ATMs 'on the increase' in Angola

Nov 02, 2011

New figures show there has been an increase in the number of ATMs in Angola.

A study into the country's banking sector was recently conduced by KPMG, Angop reports.

Presenting the findings in Luanda yesterday (November 1st) Chairman Jose Luis Silva said there was a 26 percent growth in the number of cash machines in Angola in 2010.

Furthermore, there was an increase in the volume of transactions made, with 5.5 million carried out each month in 2010 compared with 3.6 million in 2009.

This led to the installation of 21 ATMs every month, on average, as well as 379 automated payment systems.

According to Mr Silva, this has occurred due to greater investment in human resources, systems and infrastructure.

Despite this, the report found bank penetration only reached 11 percent of the 18 million people living in Angola.

Last month, it was revealed six Angolan banks, including Banco de Fomento Angola, have made African Business magazine's 2011 list of the biggest banks in Africa by capital, Macauhub reported.ADNFCR-2976-ID-800784292-ADNFCR