Capitec is the only major traditional bank in South Africa still expanding its ATM footprint, while Absa, FNB, Nedbank, and Standard Bank have closed thousands of cash machines.
Excluding the over 3,000 cash devices that Capitec has rolled out since August 2020, the number of ATMs from the other four major banks has declined by 6,571 machines, representing a 27% decrease.
Overall, the number of ATMs available from South Africa’s five largest banks has decreased by nearly 12% over the last five years.
Several factors contributed to this decline, including a decrease in cash usage as more people adopted digital payment methods and online banking.
Card payment devices have become more affordable thanks to companies like iKhokha and Yoco, which have proven popular with smaller businesses.
Additionally, cellular connectivity has improved in rural areas, enabling these devices to operate in most populated parts of the country.
This has also supported increased use of cardless digital transactions made with mobile banking apps and digital wallets such as Apple Pay, Samsung Pay, and Google Wallet.
Another issue at play is the cost of protecting and insuring ATMs against criminals. ATM bombings not only result in cash being stolen but also cause thousands of rands in damage.
ATMs are also hotspots for criminals who use social engineering and card skimming devices to steal customers’ money.
To help customers who still need to access cash, all major banks have partnered with grocery and general goods retailers, such as Shoprite and Pick n Pay.
For example, FNB has added over 180 transacting AgencyPlus agents, Pick n Pay in-store kiosks, and 12,000 Cash@Till points at retailers in the last three years.
Customers can withdraw or deposit cash at till points instead of using ATMs. This feature is also offered by digital-only banks, such as TymeBank, Discovery Bank, and Bank Zero.
This arrangement comes with the added benefit of increased security, as criminals are less likely to target retailers with higher foot traffic and a greater risk of resistance or arrest.
Increase in crime, decrease in cash
The latest financial reports from Absa, Capitec, FNB, Nedbank, and Standard Bank show that their combined number of ATMs in South Africa stands at 26,167. In mid-2020, this figure was 29,671.
Capitec is the only major bank that has increased its number of installed ATMs. According to its latest financial results, it has 8,824 ATMs, up 53% from the 5,757 it had in August 2020.
With this increase, Capitec’s ATM network has grown from being the fifth largest five years ago to the largest today.
However, Capitec includes ATMs and coin and note recyclers in its figure for “cash devices” reported in its financial results. It also includes partnership ATMs.
A significant portion of Capitec’s customer base comprises the lower-income mass market, which still relies heavily on cash.
Nonetheless, the bank’s cash volumes have recently started slowing down, with just a 3% increase to 595 million in its last financial year. Card volumes grew 18% to 2.43 billion.
Absa, which previously offered the most ATMs of any bank in South Africa, was overtaken by Capitec in 2022. It went from 8,708 to 5,096 machines in five years, a decrease of 41%.
However, while the bank aggressively reduced its footprint between 2020 and 2023, the decline has stabilised in recent years.
Absa previously told MyBroadband that the relatively small year-on-year decline could be attributed to sporadic violent crime, including bombings at sites where replacement units were no longer feasible.
The bank stated that overall demand for ATM services had moderated, primarily due to the growth of e-commerce and customers’ migration to digital banking.
Standard Bank, FNB, and Nedbank
Bank 2020 2025 Change
Capitec 5,757 8,824 53%
Absa 8,708 5,096 -41%
FNB 5,622 4,771 -15%
Nedbank 4,194 4,028 -4%
Standard Bank 5,390 3,448 -36%
Total 29,671 26,167 -12%
Standard Bank’s ATM network has shrunk from 5,390 five years ago to 3,448 today — a 36% decrease, which it mainly attributed to a decline in demand for cash.
In its 2021 financial year, Standard Bank stated that ATM declines were predominantly related to the termination of contracts for machines it did not own.
Like the other banks, Standard Bank has also said the reduction was due to customers eschewing cash and adopting digital channels.
Standard Bank said its remaining ATMs have been upgraded to next-generation devices with a wider range of features, compensating for the reductions in its branch network.
FNB kept its position as the third-largest bank in terms of ATM coverage, with 4,771 machines in its network. However, that is still down substantially from the 5,622 it offered in 2020.
Nedbank also reduced its ATMs, but was far more conservative. It went from offering 4,194 to 4,028, a 4% decrease.
“While digital transactions have grown significantly, cash remains a critical enabler of economic activity — particularly in informal and township economies and other cash-heavy geographies,” it said.
“We believe that our clients still require access to cash, while benefiting from our growing suite of digital services.”
