Lao Development Bank updates ATM systems
State-owned Lao Development Bank (LDB) is set to upgrade its ATM network across the country over the weekend resulting in customers facing a temporary stoppage to such services through the bank’s system.
The ATM system cannot be used due to programme installation from Friday June 23 at 10pm until Saturday June 24 at 4pm, according to the bank’s announcement.
The notice also said that some ATMs are still undergoing improvements from 24-27 June.
The project will be complete by June 27 at which time regular services will be resumed.
LDB Managing Director General, Mr Boualien Phommavongsa hailed the upgrade as a customer service measure yesterday.
“The ATM update project is to catch up with the changes and developments of customer needs in the country,” he said.
LDB has changed its old ATM system from cards that contain magnetic strips to Union Pay Debit Chip cards.
The new system is more secure and provides more options to card holders as they use them overseas for transactions.
At present some commercial banks in Laos are already using the ATM Union Pay Card such as BCEL, among the biggest commercial financial institutions in the country.
As of June 26, LDB will begin to welcome its card holders to bring old cards to exchange with new ones.
Continuing customers will receive free service with no fees charged.
A marketing official of the bank said that now LDB has 207 ATM units available nationwide, but the demand for more remains high.
The bank has set an annual plan to install more.
Mr Boualien said that the bank is set to commence improvements to existing mobile and internet banking services shortly after the completion of the ATM update project.
The Lao Development Bank is one of two state enterprises including Agriculture Promotion Bank that the government has been calling on to carry out improvements to ensure that they can perform efficiently and sustainably.
Presently, Laos has about 130 state-owned enterprises, and some of them are operating their businesses with no profits and registering capital losses.
Thus, the government is seeking to catalyse the improvements necessary.