Forecast: Number of ATMs (Automated Teller Machines) in Kenya

From 2013 to 2023, Kenya witnessed a fluctuating trend in the number of ATMs per hundred thousand persons, peaking at 9.69 in 2015 and gradually declining to 6.26 in 2023. The CAGR from 2018 to 2023 was -7.31%, indicating a consistent decrease. The largest drop occurred between 2018 and 2019 with a 15.96% decline. The year-on-year variation also showed a consistent downward trend from 2019 onwards.

Future trends indicate a continued reduction in ATMs, forecasted to decrease to 5.19 by 2028. The forecasted 5-year CAGR from 2024 to 2028 is -2.83%, with an overall growth rate of -13.36%. This ongoing decline suggests a shift towards digital banking solutions and changing consumer preferences in financial transactions.

Trends to watch for:

• Increased adoption of mobile banking and digital payment platforms.
• Shifts in consumer behavior towards cashless transactions.
• Technological advancements in banking services and infrastructure.