ATMs, mobile money both growing in Kenya

Nov. 26, 2012

The popularity of mobile phones and plastic for financial transactions is rising in Kenya, while the use of ATMs is falling. But that's not the whole story: The total value of ATM transactions has actually grown in the past year by more than 12 percent.

An article by Business Daily Africa quoted data from the Central Bank of Kenya, including the fact that the number of ATMs and ATM cards had increased modestly since 2010, from 2,217 to 2,311 (about 4 percent) and from 1.35 million to 1.47 million (about 9 percent) respectively.

George Nyamao, KCB Group senior manager for ATM services told Business Daily Africa that Kenya is still heavily cash based, so ATM use would never be eliminated. "The usage of ATMs will continue to rise in the short run, with an expected stagnation at some stage as direct electronic transfers become more popular," he said.

Nyamao said many banks were adding services to increase the utility of their machines. 

For more on this topic, visit the trends/statistics research center.

Topics: ATM & Mobile Banking , Installation / Deployment , Middle East & Africa , Mobile Payments , Trends / Statistics

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