Banking Association urges consumers to transact online
The Banking Association of South Africa (BASA) has urged consumers to make use of electronic platforms to avoid the exchange of bank notes and coins during transactions.
The association's Cas Coovadia says where possible, consumers must make payments online as a means to curb the spread of coronavirus.
This comes on the back of growing public fear over the outbreak of coronavirus.
"The public needs to understand that until the address by the president on Sunday there was very little direction and the environment was not created for us actually begin to look at these things.
"With the emergency conditions now in place and so on and the president actually giving direction from government's side we now can put the necessary mechanisms together so we are working quickly on these," says Coovadia.
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The central bank says criminals are taking advantage of the public's fear over the outbreak of coronavirus. "It is believed that criminal elements are visiting the homes of members of the public telling them to hand over banknotes in their possession because of the banknotes have been contaminated with the coronavirus," the bank said in a statement.
The country's banks are yet to meet to find ways for the industry mitigate risk for employees and its customers but Coovadia says there's still some red tape.
"We want to do this as quickly as possible. Obviously we need to move urgently on this so we hope that in the next few days we are able to meet and discuss this and see what exactly we can do about it," says Coovadia.
"Competition law currently prohibits us from coming together as an industry and looking at operational issues. We need to speak to the Competition authority to enable us to do that."
Despite the precautions, there's no evidence yet of contracting the virus through the exchange of cash.