Forecast: Number of ATMs (Automated Teller Machines) in South Africa

South Africa's ATM penetration exhibited notable fluctuations from 2013 through 2023. The number of ATMs per hundred thousand persons peaked in the mid-2010s and saw a significant decline from 2019 to 2021, possibly due to digital banking advancements and economic shifts. However, a rebound began in 2022 and continued into 2023. By 2023, the figure stood at 68.17 units, reflecting a moderate recovery with a 4.22% year-on-year growth from 2022. The compounded annual growth rate (CAGR) over the past five years was 0.37%, indicating a relatively stable but slow upward trend.

Looking ahead to the forecasted data, the number of ATMs is expected to grow steadily, achieving a forecasted 1.26% CAGR from 2024 to 2028. This growth represents a projected rise of 6.48% over the five-year period. Factors contributing to this trend include sustained economic recovery and potential banking sector initiatives to reach underserved areas.

Future trends to watch for include:

• Increased adoption of mobile banking, potentially slowing the need for physical ATMs.
• Continuing focus on financial inclusion efforts targeting rural and remote areas.
• Emerging technologies such as blockchain and fintech solutions influencing ATM usage and distribution.