The number of ATMs in Cyprus has increased by only six since 2022

Despite pressure from politicians and calls to improve cash access for elderly residents in remote areas, the total number of ATMs in Cyprus has barely changed. According to the Central Bank, by the end of December 2024 there were 398 ATMs in the country — the same as in 2023 and just six more than the 392 units in 2022. The statistics were published yesterday in the Central Bank’s quarterly bulletin.

The increase is much smaller than demanded by MPs and public organizations. Banks are actively moving clients to digital channels: most transactions now take place via internet banking, while ATMs are used less and less. The question of how to serve the elderly and those unfamiliar with electronic services remains open.

Last year the topic sparked lively debate in parliament: MPs reported that pensioners from mountain villages travel from village to village in search of a working ATM. Under government pressure, banks promised to install up to 10 additional machines in remote areas, but the overall increase remained minimal.

Growth of card payments The number of payment cards in Cyprus reached 1,993,641 by the end of 2024 — up 16.37% from 1,718,038 in 2022. The share of cards in cashless transactions rose to 83% (from 81% in 2022), e-money — 2%, and cheques fell to 7% from 9%. Of card transactions, 71% by number are offline and 29% online; by value, 57% is online and 43% in physical stores.

The European Central Bank sees the digital euro (planned for 2029) as an opportunity to eliminate fragmentation in eurozone payment systems and further reduce dependence on cash.

Other indicators Deposits amounted to 194% of GDP at the end of December 2024 (198% a year earlier), loans — 88% (94% in 2023). This confirms the presence of both debts and substantial savings in the economy.