Although discussions about increasing the number of ATMs have always been on the table, this dialogue seems to have intensified recently, particularly following a meeting between the Cyprus Banking Association and its President, Michalis Kammas, with six organizations representing older adults.

The issue of service arose after the decision to close several bank branches in many areas—especially in rural regions—since the absence of branches also meant the removal of ATMs.

Recently, due to numerous requests, banks appear to be taking the matter more seriously and are exploring ways to increase the number of ATMs, even in areas without branches.

Although installing standalone ATMs is considered a particularly costly process due to the transportation of money and potential technical issues, banks are not ruling out such a solution to ensure that people in more remote areas have better access to banking services.

It should be noted that banks have increased the number of ATMs at their branches to better serve customers affected by branch closures in their areas. However, this does not fully solve the problem, especially for those who do not have a branch nearby.

As a compensatory measure for the closure of ATMs, banks had promoted the cashback service, which allows customers to withdraw up to €100 from various businesses, such as gas stations, kiosks, supermarkets, bakeries, and other participating locations.

Currently, over 400 businesses across Cyprus offer this service, and it has proven particularly helpful, as reflected in related data. While the number of participating locations is deemed satisfactory, banks aim to increase the number of participating businesses. At the same time, there are considerations to raise the withdrawal limit, which is currently capped at €100.

Following the meeting with organizations representing older adults, the Cyprus Banking Association committed to promptly returning with practical proposals to address the primary service challenges faced by this demographic.

Additionally, the Banking Association emphasized that both sides pledged to maintain regular communication and establish a collaborative relationship to benefit society, with a particular focus on older adults. The Association has already forwarded key points from the meeting to its member banks, aiming for the immediate planning and implementation of actions.

The meeting was held following a related discussion in the House of Representatives concerning the rights, challenges, and awareness of older adults regarding banking services. After the parliamentary discussion, the Banking Association informed the Human Rights and Equal Opportunities Committee about the actions its member banks are taking, particularly for older adults (special services, tailored support, etc.).

Subsequently, the Association contacted all organizations representing older adults and arranged a meeting. The aim was to identify the main issues related to the banking environment, the services provided, and the difficulties that older adults may face.

1. Cyprus Third Age Observatory  

2. Cyprus Organization of Elderly Citizens  

3. Union of Cypriot Pensioners (EKYSY)  

4. PASYDY Retirees Branch  

5. Organization 50 Plus Together  

6. Pancyprian Pensioners Committee of SEK (PESYS)