Your bank's ATM could go unbranded from 2028. What changes for you

The South African Reserve Bank (SARB) wants shared, unbranded ATMs that customers of any bank can use, with the rollout starting in 2028. For now, nothing changes: your bank card works at the same machines as before, and the SARB says the switch will be phased in over several years (SARB FAQ).

What is a white-label ATM?

It's an ATM owned by a new state-coordinated body, the National Cash Utility, instead of by a bank. Customers of different banks can use it, and the SARB says it should feel like any other ATM: you insert your card, follow the prompts and take your cash (SARB FAQ).

The plan sits in the SARB's Cash Smart Strategy, set out in its position paper Towards a Cash Smart Society, published in June 2026. That paper is policy guidance, not binding regulation. The detailed rules still have to go through consultation.

When will it happen?

Pradeep Maharaj, who heads the SARB's Payments Ecosystem Modernisation Programme, told Bloomberg the bank wants the cash utility set up by March 2027, and the white-label ATM deployment finalised in 2027 "for rollout starting in 2028" (Moneyweb).

Source: Moneyweb/Bloomberg

The SARB is also talking to banks about converting some of their existing ATMs into shared, neutral-branded machines (Moneyweb).

Will withdrawals be free?

Possibly, up to a limit. Law firm ENSafrica says the proposal would let customers withdraw cash below a set threshold without paying fees, but the threshold and pricing haven't been finalised (MyBroadband). Maharaj said the shared ATMs will have to offer balance enquiries, withdrawals and deposits, with "some services" free (Moneyweb).

Until the SARB publishes actual amounts, your bank's current ATM fees still apply.

Will there be fewer ATMs near me?

The SARB says there may be fewer duplicated ATMs over time, but that access to cash will be protected, with rural towns, townships and informal settlements a priority (SARB FAQ). Withdrawing cash at till points in supermarkets is also part of the plan.

South Africa has about 30,000 ATMs, but many are out of reach for low-income and rural communities, who can pay up to five times more to get cash than people in wealthier urban areas (Moneyweb).

Is the SARB trying to get rid of cash?

No. The SARB says Cash Smart doesn't aim to eliminate cash or force anyone onto digital payments (SARB FAQ). Cash still makes up about 56% of consumer transactions by volume, and moving and securing it costs almost R90 billion a year, a cost passed on to consumers (Moneyweb).

At the same time, the SARB wants far more people using PayShap, aiming to grow it from 60 million to 500 million transactions a month by 2029 (Moneyweb).

What do the banks say?

Capitec, FNB, Standard Bank, Nedbank and Absa all told MyBroadband they are engaging with the SARB on the plan (MyBroadband). FNB Cash CEO Marnis de Jager said any future model must be "carefully considered" to deliver lasting benefits. Nedbank said consultations are still under way and it was too early to comment further.

Will deposits still work?

The SARB says withdrawals should remain widely available, but whether a machine takes deposits or offers other services depends on the type of ATM (SARB FAQ). The bank says it wants to keep services where there is clear public need, through a mix of ATMs, branches and shops.