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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.
Stakeholders in the built environment forsay the word collaboration cannot be over emphasized as there is need for all the concerned professionals to work in tandem to reduce building collapse to the barrest minimum in the country
They said this at the 34th edition of the Lagos builders conference held in Ikeja Lagos
Th e conference and annual General Meeting is an anual rituals of the Nigeria Institute of building (NIOB) to chart and fashion out ways to improve the standard of the built industry and eradicate the incessant building collapse in the country
Speaker after speaker they spoke on the theme collaboration, corporation and inclusiveness for successful and sustainable building delivery
Chairman, nigeria Institute of building Lagos State chapter, Thomas adeoye says This year’s theme, captures the essence the profession stands for
“I wouldn’t say we have done enough because it is a continuous collaboration and we have to solve the problem as you can see the key note speaker said Nigeria has recorded over 500 hundred collapsed buildings ,it doesn’t speak well of the built profession in this environment, that is why we need to collaborate .
We have gotten to a position where we need put all hands on deck and come together to talk about this issue .And how do we do that ,that is part of what we are doing today
Let’s come together and let’s see how we can address this
Let us see how we can introduce new building materials and how we can do so many things that all this quackery and even professional quackery ,I keep on saying that we have professional quackery .
We all have vital and key roles to play .
It is when we come together and sit on that table and now decide the future of the construction industry “. He said
The conference and AGM which will run from October 22nd to 23rd at the podium international event center Ikeja
The event features panel discussions, syndicate sessions, product exhibitions, networking opportunities
Thr event comes to an end on thursday October 23rd with awards and dinner night
Over the years the builders conference has remained an open forum for learning, dialogue and advocacy
This year the focus on collaboration and inclusiveness is about ensuring that everyone from government agencies to artisans play their part in achieving safer smarter and more resilient buildings across Nigeria.
Nigerian Institute of building (NIOB) Lagos State chapter on Tuesday held a media briefing in readiness of the 34th Lagos builders conference and Annual General Meeting
This year’s edition with the theme, collaboration, corporation and inclusiveness for successful and sustainable building delivery captures the essence the profession stands for
Chairman, Nigeria Institute of building, Lagos State chapter, Thomas Adeoye says the word collaboration cannot be over emphasized as there is need for all the professionals in the built industry to work in tandem to reduce building collapse to the barrest minimum
“We have to give the theme this year as the collaboration cooperation and sustainable in building the development and the reason for this theme is that we realize all stakeholders have to come together as one so that we can push the cause of professionals,because we always have buildings collapse,abandonment and sometimes due to known collaborations
That is the reason why we decided to
call the professionals in the built industry to sit together and talk about how we can
Push sustainability so that building delivery in the country is something everybody will look at and say we have tried ,that is why we choose that collaboration” He said
The conference and agm which will run from October 22nd to 23fd at the podium international event center Ikeja has lined up. Activities that will be both educating and engaging to the delight of attendees
The day will feature panel discussions, syndicate sessions, product exhibitions, networking opportunities, awards and dinner night
Over the years the builders conference has remained an open forum for learning, dialogue and advocacy
This year the focus on collaboration and inclusiveness is about ensuring that everyone from government agencies to artisans plays their part in achieving safer smarter and more resilient buildings across Nigeria.
Team Nigeria dominated the medals table at the Africa Para Badminton Championships 2025, with 36 medals, including 10 gold, 13 silver and 13 bronze as the competition concluded on Sunday.
The National Olympic Committee of Kenya came in second position with 11 medals, comprising four gold, two silver and five bronze medals at the tournament hosted at the International Conference Centre, Umuahia, Abia.
Egypt rounded off the top three with eight medals, including three gold, one silver and four bronze.
Republic of Benin came in fourth position with one gold, two silver and two bronze, whereas Congo Democratic got fifth with one gold and two bronze.
Tunisia occupied the sixth position with one silver and one bronze, as Cameroun got six bronze for the seventh position.
Zimbabwe, Burkina Faso, and Rwanda round off the top 10 with two bronze each as Mauritius completed the medal table with one bronze.
Only Mozambique failed to win any medal among the 12 countries that participated in 19 events of the tournament that started on Oct. 7.
Meanwhile, African queen of para badminton, Eniola Bolaji, Chigozie Nnanna, Chukwuemeka Eze, Ijeoma Chukwuemeka, Mary Nathan, Chinyere Okoro, Munkwoba Gomanand Bello Tukur were among Nigeria’s gold medalists.
The trio of Bolaji, Nnanna and Nathan had won gold medals in their categories at the just-concluded First Abia Para Badminton International held between Sept. 30 and Oct. 5, at the same venue.
Also, Odinachi Uwalaka, Obinna Nwosu, Ifeanacho Ohaeri, Ebikoboere Brown, Abel David, James Akpan and Nendimwa Monday and others won silver for Nigeria on Sunday.
In a speech at the closing ceremony, Gov. Alex Otti of Abia extended warm congratulations and gratitude to all the athletes, officials and delegation that the event an extraordinary celebration of resilience and unity.
Otti, represented by Nwaobilor Ananaba, Commissioner for Sports and Youth Development, said that the experience has been a priceless classroom for Nigeria.
“We have learned, improved and been inspired.
“And let me assure you – Abia will bid to host again, and when we do, we will offer an experience that will far surpass this pioneering effort,” he said.
In a goodwill message, President Badminton Federation of Nigeria, Francis Orbih said that the para athletes had demonstrated that sport is a powerful expression of ability, resilience and human dignity.
He thanked the Badminton World Federation and Badminton Confederation of Africa for their guidance, presence and unrelenting commitment to the advancement of para badminton in Africa
Orbih also expressed profound gratitude to Abia State Government, saying governor Alex otti has not only provided a world-class environment for competition, but also created a home for friendship and unity among others.
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