Major banks are quietly shutting down ATMs in South Africa – except for two

• Major banks are quietly shutting down ATMs in South Africa, except for two: Capitec and Standard Bank, which have increased their ATM networks.
• The move away from ATMs is driven by a shift towards online banking, which poses a lower risk to banks, and the high costs of operating and maintaining cash services, including security costs.
• The trend towards online banking and fintech solutions may lead to further consolidation of physical banking infrastructure, potentially affecting low-income and rural areas that rely on cash-based transactions.