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The Rand Goes Digital: South Africa's Push for a Cashless Future
Coins and banknotes might soon be relegated to the realm of nostalgia in South Africa. The South African Reserve Bank (SARB) has unveiled an ambitious roadmap that seeks to usher in a cashless era, prioritizing financial inclusion and economic growth. This strategic shift signifies a recognition that while the nation boasts a surprisingly high level of financial inclusion, with over 94% of adults boasting at least one bank account, a significant portion of the population remains tethered to cash. This persistent reliance on physical currency acts as a barrier to economic participation and innovation. The SARB's ... (full story)