The looting and arson that erupted in South Africa in July, following the arrest of the former president Jacob Zuma, resulted in the destruction of retail outlets, manufacturing facilities and infrastructure, and has claimed more than 330 lives.
The unrest also affected hundreds of bank branches; 5% of the national ATM infrastructure was damaged, according to S&P Global. “The violence has had a massive impact on banks’ operating environment,” says Mahin Dissanayake, senior credit analyst at Fitch Ratings.
