Bank strike: Banking Association of SA says banks will ‘fill ATMs with cash’

Cas Coovadia. Image credit: Twitter/BankingZA

Banking Association of South Africa (BASA) has assured South Africans that banks are taking measures to “fill ATMs with cash” ahead of the planned banking strike on Friday.

BASA managing director Cas Coovadia made the assurance in an interview with Jacaranda FM on Wednesday.

Different banks are taking the necessary precautions to try and minimise disruptions to customer service.

Banks are ensuring that ATMs in the next day or two are filled with cash and that we have as much cash as possible in ATMs.

BASA’s Cas Coovadia

He said banks are encouraging their customers to do their transactions on Wednesday and Thursday to reduce the pressure on Friday.

Customers are further urged to use internet and mobile banking services on Friday, Coovadia added.

BUSA seeks interdict

Business Unity South Africa (BUSA), acting on behalf of banks, has approached the courts for an interdict against the strike.

BUSA argues that Cosatu and South African Society of Banking Officials’ (SASBO) strike notice does not legally protect their strike action.

However, speaking to Moneyweb, SASBO’s general secretary Joe Kokela insisted that the strike is lawful and will go ahead as planned.

He had earlier stated that the strike would also affect ATMs.

We will make sure that ATMs don’t operate. We will make sure that internet banking service is not working.

SASBO general secretary Joe Kokela

The matter is being heard on Wednesday.

SASBO’s demands

SASBO has called the strike to oppose planned retrenchments in the banking sector.

It has called for a moratorium on job losses and has spoken against digitalisation of banking systems.

It especially cited Standard Bank’s recent closure of over 90 branches as a major cause for concern. 1,200 employees lost their jobs as a result.

The union is demanding “up-skilling and re-skilling” of workers who may be affected by technological advances.

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