Head of CITASA, Grant Clark, attended the ESTA 38th conference in Malta from 21 May to 23 May 2023. The theme of the conference dealt with the new paradigm of the cash cycle. Grant Clark was part of the panel discussing “The new cash paradigm post COVID and in times of uncertainty: what will the cash cycle look like in the future?”, together with other panel members.
The panel discussion was addressing the following three main points:
- Cash usage in the near and mid-term future and its consequences.
- How to maintain a viable cash cycle and the role of commercial banks.
- The future role of CBDC.
Deductions from the discussion:
Most European countries are moving towards a cashless society. Being cashless has its own challenges. South Africa with a population of around 60 million, most of the middle class, conducts cashless transactions and make use of card transactions and electronic banking. Minimising the use of cash per se. Due to the high unemployment rate, the demand for cash will remain. Therefore, the use of cash is still high in South Africa.
To maintain a viable cash cycle, especially in South Africa, collaboration between role players, and addressing violent and financial crime committed against the cash cycle role players (Eg. CIT robberies, ATM attacks, Bank robberies, fraud) are essential.
The event accommodated socialisation, building new friendships, collaborations, and learning from one another. Sharing country-specific information on the cash cycle, how to improve it and challenges were part of interactive discussions.
CITASA would like to extend their appreciation to the ESTA (www.esta-cash.eu) organisers and compliments them on a conference well organised and presented.
*Photographer PJ Productions