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Let me counter with these facts about banking in South Africa:

1. Fees at most banks are high. (A basic account with no transactions typically have fees of several dollar per month).

2. If people are moving away from physical cash, its because of security concerns (theft and robbery), not liquidity.

3. Most transactions are done by credit card, debit order or Electronic Fund Transfer (EFT). EFTs are done between numbered banks account. Mobile to mobile phone transfers are still very rare.

4. People are stubornly loyal to their banks. If root fails, it will be cause of this.

Regarding # 4. This product is by one the current largest banks in South Africa. Standard Bank of South Africa is big in S.A and operates in many other African countries.

Just to clarify #2 - I read that as meaning that liquidity is a reason for banks to like the move away from physical cash. Why customers like it is clearly security, though, you're right.

Have you opened a bank account ins South Africa? If so, what economic bracket do you belong to?

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