A new ATM was installed in the village of Panayia, significantly improving banking access for local residents, according to Diko MP Chrysanthos Savvides. The announcement, made on Thursday, reflects a commitment to addressing the financial needs of the community.
“It is with great joy and satisfaction that we announce that yet another commitment of ours has been implemented,” Savvides stated. The installation of the ATM is seen as a response to a pressing request from the residents, who have long faced challenges in accessing banking facilities.
The MP expressed gratitude to the village council and mountain commissioner Charalambos Christofinas for their support in bringing the project to fruition. “We are continuing to work consistently and responsibly to improve the quality of life of the residents of our mountainous communities,” he added.
The new machine comes at a time when there has been growing concern among MPs regarding the dwindling number of ATMs in rural areas. Over recent years, operational ATMs have declined, leaving many residents without easy access to cash. This issue has been highlighted repeatedly in parliamentary discussions.
Last year, House commerce committee chairman and Disy MP Kyriacos Hadjiyiannis raised alarms about the inconveniences faced by villagers. He lamented how people often have to travel from village to village only to find that the ATMs they encounter are frequently out of order. “It’s a shame what is happening, and I am sorry, because, at the end of the day, our banks only take. They absorb profit from people without returning anything at all,” he stated.
During the same committee session, MP Michalis Yiakoumi shared a personal anecdote, recounting a tragic incident involving his great uncle who died in a traffic accident while searching for an ATM in the Famagusta district. “I have strong feelings about this,” he remarked, emphasising the dire need for improved banking access.
Criticism has also been directed at the banks for their perceived lack of social responsibility. Hadjiyiannis pointed out that banks appear indifferent to the plight of rural residents, particularly the elderly, who require accessible banking services. He argued, “It is imperative that they come to serve the elderly. It is their human right to receive money from a reasonable distance.”
Akel MP Costas Costa expressed his disappointment with bank representatives and the Central Bank, who he feels are out of touch with the realities faced by villagers. “It’s like they live in a parallel universe, in their own cloud. They don’t live in the real world, they don’t want to know what’s happening in the countryside,” he said.
In discussions, banks cited high maintenance costs as a reason for not installing more ATMs in rural areas, a justification that Costa and others found unacceptable. “Where do the hundreds of millions that banks make every year go? Could they not invest a very small part of those profits in real people?” he questioned, calling for a change in the way banks operate.
The cost of installing an ATM ranges between €12,000 and €15,000, an expense borne by JCC, the provider in which Cyprus’ banks hold shares. As Panayia welcomes its new ATM, the hope remains that other rural areas will also benefit from similar banking improvements in the near future.
