ATMs Grow by 14% in Guatemala

The ATM business has a lot of room to grow in Guatemala where the banking market is still in its beginning stages.

Monday, March 9, 2009

An article published in La Prensa Libre in Guatemala analyzed the market for ATMs in the country. At present, three companies compete for the market: T&T, with 1,100 ATMs, Banco Industrial with 546 and BAC-Credomatic with 100.

Jorge Montenegro, T&T General Manager, indicated that the number of ATMs in the country is low: "There are currently 8,200 people per ATM while in other countries like the United States there are 750 inhabitants per ATM, and the average in the first world is between 600 and 800."

More on this topic

Guatemala: ATM's Adapted for Cards with Chips

November 2013

In the first half of 2014 ATMs will be adapted to the new technology which was first incorporated in the country in October last year.

S21.com.gt reports: "After various issuers of credit and debit cards began incorporating the chip to improve safety and avoid credit card cloning, the banking system needs to work on changing ATM's so that they can read these new cards".

Guatemala: Multilingual Speaking ATMs

July 2011

The installation of ATMs using Mayan languages has led to increased banking activities by indigenous populations.

The program, developed by the Rural Development Bank (Banrural), began in 2005 with 108 machines, and now has 420 multilingual ATMs, which as well as offering instructions in Spanish, can also cater to Mayan speakers of Quiche, Cakchiquel, Q'eqchi ', Ixil, Mam and q'anjob'al.

Financial Access in Central America

September 2010

Bank Accounts per 1,000 adults: Costa Rica 1354, Guatemala 1140, Honduras 758, Panamá 412.

In branches per 100,000 adults, Guatemala is first with 35, followed by Costa Rica with 23, Panamá 18, El Salvador 9, and Honduras 2. No available data for Nicaragua.

Financial Access 2010 is the second annual survey of financial regulators in more than 140 countries covering the turbulent period between 2008 and 2009.

BAC Credomatic Panama Launches New Full ATM

April 2010

The company unveiled its new Automatic Teller Machine, available in 25 locations.

This new ATM lets clients pay credit cards, make deposits and transfer funds between pre registered BAC accounts. $1.5 million were invested in this project.

From Laestrella.com.pa: “Sabina Ríos, vice president of Channels and Distribution at BAC Credomatic, explained that Panama is the second country in the region to benefit from this technology, after Costa Rica”.

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