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The South African Reserve Bank wants to ensure cash transactions remain affordable as changes in the payments system threaten to raise costs for the people who rely on it most.<\/p>\n
The central bank estimates the annual cost of using cash to be R90 billion ($5.5 billion), with much of the burden falling on consumers. The costs include transaction fees, travel expenses, crime-related losses and the cost of handling and distributing cash.<\/p>\n
\u201cFor millions of South Africans \u2014 particularly those in rural areas, informal markets and lower-income households \u2014 cash is the most accessible, trusted and practical means of payment,\u201d it wrote in a recent position paper.<\/p>\n
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Cash continues to account for the bulk of transaction volumes in the nation, even as digital payment systems grow. To ensure it remains affordable and accessible, the central bank is proposing a broad regulatory framework to provide a shared reference point for discussions with the industry and government that can guide the development of detailed rules.<\/p>\n
Its goals include ensuring users can reach cash services, that it is available when needed, and preserve its use for essential transactions.<\/p>\n
\u201cIt is not anticipated that South Africa will become a cashless society,\u201d the bank said. \u201cAs South Africa\u2019s payments landscape continues to evolve, the Sarb is committed to ensuring that cash remains a trusted, accessible and resilient component of the national payment system.\u201d<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n<\/p><\/div>\n
#Sarb #takes #aim #R90bn #cost #cash<\/p>\n","protected":false},"excerpt":{"rendered":"
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