The Association of Cyprus Banks is developing measures to help elderly people conduct their banking transactions more easily.
According to sources, the Association is moving beyond its recent meeting with stakeholders regarding elderly banking access and is preparing to implement concrete measures to assist this demographic.
In recent years, banks have favoured reducing their branch numbers and directing customers toward alternative service channels, primarily electronic transactions.
However, this transition has posed challenges for elderly customers who are less familiar with digital banking methods.
Many older customers prefer cash transactions and in-person services, particularly for pension collection and utility bill payments including electricity, water and telephone services.
The Association of Cyprus Banks has taken the initiative to work with commercial banks to address these concerns.
Sources indicate the measures under consideration focus on cash availability for consumers, especially given the ongoing reduction in bank branches.
The initial phase includes three key developments: expanding the number of businesses offering cash-back services, increasing service points for both cash-back and bill payments through partnerships with municipalities and government services such as post offices, and raising the cash-back withdrawal limit from the current €100, potentially to €200 or higher.
The second phase will focus on streamlining bank procedures to improve service accessibility for elderly clients.
One proposed solution involves setting up dedicated communication channels where elderly customers can request necessary banking documents, such as pension or utility payment forms, via telephone, with the possibility of receiving these documents by post.
The Association also plans to organise informational events for elderly citizens to explain alternative banking methods, with banks emphasising the need for clear, simplified communication about available banking options.
