Banker magazine has named African Bank as South African Bank of the Year. The award was given in recognition of the Bank’s complex business and risk models that helped businesses through the financial crisis.
“African Bank’s business model has been robust through the recent financial crisis and provided through the cycle profitability and attractive returns,” the Banker said in making the Award.
“The group has rolled out innovative products to make it easier for customers to access responsible credit and widened the bank’s distribution network through the establishment of kiosks and carve outs in its retail division which has helped drive the growth in loans,” the citation added.
Tami Sokutu, an Executive Director at African Bank Investments, received the award on behalf of the company, he congratulated the Bank’s employees, and thanked customers for their continued loyalty to Africa Bank.
Africa Bank is the biggest unsecured lender in South Africa – a country widely considered to be relying too heavily on the use of unsecured loans, with this type of financing growing quickly across the country. Unsecured lending currently accounts for 131 billion rand ($14.95 billion) of South Africa’s 1.36 trillion rand ($155 billion) outstanding receivables.