African Bank

On the 31st of July 1975, an organisation that would eventually become known as African Bank was established.

They faced many trials and tribulations but overcame these with strength and persistence. On the 4th of April 2016, what we know today as African Bank, was established and opened its doors.

African Bank’s history

African Bank has a story of overcoming many obstacles along the way to success. On 10 August 2014, they were placed under curatorship. A restructuring proposal was announced by the South African Reserve Bank and ultimately led to a new banking group.

Subsequently, African Bank Holdings Limited was brought about to take responsibility for viable assets and some of the old bank’s liabilities.

The responsibility for the implementation of the restructuring proposal and management of the bank’s affairs was placed on the appointed curator, Thomas Winterboer. This curatorship was under the supervision of the Registrar of Banks.

African Bank’s acquisition deal

A deal was announced by African Bank in May of 2022 on the acquisition of Grindrod Bank. This acquisition worth R1.5 billion would help to introduce business banking as a part of the services offered.

The people that make African Bank great

In 2019, African Bank boasted more than 3,886 employees across the country. The leadership of the bank consists of a 12-person board of directors that includes:

• Thabo Dloti – Chairman and Independent non-executive director
• Gustav Raubenheimer – African Bank Holdings Limited & BankCo Board Executive Director
• Maliga Chetty – Company secretary
• Kennedy Gcinumuzi Bungane – Chief Executive Officer & Executive Director

African Bank is committed to providing its customers with an outstanding level of service.

They’ve come a long way and make it their mission to bring you up-to-date and innovative financial solutions.

African Bank’s short terms loans

The short-term loan from African Bank can give you access to amounts ranging from R5,000 up to R50,000. This short-term loan option gives you flexibility with a repayment term of between 9 and 24 months. These repayments are fixed so you can better manage your monthly cash flow.

This loan carries a minimum interest rate/APR of 12% and a maximum of 24.50%. There’s credit life insurance payable on these loans at rates ranging from 5.04% to 5.4%.

What to expect with a R20,000 loan

• 12-month repayment term
• Once-off initiation fee of R1,197
• R69 monthly fee post 1% increase
• An interest rate of 12%
• Insurance rate of 5.4%

This means that you’ll have a monthly repayment amount of R2,036.03 and the total amount that you’ll repay on the initial loan amount will be R24,432.41.

Protect your loan from the unforeseen

Having the assurance that should something happen to you, your loan is taken care of, is a comfort. African Bank offers you Credit Life Insurance that’ll give you that peace of mind.

The insurance option covers your loan in the event of unforeseen circumstances. Customers that are formally employed are covered for:

• Retrenchment – Your loan repayment will be covered for 12 months while you’re unemployed.
• Death – This will cover the amount outstanding on your loan if you pass away. You have the comfort of knowing that your family won’t have to repay your loan.