South African ATM Cash Withdrawals Drop After Big Holiday Spending

By PYMNTS | May 14, 2013

South Africans have reportedly spent and withdrawn less cash In April, according to recent statistics by South African Spark ATM Systems, per ATM Marketplace. South African consumers had a high rise in ATM withdrawals in March due to the holidays in the country. The statistics indicated the average number of cash being withdrawn from ATMs dropped .73 percent in April with R 461.65 taken out per transaction. However, the report showed a year-on-year comparison, which revealed ATM withdrawals, increased by 6.01 percent.

“Interestingly, if one draws a linear trend line through the monthly changes, one clearly sees that a gain in one month is often negated in the next month. The average growth percentage in cash withdrawals from 2012 until now is only about .16 percent which, although a positive figure, translates into the possible slowing of consumer disposable income,” Ronel Oberholzer, economist at HIS Global Insight in sub-Saharan, said to ATM Marketplace.