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Subsequent Events
 12 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events
26
.
 
 
SUBSEQUENT
 
EVENTS
 
 
July 2021 civil unrest in South Africa
 
Two
 
of South
 
Africa’s
 
nine provinces
 
experienced significant
 
civil unrest
 
in July
 
2021 resulting
 
in mass
 
looting, loss
 
of life,
disruption of
 
transport and
 
supply routes,
 
and widespread
 
destruction of
 
property.
 
In total
 
337 South
 
Africans lost
 
their lives
 
in the
unrest
 
- fortunately
 
none of
 
the Company’s
 
employees were
 
injured
 
or harmed.
 
There was
 
widespread
 
damage
 
to bank
 
and
 
ATM
infrastructure
 
in
 
the
 
affected
 
provinces.
 
In
 
total
 
approximately
 
1,800
 
ATMs
 
and
 
300
 
branches
 
were
 
damaged,
 
and
 
the
 
Banking
Association of South Africa, or BASA, estimates that total damage to banking infrastructure amounted
 
to ZAR 1.6 billion. The South
African Special Risks Insurance Association,
 
or SASRIA, a public
 
enterprise and a non-life
 
insurance company that provides coverage
for
 
damage
 
caused
 
by
 
special
 
risks
 
such
 
as
 
politically
 
motivated
 
malicious
 
acts,
 
riots,
 
strikes
 
and
 
terrorism
 
and
 
public
 
disorders,
estimates
 
that
 
the
 
total
 
damage
 
to
 
property
 
across
 
South
 
Africa
 
will
 
be
 
in
 
the
 
order
 
of
 
between
 
ZAR
 
19.0
 
to
 
20.0
 
billion.
 
 
26
.
 
 
SUBSEQUENT
 
EVENTS
 
(continued)
 
 
July 2021 civil unrest in South Africa (continued)
 
The Company suffered
 
damage at
19
 
of its branches and
 
to
173
 
ATMs.
 
The disruption and related
 
closure of branches has also
impacted
 
the
 
Company’s
 
efforts
 
to
 
grow
 
EPE
 
customer
 
numbers.
 
The
 
Company
 
has
 
also
 
seen
 
an
 
impact
 
on
 
transaction
 
volumes
through its ATMs
 
with July 2021 volumes
13
% lower than June 2021, and August 2021
3
% lower than July 2021.
 
The
 
Company
 
estimates
 
that
 
it
 
will
 
cost
 
approximately
 
ZAR
40.0
 
million
 
to
 
repair
 
its
 
branches
 
and
 
damaged
 
ATMs
 
and
 
to
replace ATMs
 
that have been completely destroyed. The Company believes
 
that these losses suffered through destruction of property
will be fully covered under its various insurance policies, through
 
the government backed SASRIA cover.
 
As
 
a
 
result
 
of
 
the
 
disruption
 
to
 
ATM
 
coverage
 
and
 
availability,
 
BASA
 
and
 
South
 
Africa’s
 
banks
 
agreed
 
that
 
the
 
fee
 
which
customers pay to utilize other bank’s ATMs will be waived for August and September 2021. The Company estimates that it will forgo
transaction fee revenue of approximately ZAR
6.0
. million during the first quarter of fiscal 2022 as a result of this decision.