Genesis Analytics noted that retail stores have become increasingly popular as a distribution channel for banks. This is because they  typically have a wider footprint than banks’, allowing banks to reach communities where it may not be viable to operate a full branch. Partnerships between banks and retailers such as Tyme Bank and Pick ‘n Pay, and Absa and Pep stores have also become common, while individuals are using retail stores to perform transactions such as cash-in and cash-out. In 2021, the number of individuals using a retail store for banking transactions stood at 35%.76 While a slight decrease from retail store usage prior to the pandemic, this trend continues to be driven by the increasing number of partnerships between banks and retailers to extend service provision beyond bank branches. Click here to read full article