News

July ATM withdrawals set record in South Africa

August 4, 2011

Average ATM cash withdrawal values across South Africa, as measured by the Spark Cash Index, showed an increase from June to July and were the highest recorded for July since the launch of the Spark Cash Index in 2007.

The average withdrawal across South Africa for July was about $60.17, a 2.11 percent increase over June’s average.

“This increase was expected and is consistent with previous year’s mid-year activity," said Marc Sternberg of Spark ATM Systems. "The strong performance in July was mainly due to the winter holiday break and there being five full weekends in July, a fairly rare occurrence."

July cash withdrawal averages were up 1.46 percent over July last year, and 10.58 percent over July 2009.

“This is positive news for the South African economy and a sure indicator that consumer confidence is steadily returning," said Sternberg.

The Spark Cash Index gauges consumer spending based on Spark ATM Systems’ network of more than 1,400 ATMs located countrywide to reflect cash demand. Spark ATMs are typically located in convenience stores, gas stations, retail outlets and leisure and hospitality venues.

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