ATMs on the decline as mobile banking picks up

August 31, 2017
A bank customer uses an ATM Machine/FILE

, NAIROBI, Kenya, Aug 31 – Use of technology in the banking sector has seen a reduction in the number of the Automated Teller Machines in Kenya in 2016 by 2.3 per cent compared to 2015.

This is according to the 2016 Bank Supervision Department annual report by the Central Bank of Kenya.

“The decrease in the number of ATMs by banks has been driven mainly by adoption of cost effective channels of offering financial services such as the use of mobile banking platforms,” said Gerald Nyaoma Director, Bank Supervision Department.

In 2016 banks closed about 62 ATM machines reducing the total number of the machines to 2656 compared 2,718 ATMs in 2015.

The banking sector has been evolving, with mobile banking, agency banking and online banking taking the lead.

Mobile banking has taken the lead, with most loans and withdrawals now being offered over the phone.

Latest Articles

Live prices

Stock Market