A report titled “In Pursuit of Value,” by KPMG reveals a significant drop in the weekly usage of Automated Teller Machines (ATMs) from 70% to 40% due to the scarcity of cash in circulation.
The report is based on the experiences of surveyed customers from Nigerian and Ghanaian banks throughout the year 2023.The survey highlights a notable decline in ATM usage in Nigeria, attributing it to the frequent unavailability of cash in many bank ATMs.
Interestingly, the rise in agency banking is emphasized in the report, indicating a continued preference for cash options. This trend is primarily driven by the popularity of bank agents across the nation, showcasing customers’ desire for readily available cash alternatives.
Additionally, the survey discloses a substantial increase of 52% in digital payment transactions between January and October 2023, according to data from the Nigeria Inter-Bank Settlement System (NIBSS). This shift underscores the growing reliance on digital payment mediums amid challenges associated with physical cash availability.