Banks count the cost of July looting
About 1 400 ATMs and 269 bank branches were destroyed during the recent unrest
To assist social grant beneficiaries, the South African Banking Association (Saba) has announced that recipients will be able to use any ATM, including those not operated by their banks, without incurring additional charges.
This arrangement came into effect on Monday, 2 August and will last until 30 September.
Saba revealed about 1 400 automatic teller machines and 269 bank branches were destroyed during the recent unrest.
Of the ATMs, 565 were in Gauteng and 650 in KZN, and of the branches, 126 were in Gauteng and 140 in KZN.
Saba Managing Director Bongiwe Kunene said as safety and security measures are restored in affected areas, ATMs are being rebuilt and replaced, and financial networks repaired.
‘ATMs and branches in many places have been repaired and restored to full service.
‘Banks also encourage customers to use digital banking platforms, which remain resilient and continued to facilitate transactions throughout the unrest.
‘Despite the destruction of cash points, there is currently no shortage of cash in the affected areas.
‘Bank emergency response teams are working around the clock to ensure that social grants and salaries will be paid as usual,’ Kunene said.
She explained that banks are still assessing damage to their infrastructure, and developing recovery plans.
‘The average replacement cost of an ATM in South Africa is R385 000, with additional installation costs, but not every vandalised ATM needs to be replaced.
‘Full recovery of bank infrastructure may take some time,’ she said.
