African Bank Limited review 2024

Type Private
Industry Financial Services
Address 59 16th Road,
South Africa
Products Banking, Loans, Checking, Savings, Investments, Debit and credit cards, personal loans

African Bank Summary

African Bank Limited is a retail bank headquartered in South Africa, offering a diverse range of financial services and products. The bank received its license as a locally controlled bank from the South African Reserve Bank on April 4, 1994. As of the latest available data, here are some key details:

  • Gross Assets: As of September 30, 2019, African Bank Limited reported gross assets totaling R28 billion.
  • Shareholders’ Equity: The bank’s shareholders’ equity stood at R10 billion during the same period.
  • Employee Base: African Bank Limited, along with its subsidiaries and affiliates, employed 3,886 people.
  • Product Offerings: The bank provides a comprehensive suite of financial products and services, including:
    • Credit and Debit Cards
    • Insurance
    • Personal Loans
    • Check Services
    • Investment Solutions
    • Banking Services
  • Branch Network: African Bank operates a fully functional branch network across the entire state of South Africa.

African Bank Services and Products

Personal loans

African Bank offers personal loans that can be utilized for various purposes such as buying a car, renovating a home, and more. These loans come with flexible repayment options of up to R350,000.00, tailored to suit your needs. You can choose a repayment period spanning from 7 to 72 months.

With fixed repayments throughout the loan term, you’ll know exactly how much to pay and for how long. The interest rate applied depends on your credit history, ranging from 15% to 27.50% annually on the outstanding balance. Applying for a personal loan at African Bank is convenient, whether online or at any branch.

When applying for a personal loan you will need to submit the following documents :

  • Most recent payslip. Payslips must be showing income for the past 3 months.
  • Proof of residence that is not older than 3 months from the day of application.
  • At the time of applying, you must have turned 18 years.
  • Must have the latest 3 months bank statement reflecting 3 salary deposits from the previous 3 months.

You can apply for African Bank personal loan here.

Consolidation loan

A consolidation loan from African Bank combines up to five loans into one, streamlining your debt management. This allows you to merge debts from various banks into a single account under African Bank’s management. With a maximum amount of R350,000.00, the consolidation loan offers flexible repayment terms tailored to your needs.

You can choose repayment periods spanning from 12 to 72 months. Thanks to African Bank’s fixed interest rate, you’ll make fewer monthly installments on your loan. Additionally, African Bank offers the option to take a month off from repaying your consolidation loan, providing you with a temporary break from payments.

The 12% loan

Experience the stability of a 12% Loan, offering a low fixed interest rate that ensures consistent repayments and peace of mind. With fixed monthly repayments, you can rely on a predictable loan structure.

To apply for a 12% Loan tailored to your lifestyle, make sure you have the following documents ready:

  • Most recent proof of income (e.g., latest payslip)
  • Latest 3 months bank statements showing 3 salary deposits

Value added deals

You can borrow money to finance electronic devices with value-added deals. This is achievable because to African Bank’s collaboration with some of the most well-known technology companies. Electronics can now be purchased using African Bank financing. Laptops, cellphones, printers, and other electronic devices are available for purchase.

Bank Accounts

MyWORLD: bank Account is a primary account that comes with ‘one power pocket’, ‘one savings pocket’ and it links up to five pockets to your account.

Power pocket: power pocket is a separate account that can be linked to your primary account. You can get a separate card for the power pocket account to transact with ease. The card will have its unique account number. You can share the card with friends and family and you can add up to 10 members to view the account.

Savings pocket: savings pocket is a separate account with a unique account number. The account offers a good interest rate of up to 5.5% per annum. You can access funds anytime. With the savings pocket, you can add up to 10 members to view the account. However, you cannot link a card to this account.

African Bank Silver Credit Card

With 2% interest back on positive balances per year, the silver credit card not only rewards good credit but also comes with a slew of other perks. There is a 60-day interest-free grace period on the credit card. A Silver credit card entitles you to free swipes at any cash register in the world.

African Bank Gold Credit Card

On a positive account, the Gold credit card offers 3% interest back every year, which is 1 point higher than the Silver credit card. When you pay your credit card in full before the due date, you get a 60-day interest-free grace period. Free card swipes, SMS updates, and travel support are all included with a gold credit card.

African Bank Insurance

African Bank offers insurance for your credit life and funeral insurance.

Credit life: credit life insurance covers your debts when you lose your income. Insurance covers when facing retrenchment, disability, death and compulsory unpaid leave. Those who are self-employed or on pension are only covered for death and disability on loan and credit card debt.

Funeral insurance: funeral insurance covers for funeral costs. You can cover up to 8 children with yourself and spouse on 1 cover. Payout is within 24 hours upon approval. Premium stay stagnant and don’t change.

African Bank Limited Executives

Name Position
Basani Maluleke Chief Executive Officer
Gustav Rwubenheimer Chief Financial Officer
Piet Swanepoel Chief Risk Officer
Hendus Venter Chief Information Officer
Vere Millican Group Executive : Credit
Mellony Ramalho Group Executive : sales, branch network
Lindiwe Miyambu Group Executive : Human Capital


African Bank has had a more favourable response from its previous business model since going through a curatorship in 2014 and restructuring to a new organization. The bank now has one of the fastest loan approval procedures in the country, demonstrating that it is willing to embrace technology. Along with the big banks like FNB, Standard Bank, and Capitec, it is one of the top banks in the country when it comes to employing technology for client convenience.

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