The Banking Association of South Africa (BASA) says it will take about two months to replace the 1 400 automated teller machines (ATM) that were vandalised and looted during the recent unrest in KwaZulu-Natal and Gauteng.
The association’s Managing Director Bongiwe Kunene says as much as R20 million could have been taken.
More than 300 people died and thousands of businesses were damaged during days of riots and looting last month.
The damaged businesses included 269 bank branches.
Kunene says banks are still assessing the extent of the damage and developing recovery plans, with the indicative average replacement cost of an ATM at R385 000.
Meanwhile, the United Nations (UN) in South Africa has pledged its full support to assist KwaZulu-Natal to recover from the devastating looting and violence that gripped the province almost three weeks ago.
Military and police recover looted goods at Vosloorus Hostels: