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Cash Is King for South African Banks Planning Digital Transition

South African banks see physical money remaining key to their business as almost a third of their customers aren’t ready to go cashless, according to a survey. 

While 86% of people already use digital banking, almost all customers said they still withdraw cash at least once a month to meet various needs, according to the survey conducted by Discovery Bank and Boston Consulting Group. As long as a significant percentage of the population uses cash, the country can’t move to a fully cashless system, according to the report.