'HISTORIC MILESTONE': THIS nation has just got its first ATM, a 'dream' for its 11,000 citizens

For the first time in its history, the remote Pacific island nation of Tuvalu has just got its first ATM, making a big milestone. 

Now, the smallest and remotest island nation, located some 5,000km from Australia, will have access to electronic banking, making it easier for its citizens. 

The officials called it a "transformative" era of modern banking in the remote archipelago. 

Till date, the nation's 12,000 citizens have done all their banking in cash, with workers enduring long lines to withdraw their wages from the bank each payday. 

But now, citizens will be able to withdraw money at the swipe of a card, and not stand in the long queues outside the banks, to withdraw cash. 

General manager of the National Bank of Tuvalu, Siose Teo, called it a "great achievement" and "transformative switch" that was many years in the making.

"Today not only marks a momentous occasion, but it is also historic as the bank moves into a totally new era, not just in terms of its services but also in terms of its strategic direction," Teo said during his keynote speech.

Meanwhile, Prime Minister Feleti Teo said it was a "significant milestone" with a "noble objective".

Following the launch of the first ATM, dignitaries gathered in front of the ATM, on the main island of Funafuti, to mark the occasion with a 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.

The total cost of the ATM and point-of-sale rollout exceeded A$3 million, which was initiated in 2021, Teo said.

"We've been in an analogue space all along; these were dreams for us," Teo said. "These machines don't come cheap. But with government support and sheer determination, we were able to roll out this service for our people."