Non-Financial Companies May Install New ATMs to Already Existing Networks

This regulation authorizes non-financial institutions to install ATMs and connect them to already existing networks (Banelco and Link). Moreover, it will be mandatory for banks to accept the transactions carried out by their clients in such ATMs.

An increased number of ATMs means having better access to cash and more opportunities for conducting electronic transactions; thus intensifying financial inclusion and encouraging the development of the financial system in a competitive environment.

How do these ATMs work?

Information about the transactions available and their fees, if any will be displayed. And the user will be given the chance to cancel a transaction at no cost.

Furthermore, debit card issuers will not be authorized to charge other fees than those displayed on the ATM screen.

April 11th, 2018