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African Bank

  • Short-term Loans up to R50,000
  • Low-interest starting from 12%
  • Repayment up to 24 months

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African Bank homepage
Author African Bank. Screenshot of African Bank website.
[Accessed May 11, 2023]

About 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 Services

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.

African Bank – Short-term Loan

  • Loan Type Short-term Loans
  • Interest Rate from 12%
  • Loan Amount up to R50,000
  • Repayment 9 months to 24 months

Benefits of African Bank

  • Fixed interest rate at 12%
  • Fixed repayment terms
  • Easy online application
  • Quick loan approvals

Short-term Loan calculator

The interest rate of a loan will vary based on your credit score and risk profile.
This short-term loan calculator is for illustration purposes only.
The use of this loan calculator is subject to our terms of use.

How to access the loan you need from African Bank

When you’re applying for a loan from African Bank, you’ll need to have some documents on hand. They believe in simplicity and convenience and only require:

  • Your most recent proof of income/payslip
  • The last 3 month’s bank statements showing your salary payments
  • South African ID document/Smart card

The 6-step short-term loan application process

The loan application is easy and understandable. It requires only a few minutes of your time to complete.

  1. Navigate to the African Bank website. Under the products tab, you click on the 12%loan located in the loans column. When you’re redirected to the relevant page, click on apply now.
  2. This will take you to the application form. The first section will require your personal details:
  3. You’re now required to complete the financial section. Here you’ll give details on your monthly income and all expenses.
  4. African Bank will send you an OTP/One Time Pin to your cell phone number. Use this to verify and complete your application.
  5. An offer will be presented to you based on the application you completed. If you’re satisfied with the offer you can accept the short-term loan agreement terms and conditions.
  6. The loan is paid to your bank account of choice.

The bank’s group of executives

In addition to the board of directors, African Bank also has a skilled and experienced team of executives with eleven members. The chief members are:

  • Piet Swanepoel – Group chief risk officer
  • Unathi Mtya – Group chief information officer
  • Sbusiso Khumalo – Group chief marketing officer

The Chief Executive officer and Chief Financial officer of the board of directors also serve the same positions on the team of executives.

African Bank’s business is making life easier

Life’s unpredictable and no matter how well you plan, the unforeseen can happen at any time. This often causes increased stress and cash flow problems. Knowing that there’s an affordable financial solution available can be comforting.

With a short-term loan from African Bank, you can take care of the situation without breaking the bank. They’re a registered financial service provider and can assist you with the cash you need.

man holding thumbs up

African Bank is a trusted & reliable provider of short-term loans

In our review, African Bank adheres to the compliance criteria in accordance with the National Credit Act, where the granting the loan will not cause financial distress to the consumer.

✅ African Bank is a registered credit provider in South Africa: NCRCP7638

African Bank Contact

Physical Address

Postal Address

  • Private Bag x170, Johannesburg, 1685, South Africa

Opening Hours

  • Monday 08:00 – 17:00
  • Tuesday 08:00 – 17:00
  • Wednesday 08:00 – 17:00
  • Thursday 08:00 – 17:00
  • Friday 08:00 – 17:00
  • Saturday – Closed
  • Sunday – Closed