CUCB becomes first Community Bank to offer ATM service

Covenant University Community Bank (CUCB) has made history by becoming the first Community Bank in the country to offer online real time payment system and a 24-hour daily cash withdrawal facility for its customers via automated teller machine (ATM).

The commissioning of the Bank’s first ATM machine, which is part of the University’s management’s efforts in making the campus a cashless community, was performed by Pastor (Mrs) Faith Oyedepo, who stood in for the Chancellor, Dr David Oyedepo, on Thursday, November 30, 2006.

In her remarks at the occasion, Pastor Oyedepo, who also made history by being the first person to withdraw cash from the machine, said the event had opened a new chapter for the vision-driven University, which would definitely rub on its staff and students and urged the University community to maximize the benefit the facility offers.

Earlier, the Vice Chancellor, Prof Aize Obayan, said CU was determined to become a world class University, adding that the provision of an ATM in its campus would further boost its efforts and drive for excellence as well as help the cash needs of participants during some of its international conferences.
The Vice Chancellor thanked the Chancellor, the Board of Regents, the Management of CUCB and E-Tranzact Company, for the innovative service.

The Registrar, Yemi Nathaniel, in his welcome speech, said change was inevitable in life, adding that the provision of the ATM would facilitate faster access to cash, thereby bringing about increased productivity and efficient use of time.

Others who spoke at the historic occasion were the Chairman of the CUCB, Mr Niyan Taiwo and the MD of E-Tranzact, Deacon Val Obi.

Mr Taiwo, who promised more ATM for the University community, said the launch was a glorious dream come true, as electronic banking has become a necessary trend world over.

Deacon Obi also explained other platforms and windows of opportunities that the ATM and the overall electronic banking facilities of the Bank would afford its customers.

He said E-Tranzact, which powers the CUCB’s electronic banking system and that of other banks (Access Bank Plc. Bank PHB, Ecobank Plc, FCMB, GTBank Plc, Intercontinental Bank Plc, Oceanic Bank Plc, Sterling Bank Plc, SKYE Bank, South West Ikoyi Community Bank, UBA Plc, Union Bank Plc, Unity Bank Plc and Zenith Bank Plc.) in two continents, namely Europe and Africa, was a product of the Living Faith Commission as the vision was handed over to him after he attended a service at the Faith Tabernacle, Canaan land, Ota.

Other Principal Officers of University, staff and students witnessed the event.