Despite South Africa’s well-developed banking sector and an adult financial inclusion rate of 96%, the country remains a predominantly cash-driven economy – especially among small businesses, townships, and lower- to middle-income groups.

The South African Reserve Bank’s Digital Payments Roadmap, released in April 2024, highlights some striking insights – and they’re more relevant than ever for CashNet clients.

Digital Isn’t Dominating – Yet

While many South Africans have bank accounts (82%), most don’t use them often. In fact:

• Only 19% use their accounts weekly

• Over 70% use them just once a month

• Almost half (48%) withdraw all their money immediately after it’s deposited

The reasons?
🔸 Cash preference (28%)
🔸 Not enough money to leave in the bank (50%)
🔸 Perceived high costs of banking (6%)
🔸 Lack of trust (5%)
🔸 Very few people (0.1%) avoid digital because shops don’t accept cards

This tells us something critical: it’s not access that’s the issue – it’s usability and confidence.

MSMEs Still Run on Cash

The picture is even clearer in the small business space.

• There are 2.6 million MSMEs in South Africa

• Together, they generate R3.1 trillion in turnover and employ 13 million people

• But…

  • 74% of full-time MSME staff are paid in cash

  • 95% of MSME clients pay in cash

  • Only 35% of MSMEs use any form of digital media to transact

This includes township businesses, spaza shops, and informal traders – all crucial players in our economy.

So despite tech growth, cash remains the lifeblood of local trade.

Why Do People Prefer Cash?

The global payments community offers some clues:

✅ Simplicity
✅ No need for data or internet
✅ Total control over spending
✅ No surprise fees
✅ It just works – no tech failures or password resets
✅ Anonymous and private

These advantages, especially for lower-income groups and rural or informal communities, make digital solutions less appealing – even if they are technically available.

What This Means for You

If your business is part of South Africa’s cash-first economy, you’re not alone – and you’re not behind.

But you do need to manage your risk and protect your income. That’s where CashNet Logistics fits in.

We support businesses that:

• Accept high volumes of cash

• Employ staff paid in cash

• Operate in areas with low digital penetration

• Need reliable, insured cash collection and settlement

Whether you’re running a fuel station, fast food outlet, franchise, retail chain, or an informal enterprise looking to grow, secure, efficient cash handling matters more than ever.

Smart Tools for a Cash Economy

Our devices like the SmartCash 3000 – with a 3000-note capacity, Android interface, SABS Cat 3 certification and heat-seal security – let you lock down your daily takings on site while we handle the rest.

You focus on your business. We focus on your cash.

Looking Ahead

Digital payments will continue to expand – and CashNet is ready when your business wants to integrate EFT, hybrid, or digital settlement. But for now, we’re here for the real-world needs of businesses still running on Rands and cents.

📞 Let’s talk about how we can protect your cash – and help your business grow.