African Bank South Africa
African Bank is a privately owned bank of South Africa that offers retail banking services and products. The bank is licensed by the South African Reserve Bank (SARB) as a locally-controlled bank.
They have the best investment rates, a wide range of personal loans, credit cards and insurance products in the African market.
When was the bank started?
The African Bank was created when African Bank Limited was placed under curatorship in August 2014.
The process was carried out in terms of the South African Banks Act, Act 94 of 1990, by the SARB with a restructuring proposal. Many financial stakeholders came in support for the entity to design a new banking group.
Thomas Winterboer was appointed as a curator and in March 2016, the bank gathered its financial support establishing itself as a new bank on 4th April 2016 with the required license.
Now Basani Maluleke serves as CEO of the bank. It is headquartered in Midrand Johannesburg, South Africa.
What do they offer as products in the market?
about their products in the market the African Bank regulates the general retail banking services. They offer to the bank to open a saving or current account with the additional feature of online banking and MyWorld.
Under MyWorld plan one can easily carry out all banking solutions with South Africa’s lowest banking fees. This scheme offers them a primary account with the following benefits;
• A single saving pocket
• A single power pocket
• Additional service of linking 5 pockets to your account.
From the above, power pocket is considered as a separate account linked to the customer’s primary account which is made to share with friends and family.
The saving pocket is another separate account that has a unique account number and is designed to promote one's savings at best interest rates.
Among loans, they have a personal loan, consolidation loan, and the 15% loan with some value-added deals.
In investment, they offer clients fixed deposits, notice deposits, access accumulator and tax-free investments. In the insurance sector, they have credit life and funeral insurance option plus two types of credit cards; silver and gold.
Can we trust to invest in them?
The transparency is their main tool that brings an open and honest environment for their clients. They follow the same procedure to communicate in all their interactions either written or verbal.
The bank always accepts its responsibility for their activities in the account and shows the results considering different viewpoints. So they are trustworthy in the banking business.
Why go for them in banking?
African Bank works on the motto of ‘humanity through banking’ proving their commitment to serve the diverse population of South Africa.
They show the passion for turning great ideas into reality by thinking differently and recognizing the teamwork to do better business.
The African Bank’s priority to place their customer at the center of all decision-making process shows collaborative behavior in the banking sector.
They understand the lives of people living in underprivileged communities in South Africa and focus on advancing lives through financial and related services.
Aside from all revenue-generating companies in the market, they seek to balance the relationship with their shareholders and customers by making returns.
What’s in news?
South African Reserve Bank (SARB) has recently announced in July 2019 to sell its 50% majority shareholding in African Bank in the next year or two.