TECHNOLOGY: ATM Market Growing Fast
Recent Western Cape Business News
Spark ATM Systems, the Cape Town-based independent Automated Teller Machine (ATM) deployer, installed a record total of 205 new ATM’s in the final quarter of 2011. In addition, December 2011 also set a new benchmark for the company with a total of 76 new installations during the month.
According to Marc Sternberg, Managing Director of Spark ATM Systems, the latest quarter installation results are further indication of the potential for 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. 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,” says Sternberg.
The latest Retail Banking Research report predicts that the Middle East and Africa regions will be the fasted growing region for ATMs with an expected 94% growth rate for the period of 2009 to 2015. “This predicted growth is massive compared with forecasts for developing economies such as the Western European (12%) and North American (4%) markets,” says Sternberg.
“With a density of ATMs of 430 per 1m people, a growing middle class and huge strides being made in banking the unbanked, we are very excited about the potential of the South African ATM market over the short to medium term,” he concludes.
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