News

Cash withdrawals in South Africa will peak this week

December 20, 2011

The latest cash withdrawal statistics released by Spark ATM Systems, a South African independent ATM deployer, show that holiday season spending for December is fast gathering momentum and will reach its peak this coming week.

The Spark Cash Index, which measures the average value of withdrawals across more than 1,500 Spark ATMs throughout the country, reflected a 2 percent year-on-year increase for Dec. 1-18, increasing from R436 in 2010 to R445 in 2011. The average withdrawal value recorded for Dec. 11-18 was R449.

"With the final Christmas shopping deadline nearing on Saturday, coupled with the timing of month-end salaries, consumer spending will increase significantly this week. The amplified retail activity will also ensure that the highest average withdrawal value of R447, recorded during December 2010, will be beaten this month," said Marc Sternberg of Spark ATM Systems.

The value for the SCI is obtained using the following formula: Cash dispensed for the month divided by the number of cash withdrawals for the month across a selection of Spark ATM's network of ATMs. The sample size covers both urban and rural areas across all nine provinces of South Africa.

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