South Africans charged R31 billion to keep and access their own money

• South Africans are paying R31 billion in banking fees each year simply to deposit and withdraw their own cash.
• The report estimated that the total annual cost of cash to South African consumers is R88.5 billion when both direct and indirect costs are taken into account.
• Consumers also indirectly bear some of the costs businesses incur when handling physical money, which is estimated at R3.9 billion, or about 4% of the total cost of cash.