Forecast: Number of ATM Cash Withdrawals in South Africa

The historical data demonstrates a varied pattern in the number of ATM cash withdrawals in South Africa. From 2013 to 2023, recorded values show an irregular growth trend. The numbers rose steadily from 2013 to 2016, flatted in 2017, declined slightly in 2018, and then positioned up to 1.2 Billion units in 2019. The significant drop in 2020 (-15.91%) was followed by a robust recovery in 2021 (+28.11%). By 2023, the withdrawals stood at 1.26 Billion units, reflecting a muted growth of 1.19% compared to the previous year. The average annual growth (CAGR) over the last five years was 1.65%.

The forecasted data suggests a steady increase from 2024 to 2028. Annual growth rates are estimated around 0.93% CAGR with a cumulative growth rate of 4.72% over these five years, reaching 1.34 Billion units in 2028. This indicates a moderate but stable trend forward.

Future trends to watch for include potential impacts from increased digital payment adoption and financial industry innovations. Emerging technologies like mobile wallets and cryptocurrencies could alter cash demand, possibly slowing growth in ATM withdrawals over the long term.