The Cyprus Third Age Observatory strongly condemns the banks' refusal to install Automatic Teller Machines (ATMs) in rural and remote areas, expressing profound disappointment and dissatisfaction.
This decision exacerbates the already challenging circumstances the elderly face, particularly following the closure of cooperatives and bank branches in large communities. Despite the banks' promotion of the cash-back service, which few businesses in these areas offer, they fail to grasp the unique challenges encountered by older people and need to be more responsive to the pressing needs of rural and mountainous regions.
That is not merely a request but a demand from older people to the banks, whom they have supported through arduous times and have paid the price for the mismanagement and breakdown that led to well-known events and memoranda. It is time for the banks to reciprocate and support vulnerable segments of Cypriot society. Older people require new ATMs and the establishment of branches to cater to their needs, as many need help to adapt to digital banking. Without access to traditional banking services, they are neglected and susceptible to financial exploitation by third parties.
The argument that managing ATMs is costly holds little weight when considering the substantial profits banks accrue. These profits should be redirected towards supporting vulnerable populations. The state must cease its leniency towards banks and compel them to promptly address the needs of rural communities, as is customary in modern states, instead of allowing older people to be marginalized.
The Observatory urges the Minister of Finance, the House of Representatives, the Director of the Central Bank, and relevant commissions and committees to exert pressure on banks and devise immediate solutions. No banking institution should be exempt from its responsibility to Cyprus's citizens.