Filenews 5 November 2025 - by Theano Thiopoulou
ATMs (Automatic Cash Registers) have increased in the country, following the political pressure on the banks;
According to data from the Central Bank, automatic cash registers have increased in 2024 by six, compared to 2022. A much smaller increase in the demands of MPs and organizations. In one way or another, banks continue to decentralize their clientele from branches, as the majority of transactions are made either electronically (web banking) or to a lesser extent through ATMs.
The question, however, that remains unanswered is how older people or those who are not fully familiar with electronic media are served.
Until December 2024, there were 398 ATMs in Cyprus, as many as in 2023, marking a slight increase, by 6 machines, from 2022, which was 392, according to the data released yesterday by the Central Bank, in its quarterly statistical bulletin.
The issue was of great concern to the Parliament last year, due to reports by MPs that many elderly people in mountainous areas go from one village to another to find ATMs to be able to withdraw cash. It should be noted that the banks, after the political pressure they received, decided to install additional ATMs in remote areas, with the number not exceeding 10, with the aim of filling some gaps to serve the elderly.
The data published yesterday by the Central Bank show that there have been no major changes in the number of ATMs in Cyprus, but the new banking habits of citizens and the new ways in which money moves are recorded.
The interest is focused on the number of cards circulating in Cyprus for payments. According to the data provided by the Central Bank in the statistical bulletin, the number of payment cards (real units) at the end of 2024 was 1,993,641, compared to 1,864,856 and 1,718,038, an increase of 16.37% in two years.
Regarding the value of transactions by means of payment (non-cash) in 2024, 83% were with payment cards, a slight increase from 2022, which was 81%. Payments with electronic money were 2% in 2024 and 7% with checks, up from 9% in 2022. Card payments (transaction volume) were 71% in person and 29% online. In terms of value, 57% of transactions were online and 43% in person.
Deposits in terms of GDP and loans
A few days ago, the ECB noted in a report that the digital euro represents a unique opportunity to overcome the fragmentation in retail payment systems in the eurozone. Essentially, in 2029, which is the likely date for the digital euro, banking payment habits will change again, as they are currently recorded. In addition to the payment method chosen by Cypriots and how many ATMs there are in Cyprus, the Central Bank in its quarterly bulletin also gives other interesting statistics, which make up the financial landscape.
The percentage of deposits to GDP was 194% at the end of December 2024 and loans to GDP at 88%, confirming the fact that there may be debts to banks but there are also savings. A year ago, in 2023, the percentage of deposits to GDP was 198% and that of borrowing 94%.
