News

Spark ATM Systems reports a drop in ATM cash withdrawals

March 14, 2011

Spark ATM Systems, a South Africa-based independent ATM deployer, yesterday reported a drop in average cash withdrawals in February compared with January.

The Spark Cash index recorded an R404 (U.S. $58.00) average cash withdrawal last month compared with R407 (U.S. $58.29) in January, said Marc Sternberg, managing director of Spark ATM Systems, which is based in Cape Town. February's cash withdrawal rate, however, was an improvement over the R396 (U.S. $56.81) average withdrawal rate recorded in February 2010. South Africa's currency is the Rand.

"Consumers are following a similar pattern to previous years, allowing prudence to take hold in the early part of the year and only increasing expenditure in time for Easter," Sternberg said. However, the drop in February is a lot less than we have seen in recent years and this could indicate a continued uptick in consumer confidence."

Spark ATM Systems owns and operates more than 1,000 ATMs throughout South Africa. The Spark Cash index measures cash withdrawals from those machines.