A destroyed Nedbank ATM at Diepkloof Mall in Soweto. The Banking Association SA said more than 1,400 ATMs and 269 bank branches were vandalised or destroyed in the unrest last month.
Image: Alon Skuy
Damage to banks and ATMs during July’s violence and looting will cost up to R1.5bn to repair, the Banking Association SA (Basa) said on Saturday.
Banks are still working on infrastructure recovery plans in Gauteng and KwaZulu-Natal, the association said in a statement, adding that 1,400 ATMs and 269 bank branches were vandalised or destroyed.
“An indicative average replacement cost of an ATM in SA is R385,000, with additional installation costs,” Basa said.
“These costs can vary greatly for any individual ATM and not every vandalised ATM will need to be replaced.
“Banks will likely have to rebuild almost 200 branches. At this time the average indicative cost for rebuilding a branch is estimated to be R4.3m. There will also be additional operational costs to get a branch back into full service.”