Reviews

African Bank Limited review 2022

Published by
Lethabo Ntsoane

AFRICAN BANK LIMITED
Type Private
Industry Financial Services
Address 59 16th Road,
Midrand,
Johannesburg,
South Africa
Products Banking, Loans, Checking, Savings, Investments, Debit and credit cards, personal loans
Website Africanbank.co.za

African Bank Summary

African Bank Limited is a retail bank based in South Africa that provides a variety of financial services and products. The South African Reserve Bank licensed the bank as a locally controlled bank on April 4, 1994. As of September 30, 2019, African Bank Limited has gross assets of R 28 billion and shareholders’ equity of R 10 billion. At the time, the bank, its subsidiaries, and affiliates employed 3,886 people. Credit and debit cards, insurance, personal loans, checks, investments, loans, and banking are all available through the bank. African Bank has a fully working statewide branch network in South Africa.

African Bank Services and Products

Personal loans

Personal loans from African Bank can be used to purchase a car, renovate a home, and so on. You can apply for a personal loan with flexible repayment terms up to R250,000.00. Payment terms can be customized to meet your needs, ranging from 7 to 72 months to pay off the debt. Personal loans have fixed repayments, which means you pay the same amount for the whole term of the loan. As a result, you know exactly how much you’ll have to pay and how long you’ll have to pay it. The interest rate you’ll be charged is determined on your credit history. On the amount outstanding, personal loans have interest rates ranging from 15% to 27.50 percent each year. Applying for a personal loan with African Bank is simple, as it may be done online or at any African Bank 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 consolidates your debt by consolidating up to five loans into one. Your debts from different banks can be aggregated into a single account and managed by African Bank. The maximum amount of a consolidation loan is R250,000.00. The terms of repayment are flexible to meet your demands. Consolidation loans include repayment periods ranging from 12 to 72 months. Because the African bank’s interest rate is fixed, you’ll have to make fewer monthly installments on your loan. African Bank permits you to take a month off from repaying your consolidation loan, which means you can go without paying for a month.

The 15% loan

This loan allows you to keep your interest rate the same for the duration of your loan. The 15 percent loan has a set interest rate as well as fixed monthly installments. On the 15% loans, borrowers can borrow up to R50,000.00. Following approval, the loan will be deposited directly into your bank account. The 15 percent loan can be repaid over a period of 12 to 72 months.

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

Conclusion

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.

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at lethabo@rateweb.co.za

Published by
Lethabo Ntsoane
Tags: African Bank