South Africa set for biggest cash-system overhaul in decades
South Africa’s central bank plans the biggest overhaul of the nation’s cash system in decades, moving to create a cash-management company, roll out white-label ATMs and tighten oversight of how money circulates to make it cheaper and easier to access.
Cash moving through Africa’s biggest economy tops R180-billion, or 2.5% of gross domestic product, and accounts for about two-thirds of all transaction volumes even as digital payments grow. Managing, transporting and securing physical money cost about R90-billion last year, a burden shouldered by consumers. Crime accounts for 13% of that.