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Cash couriers lack fuel to stock ATMs

24 Jul 2022

  • Customers complain many ATMs inoperative after certain hours
By Tanya Shan Cash couriers of most Licensed Commercial Banks (LCBs) that transport money to Automated Teller Machines (ATMs) are running out of fuel, disrupting the functioning of ATMs in most places across the country including Colombo and its suburbs, The Sunday Morning Business learns. Following a query by The Sunday Morning Business on why certain ATMs do not operate after certain hours, several banks confirmed that in most cases there was a lack of fuel for their cash couriers to transport money to these ATMs. A few also attributed it to the frequent power outages.  Customers were seen complaining on social media that they were unable to withdraw money from ATMs at many places during several time periods, questioning the convenience of having debit cards if they were unable to withdraw their own money at any given time.  As of the first quarter of 2021, Sri Lanka had about 4,250 ATMs across the country, according to Central Bank of Sri Lanka (CBSL) data. ATMs were introduced to Sri Lanka in 1986. Customers are further inconvenienced at present due to the banks’ inability to issue debit/credit cards amidst a prevailing shortage of plastics that are used to manufacture payment cards.  The plastic used for credit cards is polyvinyl chloride acetate, most commonly known as PVCA or PVC. Bans and forex shortages in the banking system have made it difficult for Sri Lanka to rely on imports for most of its needs, including essential items. According to statistics published by the CBSL Payments Bulletin for Q3 of 2021, a total of 62,855 new credit cards were issued during the quarter, through which Rs. 12 million had been transacted.  Furthermore, a total of 2,071,348 cards were in use during Q3 2021, which is an increase from 1,981,285 in Q3 2020.  However, CBSL data reveals that a total of 175,152 credit cards had defaulted as of Q3 2021 – approximately Rs. 16.4 billion in value.  


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