Banks are ready to make a permanent shift in how they do business in South Africa – but there’s a catch

for banks to have physicalPresenting the data on Monday , Discovery Bank said that banks cannot accomplish the transition to a cashless society by themselves, however.

Managing director of BCG, Tijsbert Creemers, said that in terms of a cashless banking system, there is still a legacy issue in which people are used to doing transactions in cash. However, Martin Grunewald, the chief business officer of clearing house BankservAfrica, said that even if there is a hesitancy in the market, Discovery and other banks need to move toward and plan for a cashless future.

Kenya is leading the charge toward cashless banking in Africa. The country recorded a 100% increase in the number of mobile money transfers that took place in 2020.

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