The anticipated National strike in the banking sector in South Africa has created panic among the general public. They have been urged to withdraw sufficient cash to sustain livelihoods during the strike period.
Automated Teller Machines (ATMs) along with banking services will be closed on Friday, as the country’s biggest financial union -Sasbo – leads the strike against retrenchments. The banks have retrenched its staff to cut down their overhead cost. The bank union said that the ATMs are mended and programmed by staff and in case they are not working, the union leaders have cautioned the general public, they would suffer. It has also told the public to fill enough petrol in their vehicles and also stock essential goods to avoid any undue inconveniences caused by the strike.
A number of banks in South Africa have recently announced restructuring plans that include digitisation of several processes, that can lead to retrenchment of staff and closure of several branches. For instance, Standard Bank closed 91 branches, causing retrenchment of hundreds of staff affecting their livelihood.
At the same time, banking sources point out that the customers would be able to access the bank’s services through online and mobile banking. But the staff union insist that online operations would also be affected since the staff operating them are members of the union. Sasbo has 73,000 finance sector employees and hopes over 40,000 of its members to join the strike. The Banking Association of South Africa reassured customers that all would be done to minimise disruption of services. ATMs, it says, will not run out of cash and there would not be any disruptions in the banking operations. South Africa’s Revenue Service (SARS) also said it would work towards preventing any disruption to the country’s financial system.
