African Bank says the launch of its on-line banking channel, MyWorld has led to an increase in trust and retail depositors. The bank says retail customer deposits jumped 115 per cent to R2.4 billion vs R1.1 billion in the previous year. African Bank’s credit-loss ratio improved to 7 per cent from 11.7 per cent while its gross advances book is up 9 per cent to R30 billion. African Bank CEO, Basani Maluleke joins CNBC Africa for more.
African Bank is reporting profit of R533 million for the six months ended 31 March 2019. The insurance and financial insurance services group are clamping down on credit underwriting. Joining CNBC Africa for more is Basani Maluleke, Group CEO, African Bank.
African Bank has officially thrown its hat into South Africa's growing and competitive digital banking sector. Their new product, MyWORLD, is set to offer the cheapest rates for transactional accounting across South Africa. Joining CNBC Africa for more is Basani Maluleke, CEO of African Bank.