News

South African ATM market poised for 'massive' growth

February 10, 2012

Spark ATM Systems, the Cape Town, South Africa-based ISO, installed a record total of 205 new ATM’s in the final quarter of 2011, according to an article in Cape Business News. The company also set a new benchmark in December 2011 with 76 new installations that month.

According to Marc Sternberg, managing director for Spark, Q4 results indicate the latent potential of the South African ATM market. “As South Africa’s economy and the level of banked consumers grows, the country will continue to experience an increasing demand for access to cash via ATMs.” he said. “This demand, specifically driven from consumers and businesses in rural locations, will be a key driver in the continued growth of the local ATM market over the next five years.”

RBR research predicts that the Middle East and Africa will be the fastest growing regions for ATMs with an expected 94 percent growth rate from 2009 to 2015. “This predicted growth is massive compared with forecasts for developing economies such as the Western European and North American markets,” Sternberg said. Projected growth in those developed markets is 12 percent and 4 percent, respectively.

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