These banks will no longer have ATMs in South Africa
The digital shift continues in South Africa.
South African banks have been slowly shutting down their Automated Teller Machines (ATMs) nationwide.
According to MyBroadband, Standard Bank, FNB, Absa, and Nedbank have reduced their ATM footprints by a combined 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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The only bank continuing to increase its ATM footprint is Capitec, which added 3,787 ATMs to its network during the period.
We believe that real service means showing up where it matters most: in the heart of communities, adding that its expansions will help serve more clients in their communities and languages.
Standard Bank has shut down the most ATMs to date.
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According to a Discovery Bank and Visa SpendTrend25 report, 67% of participants said they use cash only a few times a month, if at all.
We are well on our way to a cashless society, so it's even more critical to practice digital safety to avoid being hacked.
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Here's some insight on how criminals are targeting banking apps in South Africa:
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