NBE Reports Growth in ATMs and PoS Terminals in Ethiopia

The financial services landscape in Ethiopia is changing rapidly. Significant increases in the number of ATMs and Point of Sale (PoS) terminals in Ethiopia highlight this transformation. As of June 2024, these developments strongly focus on accessibility and convenience in banking and payment solutions.

By the end of June 2024, the number of ATMs across Ethiopia grew by 34.2%, reaching a total of 10,551, as per the National Bank of Ethiopia data. This growth shows that banks are expanding their infrastructure to meet the rising demand for cash transactions. Many consumers still prefer cash for everyday purchases despite the popularity of digital payments. Additionally, financial inclusion initiatives aim to bring banking services to underserved areas, further increasing ATM installations.

The number of PoS terminals has also seen significant growth. Moreover, NBE shared that by June 2024, this number rose by 16.7%, reaching 14,030. The entry of non-bank PoS operators into the market has fueled this expansion. More PoS terminals mean more excellent payment options for merchants and consumers. As cashless transactions become more popular, merchants are adopting PoS solutions to meet consumer demand.

Debit card usage is on the rise as well. By June 2024, the number of debit cards in circulation increased by 18.5%, totalling 45.5 million. This trend shows a clear preference for electronic payments over cash among consumers. Debit cards offer convenience and enhanced security compared to carrying cash.

In conclusion, the financial services sector is undergoing a significant transformation. The growth in ATMs, PoS terminals, and debit card usage in Ethiopia enhances consumer convenience and reflects a broader shift toward digital banking. These trends will shape the future of financial services, making them more accessible and user-friendly for everyone.

Other Stories

Demeke Mekonnen Launches Yadam Foundation