How the closure of bank branches is impacting SA consumers

The closure of bank branches in South Africa has had a significant impact on consumers, forcing many to shift to online banking platforms they may not be familiar with. Reana Steyn, Ombudsman for Banking Services, highlighted the challenges faced by customers who are accustomed to traditional brick-and-mortar banking. With the closure of numerous branches across the country, customers in areas like Houghton and Natal have been left without access to physical banking facilities, relying solely on their mobile phones for transactions. Steyn revealed that three major banks have collectively shut down around a thousand branches, emphasizing the need for customers to adapt to self-service banking options. However, she cautioned against the potential risks of online banking, urging consumers to be vigilant against fraudsters who target unsuspecting individuals. In a recent interview with the CEO of Standard Bank, concerns were raised about the increase in online banking fraud due to branch closures, further underscoring the importance of consumer awareness and protection. Steyn shared valuable tips on avoiding common pitfalls and encouraged individuals to reach out to the Ombudsman's office for assistance and guidance. As the banking landscape continues to evolve, it is crucial for consumers to stay informed and proactive in safeguarding their financial interests.