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African Bank deposits skyrocket to R1.48 billion as trust in the bank returns

28 May 2019 8:55 PM
Tags:
The Money Show
African Bank
African Bank Investments Limited
Bruce Whitfield
CEO
results
Basani Maluleke
African Bank CEO Basani Maluleke
company results
African Bank Group
African Bank results
deposits
retail customer deposits
chief executive officer

Its MyWORLD account is the cheapest in South Africa. Bruce Whitfield interviews Basani Maluleke, CEO at African Bank.
African Bank CEO Basani Maluleke. Picture: Radio 702.

We’re lending to an increasing number of lower-risk customers… We’re sitting on about a million customers… We’re lending to a lot fewer customers [in total] … We’re giving larger loans…

Basani Maluleke, CEO - African Bank

African Bank reported a profit of R69 million for the six months to 31 March 2019, down from R77 million.

Retail customer deposits grew to R1.48 billion from R680 million.

The bank recently launched what it claims is the cheapest account in South Africa.

The MyWORLD account offers interest rates of between 5.5% and 6.5%, the best in South Africa for these types of transactional accounts.

The Money Show’s Bruce Whitfield interviewed Basani Maluleke, CEO at African Bank.

Listen to the interview in the audio below (and scroll down for more quotes from it).

We’re recruiting more people…

Basani Maluleke, CEO - African Bank

We are going to retain the number of branches we have… We are going more digital, but a lot of customers still want face-to-face interaction…

Basani Maluleke, CEO - African Bank

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28 May 2019 8:55 PM
Tags:
The Money Show
African Bank
African Bank Investments Limited
Bruce Whitfield
CEO
results
Basani Maluleke
African Bank CEO Basani Maluleke
company results
African Bank Group
African Bank results
deposits
retail customer deposits
chief executive officer

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