South African Reserve Bank to Launch Shared ATM Network
The South African Reserve Bank (SARB) is initiating a pilot program in January 2027 to create a shared, unbranded network for the country’s more than 30,000 automated teller machines (ATMs). This program aims to make small withdrawals, deposits, and balance inquiries free below a specified limit, regardless of the bank that owns the ATM.
By March 2027, SARB plans to establish a national cash utility and integrate cash centers operated by companies such as SBV and Fidelity into this system by mid-year. The first white-label ATMs are anticipated to be operational before the end of 2027.
Currently, each bank manages its own ATM network, leading to duplicated infrastructure. SARB's initiative is driven by the economic need to reduce the estimated R90 billion ($5.5 billion) annual cost associated with cash usage, which includes fees, travel, time, and crime-related losses.
Cash transactions account for approximately 56% of consumer transactions in South Africa, despite the growth of digital payment alternatives.
Plus234Feed summary based on reporting from TechCabal. Read the original report below.
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