropriate law enforcement and cybersecurity authorities for investigation and takedown action.
Members of the public are strongly advised to:
Disregard any information, videos, or links associated with this website;
Avoid clicking on or sharing the fraudulent content;
Report such activity immediately to digital platforms or relevant agencies.
The Honourable Minister remains committed to transparent public service and official communication through verifiable and authorised channels only.
News
NIgeria’s External Borrowing Plan For 2024 -2026

On May 27, 2025, the President of the Federal Republic of Nigeria, His Excellency Bola Ahmed Tinubu, GCFR, formally requested the approval of the 2024 – 2026 External Borrowing Rolling Plan from the National Assembly. This press release
provides context and clarification on the purpose and significance of the request.
The proposed Borrowing Rolling Plan is an essential component of the Medium-Term Expenditure Framework (MTEF) in accordance with both the Fiscal Responsibility Act 2007 and the DMO Act 2003. The Plan outlines the external borrowing framework for both the federal and sub-national governments over a three-year period, accompanied by five detailed appendices on the projects, terms and conditions, implementation period, etc. By adopting a structured, forward-looking approach, the plan facilitates comprehensive financial planning and avoids the inefficiencies of ad hoc or reactive borrowing practices. This strategic method enhances Nigeria’s ability to implement effective fiscal policies and mobilize development resources.
The borrowing plan does not equate to actual borrowing for the period. The actual borrowing for each year is contained in the annual budget. In 2025, the external borrowing component is US $1.23 billion, and it has not yet been drawn. This is planned for H2 2025. Also, the plan is for both federal and several state governments across numerous geopolitical zones, including Abia, Bauchi, Borno, Gombe, Kaduna, Lagos, Niger, Oyo, Sokoto, and Yobe States.
Importantly, it should be noted that the Borrowing Rolling Plan does not equate to an automatic increase in the nation’s debt burden. The nature of the rolling plan means that borrowings are split over the period of the projects. For example, a large proportion of projects in the 2024. – 2026 rolling plan have multi-year draw downs of between 5 – 7 years, which are project-tied loans. These projects cut across critical sectors of the economy, including power grids and transmission lines, irrigation for improving food security, fibre optics network across the country, fighter jets for security, and rail and road infrastructure.
The majority of the proposed borrowing will be sourced from Nigeria’s development partners, including the World Bank, African Development Bank, French Development Agency, European Investment Bank, JICA, China EximBank, and the Islamic Development Bank. These institutions offer concessional financing with favourable terms and long repayment periods, thereby supporting Nigeria’s development objectives sustainably.
The government seeks to reiterate that the debt service to revenue ratio has started decreasing from its peak of over 90% in 2023. The government has ended the distortionary and inflationary ways and means. There are significant revenue expectations from the Nigerian National Petroleum Corporation (NNPC) and technology-enabled monitoring and collection of surpluses from Government Owned Enterprises and revenue-generating ministries, departments, and agencies, including legacy outstanding dues.
Having achieved a fair degree of macroeconomic stabilization, the overarching goal of the Federal Government is to pivot the economy onto a path of rapid, sustained, and inclusive economic growth. Achieving this vision requires substantial investment in critical sectors such as transportation, energy, infrastructure, and agriculture. These investments will lay the groundwork for long-term economic diversification and encourage private sector participation. Our debt strategy is therefore guided not solely by the size of our obligations but by the utility, sustainability, and economic returns of the borrowing. Ensuring that all borrowed funds are efficiently utilized and directed toward growth-enhancing projects remains a top priority.
In conclusion, the government remains committed to keeping borrowing within manageable and sustainable limits in accordance with the DMO Debt Sustainability Framework. The ongoing tax reform agenda and other revenue initiatives will further improve revenue generation and prudent financial management. We reaffirm our dedication to fiscal discipline, transparency, and accountability. Constructive public engagement and legislative oversight are vital components of our journey toward long-term economic stability and inclusive national prosperity.
News
Jafiya Pledges Support For Unity Schools’ Renewal

The Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya, has assured the Unity Schools Old Students Association (USOSA) of her commitment to collaborating with relevant Ministries, Departments, and Agencies (MDAs) of the Federal
Government to address the current challenges plaguing the Schools in the country
The Permanent Secretary gave this assurance during a courtesy visit by the USOSA delegation led by its President General, Mr Michael Ibrahim Magaji, to her office in Abuja today.
Mrs Jafiya emphasized the priority accorded to Education under the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration and assured the delegation of her commitment to collaborating with relevant MDAs to find solutions.
Led by Mr Magaji, the delegation comprising representatives of EXCOs from various Unity Schools, including Sokoto, Yola, Warri, Jos, Kano, Ibillo, Bwari, and Ogbomosho, stated that their visit was to solicit the Permanent Secretary’s kind intervention towards addressing the challenges facing Unity Schools in the country
The delegation highlighted pressing issues affecting students and teachers, including inadequate electricity, lack of digitization, health concerns, dilapidated hostel accommodations, as well as security threats, and appealed to the Permanent Secretary to leverage her position to engage relevant MDAs, including Education, Communication and Digital Economy, Health, and Lands, to address these issues.
Notably, as an old student of Unity Schools herself, Mrs Jafiya expressed her resolve to support the renewal of Unity Schools, underscoring her commitment to the alma mater.
The Permanent Secretary’s commitment marks not only a significant step towards revitalizing these institutions but more importantly enhancing the learning experience for Nigerian students, paving the way for collaborative efforts to restore Unity Schools to their former glory
-
Sports11 months ago
Ajegunle City Youth Marathon Holds November 30
-
Sports1 year ago
Rilwan Abdulafeez Defeat Samuel Moses To Win HBE Title
-
Sports1 year ago
Tunde Fadare wins Brand New Car At NNPC Table Tennis Championship
-
Sports5 months ago
Nigerian Cyclist Samuel Fasema Completes Epic Lagos to Maiduguri Ride
-
News1 year ago
Edo Gubernatorial Election: Alex Otti Throws Weight Behind Olumide Akpata
-
Entertainment2 years ago
First Lady, Shettima’s Wife Extend Support to Ailing Nollywood Icon Zack Orji
-
Sports1 year ago
AIPS AWARD: Lagos SWAN Congratulates Abiodun Adewale For Winning AIPS/AGL AWARD in Abidjan.
-
News1 year ago
AFRICAN WARRIORS FIGHTING CHAMPIONSHIP ‘KING OF DAMBE’ TO FEATURE 1ST FIGHTER FROM GREAT BRITAIN COMPETING IN DAMBE