ATM Use Declines in Kenya as Mobile Banking Gains Pace

ATM Use Declines in Kenya as Mobile Banking Gains Pace
An ATM hubi n Kenya

More people are opting to avoid using cash in their daily transactions in Kenya and this has reduced the use of Automated Teller Machines (ATMs) in Keny, according to recent data from the Central Bank of Kenya. At least, 2,393 machines were used in July this year, the lowest level since July 2013, further affirming that Kenyans have embraced mobile banking and agency banking. According to data from the Central Bank of Kenya (CBK), ATM use decreased by 31 machines in the 12 months to July 2021, from 2,424 to 2,393.

As the number of ATMs in East Africa’s largest economy fell, debit cards issued by banks have increased to 10.8 million at the end of July 2021 compared to 10.3 million at the end of July 2020. In contrast, the number of credit cards in circulation dipped to 324,636 in July, from 328,489 a year earlier. Point of Sale (POS) machines, often found in retail stores, grew to 48,877 in July 2021 from 45,759 in the same period last year.

Your Friends Also Read:  AfDB Grants South Sudan $14M to Boost Agriculture

As per data from CBK, the number of debit card transactions on Automated Teller Machines jumped to 6.87 million in July this year from 4.88 million a year ago. Transactions on Point of Sale machines increased to 3.48 million from 2.79 million in the same period in 2020.

Mobile money transactions continued to increase during the year, touching a high of 184 million in July from 158 million transactions in the same period last year. On average, Kenyans transacted KSh19.6 billion daily on their mobile phones in July this year as per CBK data.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.
Your Friends Also Read:  Business Edge | Kenya's Budget Deficit In 2022 



Leave a Reply

Previous Article

Commerce Moves Up as Nigeria’s Autocheck Acquires Cheki Kenya and Uganda

Next Article

Guinea Junta Releases Political Detainees to Gain Popular Backing

Related Posts
Powered by Live Score & Live Score App