South Africa plans safeguards for the financial sector in the event of a total blackout.
South Africa’s central bank is working on a contingency plan to ensure the country’s payments system remains in operation in the event the nation’s electricity grid collapses, reported Bloomberg.
“All of that work is ongoing, and we are working quite closely with the telecommunications sector, with diesel suppliers, the banks’ payments industry, and retailers to ensure that we can gradually raise the financial sector’s resilience,” he said in Johannesburg on Monday. South Africa is experiencing unprecedented levels of load shedding in 2023, and the power utility has struggled to meet electricity demand leaving the nation in darkness for as many as 12 hours a day.According to the SARB’s latest stability review, looking over the past couple of years, load shedding quintupled between 2021 and 2022 when measured in Gigawatt hours, and the Gigawatt hours load shed in 2022 was 11 679 GWh in total.
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