SA’s biggest banks are doing away with ATMs

CapeTalk’s John Maytham speaks with Jan Vermeulen, Editor at MyBroadband SA.

Listen below:

Over the past five years South Africa’s four biggest banks, Standard Bank, FNB, Absa, and Nedbank, have collectively decommissioned more than 8,500 ATMs.

This came as the banks move towards a wider acceptance of digital banking.

Only Capitec is going against the grain, having expanded its ATM network by roughly 3,800 machines in the same period according to my broadband.

This is particularly helpful for communities that still rely heavily on cash.

Vermeulen says this strategy differs from other smaller banks who have partnered with retailers to allow customers to draw money rather than having an ATM network.

“Capitec’s strategy remains noteworthy.”

- Jan Vermeulen, Editor at MyBroadband SA

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He says the vanishing ATMs of other banks are likely well targeted as there have not been many complaints from customers.

Nedbank has reportedly been the least aggressive with its decommissioning, having shut down only 229 machines since the end of the 2018/2019 financial year.

Scroll up to the audio player for more.