LISTEN: Absa Executive sheds light on closure of ATMs in South Africa
We spoke to Tshiwela Mhlantla, Managing Executive for Integrated Channels at Absa Personal and Private Banking.
We recently heard news that many banks will no longer have ATMs in South Africa.
According to MyBroadband, Standard Bank, FNB, Absa, and Nedbank have reduced their ATM footprints by 8,516 machines in the past five years.
Four of the country's biggest banks, Standard Bank, FNB, Absa, and Nedbank, are withdrawing their ATM services nationwide.
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We wanted more information on the matter after it raised some concerns for many South Africans.
The Drive with Rob & Roz team were also intrigued by this matter, so the team decided to get more information.
They spoke to Tshiwela Mhlantla, Managing Executive for Integrated Channels at Absa Personal and Private Banking.
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Will Absa be shutting down their ATMs?
Absolutely not. We are aware that there is a big market that still relies on cash, and ATMs play a pivotal role in ensuring that we deploy services to our customers across the length and breadth of our country.
Listen to the podcast on whether all major banks will be shutting down their ATMs in South Africa:
It will be interesting to see if other banks will adopt the same strategy.
Cash will always be king, but seeing the shift as the digital revolution takes shape in South Africa over the next five years will be interesting.
According to the International Trade Administration, the digital economy will account for 15-20% of South Africa's GDP by 2025, increasing from approximately 8-10% in 2020.
The projected annual growth rate of the digital sector in South Africa is 10-15% over the next five years.
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