Johannesburg Welcomes SARB’s New Cash Exchange Hub for Unbanked Citizens

According to the South African Reserve Bank's modeling, incremental increases in borrowing costs are required to keep inflation near to the 4.5 percent midpoint
  1. The South African Reserve Bank (SARB) has opened a walk-in teller facility at its Johannesburg Cash Centre due to ongoing renovations at its Pretoria Head Office.
  2. The facility caters to individuals without a bank account, allowing them to exchange mutilated banknotes and old series banknotes withdrawn from circulation.
  3. The walk-in teller service is available every Tuesday and Thursday from 9:00 am to 1:00 pm, starting on May 2, 2023, providing a convenient solution during the Head Office renovations.

The South African Reserve Bank (SARB) has announced the opening of a walk-in teller facility at its Johannesburg Cash Centre for members of the public without a bank account. The move comes as a result of ongoing renovations at the SARB Head Office in Pretoria, which have temporarily disrupted services in the area.

The new teller facility will provide a much-needed service for those seeking to exchange mutilated banknotes or old series banknotes that have been withdrawn from circulation. The SARB has made it clear that the facility is primarily intended for individuals without a bank account, as those with accounts can still exchange their mutilated and old series banknotes at their commercial bank.

A list of commercial bank branches that provide this service can be found on the SARB website at www.resbank.co.za. This helpful resource will enable members of the public to easily locate their nearest branch and complete the necessary transactions.

The walk-in teller service will be available to the public every Tuesday and Thursday from 09:00 to 13:00, beginning on May 2, 2023. For any inquiries, the Johannesburg Cash Centre switchboard can be reached at 011 240 0700. This temporary measure is expected to alleviate any inconvenience caused by the renovations at the Pretoria Head Office and ensure the smooth continuation of services for affected individuals.

The South African Reserve Bank plays a crucial role in managing the country’s financial stability and ensuring the integrity of its banknotes. The opening of the walk-in teller facility in Johannesburg is a testament to the SARB’s commitment to providing essential services to the public, even in the face of operational challenges.

As the renovations at the Pretoria Head Office continue, the SARB has not provided a specific timeline for the completion of the project. However, the establishment of the walk-in teller facility in Johannesburg should provide a reliable and convenient solution for members of the public in need of these services for the duration of the renovations.

In conclusion, the opening of the walk-in teller facility at the Johannesburg Cash Centre is a positive development for South African residents without a bank account. The South African Reserve Bank’s dedication to maintaining essential services during the ongoing renovations at its Pretoria Head Office demonstrates its commitment to the financial well-being of all citizens.

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