The era of cash withdrawals at the corner ATM is quickly fading, as four of South Africa’s biggest banks – Standard Bank, FNB, Nedbank and Absa – significantly reduce their ATM footprints in favour of digital banking services.
Over the past five years, these banks have collectively shut down 8 516 ATMs across the country, marking a major shift toward cashless banking.
The move comes as more South Africans embrace digital payments, driven by convenience, security, and the growing costs of maintaining physical cash infrastructure.
Standard Bank led the reductions, cutting its ATM total from 9 321 in 2019 to just 5 562 by the end of 2024 – a drop of 3 759 machines.
Capitec Bucks the Trend
In contrast, Capitec is expanding its ATM network – adding 3 787 machines over the same period.
The bank says it remains committed to offering affordable and accessible cash services, even while digital adoption accelerates.
“We are actively increasing our branch and ATM footprint while our competitors are scaling back,” Capitec said in a statement.
Capitec’s strategy reflects the reality that, despite a strong digital shift, a significant portion of the population still relies on cash, particularly in underbanked or rural areas.
Consumer Habits Are Changing
A recent survey by Discovery Bank and Visa shows that 67% of South African consumers now use cash only a few times a month or not at all, highlighting the scale of digital transformation in financial behaviour.
This aligns with broader trends in e-commerce, mobile payments, and banking app usage, which have surged in recent years – further accelerated by the pandemic and ongoing innovations in fintech.
While the banks acknowledge safety concerns and the logistical challenges of handling cash, Capitec says it will continue to support cash access “for as long as it’s needed.”
How often a month do you use an ATM?
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