Anthony Emeka Nwosu
Recent data from GTBank’s 2024 Full Year Report, analyzed by data intelligence firm Statisense, points to a growing shift in how Nigerian customers are interacting with their bank cards — and the Automated Teller Machines (ATMs) may be taking the hit.
According to the report, local ATM transactions using GTBank cards plummeted from 52.62 million in 2023 to 34.60 million in 2024 — a significant 34.25% drop. In stark contrast, international ATM transactions rose by 12.03%, from 133,000 to 149,000 within the same period, highlighting a subtle but notable shift in usage patterns, especially among foreign currency cardholders.
While ATM usage shows contrasting trends, POS and web transactions remained largely stable. Local POS/web transactions dipped slightly by 3.05% (from 775.50 million in 2023 to 751.87 million in 2024), while international POS/web usage declined marginally by just 0.53%.
The numbers suggest that GTBank customers are increasingly favoring digital and POS payment channels over traditional ATMs, particularly for local transactions. With the rapid adoption of digital banking, contactless payments, and mobile transfers, the relevance of physical ATMs may continue to decline unless repositioned for evolving consumer habits.
The question remains — are GTBank’s ATMs slowly becoming obsolete in Nigeria’s fast-evolving fintech landscape? Only time — and future consumer trends — will tell.
