South Africa’s banking landscape is changing right before
our eyes. The country’s big four banks — Standard Bank,
FNB, Absa, and Nedbank — have closed more than 8,500
ATMs over the past five years, saying the future is digital.
Nedbank’s latest results show the trend is continuing, as
they cut their network again this year.
But while others are pulling back, Capitec is doing the
opposite. It has added nearly 3,800 ATMs in the same
period, saying it wants to meet customers where they live,
in their communities, and in their languages.
So, here’s the big question: Are South Africans really
ready to go fully cashless? Discovery Bank and Visa’s
research suggests many people are — with 67% of us
using cash only a few times a month, or not at all. But for
millions in rural and township areas, cash is still king.