South Africa’s banks have been closing ATMs as customers increasingly move their businesses online. Capitec, however, is bucking the trend and has installed more than 3,000 teller machines in the past four years, bringing its total to just over 8,000 ATMs, the highest of all the banks.
Nedbank has also increased the number of its ATMs, but only by 19. All the other ‘Big 4’ South African banks have been closing terminals.
In 2019, Absa had the most ATMs, with almost 9,900, 89% of which were in South Africa. It has since closed almost 3,500 ATMs and the bank says it plans to continue to reduce its physical footprint as customers become ‘more digitally active’.
Standard Bank has reduced its number of ATMs by almost 3,000 in the past four years and has removed the fee it charged customers for using ATMs owned by other banks.