Filenews 18 August 2025 - by Angelos Angelodimou
The effort to serve the public as best as possible, in terms of their transactions and the provision of cash, continues on the part of commercial banks. The decision to close a number of bank branches, mainly in mountainous and remote areas, has created new data, as it has made it significantly difficult to secure cash. Above all, the problem is more acute in mountainous areas, with older people using cash for their daily transactions, as a result of the fact that they are not familiar with the new technology systems that banks seek to promote, thus reducing their operating costs. Therefore, banks are trying to find new ways to serve the public, especially the elderly, who prefer cash.
The whole effort is focused on the installation of new ATMs mainly in mountainous and remote areas where there is no longer a bank branch, as well as on the increase of cashback points, from where it is possible to secure cash up to €100 per transaction. It is recalled that a few months ago, 11 new ATMs had operated in: Argaka, Salamiou, Pissouri, Astromeriti, Pelendri, Lythrodontas, Eptagonia, Parekklisia, Avgorou, Frenaros and Xylotymbou. As we are informed, in some of the new points, there is a lot of use of ATMs, while in others, on the contrary, transactions of only a few euros are carried out. For banks, the installation of an ATM does not only involve its transfer and operation, but also its cash feedback, maintenance, fault repair and more, which burdens its operating costs. Nevertheless, our information indicates that in the immediate future, the banks, in cooperation with the JCC, will proceed with the placement of additional 3-4 ATMs at points where needs arise.
In addition to ATMs, there is the alternative option of cashback points, where in retail businesses such as supermarkets, bakeries, kiosks, gas stations and other points, there is the possibility of securing cash up to €100 per transaction. Although there were some problems at the beginning, mainly on the part of kiosk owners, but also from shops in remote areas, gradually the whole effort seems to be embraced by the public. Hence the intention to significantly increase these points.
It should be noted that the reason for the reaction of some entrepreneurs was the fact that the turnover they made did not allow them to give the €100 to any customer who asked for it, following the transaction they carried out. This was mainly the case in shops in remote areas with a small number of people.
However, in the broader context, it seems that the project is working and moving towards expansion. Indicatively, we note that two years ago there were only 40 such cashback points throughout Cyprus, while today there are 451 points in operation. As we are informed, the goal, within the next two years, is to reach 700 specific points, in order to achieve as much geographical coverage as possible to serve more people in remote and mountainous areas.
However, the broader issue of serving the public in the area of banking transactions is expected to come back for discussion at the level of the Parliament, as we are informed, the banks have sent the answers and the data that have been requested by the members of the Parliament's Trade Committee and with the resumption of the operation of the Chamber, it will be in the foreground again.
