Poll Question: What do you think is the main reason for South Africa’s declining ATM numbers?
South Africa’s major banks have continued to reduce the number of ATMs in 2024, reflecting a long-term trend. In the first half of the year, Absa, FNB, Nedbank, and Standard Bank collectively shut down 233 ATMs, with Standard Bank and Absa leading the cuts, MyBroadband reports. Capitec, however, increased its ATM count by 367, but much of this growth is attributed to partner ATMs at retailers rather than its own machines. The overall decline in ATMs is driven by several factors, including the rise of mobile banking, reduced cash usage due to affordable point-of-sale solutions, and security concerns such as ATM bombings and card skimming fraud. While cash remains widely used, banks are shifting toward retailer partnerships for deposit and withdrawal services, reducing reliance on standalone ATMs.