Standard Bank Achieves Over R670 Million In Savings For Clients Using Saswitch ATM Network

Standard Bank

Standard Bank has significantly enhanced banking convenience and cost savings for its customers through strategic partnerships and customer-focused policies. Over the past three years, ending on June 30, 2024, the bank’s initiatives have led to savings exceeding R670 million for clients using the Saswitch ATM network.

In a groundbreaking decision in 2021, Standard Bank eliminated the Saswitch network fee, allowing customers to use ATMs from other banks without incurring penalty fees. This move alone saved customers R245 million in 2023, solidifying Standard Bank’s reputation as one of the leading banks in South Africa to offer such a benefit.

With over 20,000 Saswitch ATMs nationwide and more than 3,500 Standard Bank ATMs, customers are assured easy access to cash.

Additionally, the bank’s extensive retail partnerships with major outlets such as Pick n Pay, Checkers, Shoprite, and PEP have added another 55,000 transaction locations. These partnerships enable customers to perform various transactions, including withdrawing funds, depositing cash, purchasing airtime, data, electricity vouchers, and making payments, all while shopping for daily essentials.

The bank’s digital platforms have also experienced substantial growth. The number of digitally active clients increased by 12% in 2022 and continued to rise by 8% in 2023. The Banking App, in particular, saw a 35% increase in transaction volumes, contributing to a 33% rise in overall digital transaction volumes during 2023.

Kabelo Makeke, Head of Personal and Private Banking at Standard Bank South Africa, emphasises the bank’s dedication to meeting customers where they are.

Kabelo Makeke, Head of Personal and Private Banking at Standard Bank South Africa,

“While we champion digital banking, we recognise the need for cash transactions and have thus expanded our banking footprint to integrate seamlessly into our customers’ daily routines. A large proportion of our customers also want to transact with cash or make payments and transfers. We brought banking to where our customers are, either while shopping, buying fuel, or walking to their next destination. And the bank does so securely and conveniently for its more than 11 million customers in South Africa.

“Standard Bank’s innovative approach and customer-first philosophy continue to set the standard for banking in South Africa, offering unparalleled convenience, affordability, and value, empowering customers to manage their finances with ease and confidence. The bank remains committed to enhancing its banking services, helping customers to realise their personal wealth aspirations.”