As South Africa moves towards stage eight load-shedding, financial institutions are working on implementing contingency plans to keep banks operational should a full-scale blackout occur.
If South Africa was to experience a blackout, steps have been taken to control money flow. Photo: Leon Sadiki/Getty Imagess South Africa moves towards stage eight load-shedding, financial institutions are working on implementing contingency plans to keep banks operational should a full-scale blackout occur.and Eskom have been locked in meetings to determine the possible risks involved in a blackout, and how to navigate a temporary grid collapse, should one take place.
The Reserve Bank has, since 2015, had a contingency plan and laws ready to be implemented in a time of crisis. They were drawn up eight years ago as a precaution, but now it believes a grid collapse is likely. asked Nedbank, Absa and Standard Bank what steps they were taking in the event of a blackout.
She said clients are also assisted through digital and call centre channels and, if need be, are redirected to the closest alternative branch. The bank also offers a few alternative payment methods such as QR code payments. “At all times, a viable and convenient alternative banking channel is and has been available to customers should an ATM not be available due to extended load-shedding, as an example.
“The capability is expected to reduce transaction time at the ATM by up to 12 seconds on average and potentially deter incidents of card theft at ATMs, which is an industry wide trend. Further to this, the capability may assist to diminish incidences of card retention during ATM hardware or power failures and card jamming.”
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