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Why Most South Africans Still Prefer Cash in Hand; The Real Reasons Might Surprise You

Despite mobile banking growth, most South Africans still prefer cash due to mistrust in banks, cyber fraud fears, high fees, and limited infrastructure. With 94% withdrawing cash monthly and 8.5 million working in the informal sector, digital tools remain underused. This article explores cultural, economic, and regulatory reasons behind the cash preference and outlines what’s needed to transition toward safe, inclusive digital finance in South Africa.