Brief
Absa to limit cash services to selected South African branches
The bank says over 90% of retail customers already use self‑service channels and plans to grow cash‑less branches.
By Felo News Desk · Published
Absa announced on Thursday that it will scale back over‑the‑counter cash services, keeping teller cash only at "selected branches" while pushing routine transactions to ATMs, self‑service devices and, eventually, local businesses acting as banking agents.
The bank did not disclose how many of its 574 branches will retain counter services. It cited that more than 90% of retail customers have moved routine transactions to self‑service channels and that cash handled across branches and ATMs fell by 30% between 2020 and 2025. About 90% of deposits now go through ATMs and self‑service devices, up from just over half in 2019.
"Customers are banking differently, and our branch frontline must keep pace with that change," said Pieter van Eeden, managing executive for integrated channels, in a statement. He added that cash remains important for many people and businesses where other options are limited.
Absa stressed that its physical footprint has grown from 551 outlets in 2021 to 574 now, and that the shift is not about reducing presence but changing the service mix. CEO Kenny Fihla described the move as removing costs that no longer create value.
Key facts
- Absa will keep teller cash only at selected branches out of its 574 total. (techcentral.co.za)
- More than 90% of retail customers have shifted routine transactions to self‑service channels. (techcentral.co.za)
- Cash handled across branches and ATMs fell by 30% between 2020 and 2025. (techcentral.co.za)
- About 90% of deposits now go through ATMs and self‑service devices, up from over half in 2019. (techcentral.co.za)
- CEO Kenny Fihla said the change removes costs that no longer create value. (techcentral.co.za)
Sources
- [1] techcentral.co.za — originally reported as “Absa is moving cash out of its branches”
