Blow to physical banks as more customers go digital

ATM machine

The report shows lack of proper banking documentation and long distances to the nearest bank branch played a role in the non-use of bank accounts.

Photo credit: Pool

What you need to know:

  • Formal banking system facilitated more by mobile technology.
  • Use of traditional accounts has declined to 23.8 per cent over the last two years.

The use of traditional bank accounts has declined to 23.8 per cent over the last two years as customers took up more convenient digital options.

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