SA’s money flow runs dry as cash-in-transit firms forced to halt services
Economists warn that retailers and consumers will be hit hard as cash pipeline ceases to function
Deadly protests which are gripping Gauteng and KwaZulu-Natal’s towns and cities are set to create a potentially devastating cash crisis, with cash-in-transit companies stopping the collection and delivery of money to businesses and ATMs.
On Tuesday, after wide-scale looting overnight which saw banks and ATMs broken into and millions of rand in cash stolen, G4S announced that because of the volatile situation, it had “scaled back” cash collection and delivery services in affected areas.
The announcement followed a similar decision by Fidelity Cash Management Services, which on Monday announced that because of raids on banks and ATMs at shopping malls, it was stopping services...