Some of the country's major banks have shut their branches across the country in the wake of the ongoing civil unrest that has left a trail of destruction and mass lootings of businesses.
Absa has closed 275 branches in areas affected by unrest and Capitec said 300 of its banking business premises and ATMs are shut.
The banks said the decision was aimed at ensuring safety and encouraged clients to make use of internet banking services. Businesses in large parts of Gauteng and KwaZulu-Natal have been vandalised and burnt down during sporadic incidents of looting, prompting President Cyril Ramaphosa to deploy the army to affected areas.
A large number of Absa branches that have been temporarily shut are in Gauteng and KwaZulu-Natal. Only the Gugulethu branch has been shut in the Western Cape, while only two branches in the Northern Cape have been impacted.
"The safety of our colleagues and customers is our top priority. To this end, branches in areas that are affected by protests will remain closed until further notice," the bank said.
Update: over 300 of our branches and ATMs are currently closed because of the unrest. ATMs in affected areas will not be supplied with cash or accept deposits. The safety of our clients and employees remains our top priority.
— Capitec (@CapitecBankSA) July 13, 2021
Organised business representatives have warned that the current wave of public disorder and looting will have a devastating impact on the economy, which is already on a downward trend due to the impact of Covid-19 lockdown.
In a statement on Tuesday night, the Banking Association of South Africa (BASA) condemned the unrest, saying banks and their staff were "an essential part of our country's economic infrastructure".
BASA made specific mention of the destruction of bank branches and ATMs, saying this hampered the ability of South Africans to draw salaries and pay for their daily needs, as well as for businesses to operate and pay their staff and suppliers.
Damage to ATMs also had a devastating impact on South African Social Security Agency beneficiaries, it added.