Cyprus sees sharp rise in online banking

Cyprus has overtaken the EU average in online banking, with 85.1 per cent of internet users managing their finances online in 2024, according to Eurostat’s Digitalisation in Europe 2025 report.  

The share rose from 77.7 per cent in 2023 and 71.4 per cent in 2022, reflecting a sharp increase in adoption. 

Across the EU, 72.4 per cent of internet users used online banking in 2024, up from 56 per cent in 2014.

The service was most popular among people aged 25 to 64 (76 per cent), while usage among those aged 16 to 24 reached 66 per cent, and 59 per cent among users aged 65 to 74.

Denmark reported the highest usage at 98 per cent, followed by Finland and the Netherlands at 97 per cent each, and Latvia at 91 per cent.  

By contrast, Romania (17 per cent) and Bulgaria (20 per cent) lag far behind. 

In Cyprus, Bank of Cyprus (BoC) data reflect a similar trend towards digitalisation.  

Digital transactions accounted for 96.6 per cent of all activity in March 2025, up from 86.2 per cent in March 2021. 

Active users of the BoC Mobile app reached 451,012 in March 2025, compared with 420,087 a year earlier, as more customers turned to mobile phones to access banking services. 

“Digital channels are a key pillar of our strategy and we aim to bring services that will facilitate customers and offer them new experiences, while meeting all compliance standards,” said George Tziortzis, director of IT and digital transformation at Bank of Cyprus. 

“One of the challenges is for the Bank to educate its customers who are not familiar with digital channels, with their own comfort and convenience always in mind,” he added in comments published on BoC’s platform. 

Eurostat noted that the growth in online banking reflects changing habits and widespread internet access across Europe.

“Over 70 per cent of internet users in the EU do their banking online, with adoption highest among people aged 25 to 64 years,” the report said.

Analysts say the shift allows banks to cut costs and improve security, but warn that regions with lower internet literacy could be left behind as digital services expand.