What Technological Breakthrough Has Had a Major Impact on the Lives of Nigerians?
Although mobile technologies and the internet have had a significant impact, other technological advancements have also made an enormous difference in the lives of Nigerians.
One of Nigeria’s most prominent technological breakthroughs has been the introduction of Automated Teller Machines (ATMs) in the early 1990s. ATMs have revolutionized the banking sector, making it easier for Nigerians to access their money, pay bills, and transfer funds without needing a physical visit to a bank branch.
ATMs have significantly impacted the lives of Nigerians, especially those living in rural areas where banking services were previously scarce. We can say that ATMs have helped to improve financial inclusion and make banking services more accessible to a broader population.
In this article, we will explain how the introduction of ATMs has greatly impacted the lives of Nigerians and how it has improved financial inclusion and made banking services more accessible.
How The ATM Has Impacted the Lives of Nigerians
Before the introduction of ATMs in Nigeria, banking services were primarily restricted to physical bank branches. Nigerians had to visit bank branches to perform basic banking transactions like depositing, withdrawing, or transferring funds.
This process was often time-consuming and involved long queues, especially in cities where bank branches were few and far between. Access to banking services was even more limited for rural people.
The introduction of ATMs in the early 1990s changed this. ATMs are electronic machines that allow customers to carry out basic banking transactions without needing a physical visit to a bank branch.
With ATMs, Nigerians can access their money, pay bills, and transfer funds at any time of the day or night, seven days a week, without queueing at a bank branch.
One of the most significant impacts of introducing ATMs in Nigeria has been the improvement of financial inclusion. Financial inclusion refers to the ability of individuals and businesses to access and use financial services.
Before the introduction of ATMs, financial inclusion in Nigeria was low. Most Nigerians, especially those living in rural areas, needed access to banking services. This made it difficult for them to save, invest, and access credit, limiting their ability to grow their businesses and improve their living standards.
ATMs have helped to improve financial inclusion in Nigeria by making banking services more accessible to a wider population. With ATMs, Nigerians can now access essential banking services even in rural areas where bank branches are few and far between.
This has helped increase financial literacy and inclusion and positively impacted the economy by making saving, investing, and accessing credit easier.
Another significant impact of introducing ATMs in Nigeria has been the reduction of cash handling and related security risks. Before the introduction of ATMs, bank branches had to handle large amounts of cash, which made them vulnerable to theft and other security risks.
With ATMs, cash is stored in a secure machine that can only be accessed using a bank card and a personal identification number (PIN). This has helped reduce the risk of theft and other security incidents, making banking safer and more secure for customers and banks.
ATMs have also helped to improve the efficiency of banking operations in Nigeria.
With ATMs, banks can carry out basic banking transactions without needing a physical visit to a bank branch. This has helped to reduce the workload on bank staff, enabling them to focus on more complex and value-added services.
The most recent significant impact will be during the new Naira note scarcity in the country’s first few months of 2023. The federal government had issued a deadline for transacting with the old notes even when the new notes were not yet in circulation. With ATMs, people transacted in the local markets, supermarkets, and even in paying for transportation fares and every other transaction anyone needed to carry out.
Indeed, the introduction of ATMs and the POS has made the lives of Nigerians easier and never had this impact been felt this much until 2023.
It has also helped to reduce the cost of banking services by reducing the need for physical bank branches and staff.
Furthermore, the introduction of ATMs has positively impacted the banking customer experience in Nigeria. With ATMs, customers can carry out basic banking transactions quickly and easily without queueing at a bank branch.
This has helped to improve customer satisfaction and loyalty and has also helped to reduce the cost of customer acquisition and retention for banks.
Other Technological Breakthroughs that Have Impacted the Lives of Nigerians
Other prominent technological breakthroughs that have had a significant impact on the lives of Nigerians include but are not limited to the following:
- Solar energy systems
- Automated fertilizer blending plants
- Electronic payment systems
- Biometric verification number (BVN) system together.
Solar energy systems have become increasingly popular in Nigeria in recent years, providing a reliable and sustainable source of electricity for households and businesses across the country.
The impact of solar energy systems has been significant, especially in rural areas with limited access to electricity. Solar energy systems have helped to improve the quality of life for Nigerians by providing them with a reliable source of electricity for lighting, cooking, and powering household appliances.
This has resulted in increased productivity and economic growth in these areas.
Automated fertilizer blending plants are also a recent technological breakthrough in Nigeria. They have state-of-the-art technology to blend fertilizers according to specific soil and crop requirements.
The impact of automated fertilizer blending plants has been significant in Nigeria, helping to improve the quality of fertilizers, increase crop yields, and enhance the productivity of the agricultural sector.
The plants have also helped to reduce the cost of fertilizers for farmers, as they no longer have to purchase pre-mixed fertilizers that may not be suitable for their specific soil and crop requirements.
Another one is the electronic payment systems which have revolutionized financial transactions in Nigeria, making them more convenient, secure, and efficient. This has significantly impacted the lives of Nigerians, especially in terms of financial inclusion.
Electronic payment systems have made financial services more accessible to a wider population, reducing the cost of financial transactions and promoting financial inclusion.
The biometric verification number (BVN) system is a unique identification system that captures biometric data such as fingerprints and facial recognition and links it to a unique identification number used to verify the identity of account holders across all banks in Nigeria.
The impact of the BVN system has been significant in Nigeria, helping to curb fraud and financial crimes, enhance the integrity of the financial system, and promote financial inclusion.
The system has made it easier for Nigerians to access banking services and carry out transactions, as they can now use their BVN to access their accounts from anywhere in the country.
Altogether, these technological breakthroughs have significantly impacted the lives of Nigerians by improving access to electricity, enhancing agricultural productivity, promoting financial inclusion, and curbing financial crimes.
They have helped improve Nigerians’ quality of life, enhance economic growth and development, and promote sustainable development.
Conclusion
Nigeria’s technological breakthroughs have significantly impacted its citizens’ lives, bringing about improvements in various sectors such as agriculture, finance, and energy.
From solar energy systems that have provided reliable electricity to rural areas to the biometric verification number system that has enhanced the integrity of the financial system, these breakthroughs have promoted sustainable development, economic growth, and financial inclusion in the country.
The impact of these breakthroughs on Nigerians cannot be overstated, as they have improved access to basic needs such as electricity and financial services, promoted productivity in the agricultural sector, and provided opportunities for innovation and entrepreneurship.
It is vital to continue to invest in technological advancements in Nigeria to further enhance the quality of life for its citizens and promote sustainable development in the country.
With continued investment and innovation, Nigeria can continue to lead the way in technological advancements in Africa and beyond.
