African Bank

Overview

African Bank is South African commercial bank + SARB South African Reserve Bank ~50% + Public Investment Corporation South African pension fund ~25%+ + 6 South African banks consortium controlling post-Aug 2014 curatorship + Apr 4 2016 African Bank Limited restructuring + SA commercial bank [1, za-cro].

History

Sep 1975 — African Bank founded in South Africa as consumer finance company.

Aug 10 2014 — African Bank curatorship by SARB South African Reserve Bank post-financial distress.

Apr 4 2016 — African Bank Limited restructuring + new African Bank Limited launched as restored commercial bank.

2014 — African Bank mobile banking app launch.

Ownership & operator

Operating entity: African Bank Limited (South African commercial bank; SARB + PIC + 6 SA banks consortium controlling).

Major shareholders: SARB South African Reserve Bank ~50% + Public Investment Corporation South African pension fund ~25%+ + 6 South African banks consortium (Standard Bank + FirstRand + ABSA + Nedbank + Investec + Capitec).

Regulators: SARB South African Reserve Bank + Prudential Authority.

Technical integration

African Bank mobile app (iOS + Android) + africanbank.co.za online + African Bank branch network across South Africa + African Bank Visa + Mastercard cards; ZA IBAN + ZA PayShap (South African P2P + retail real-time payment scheme) + ZA EFT.

Implementations & partners

Major South African banking + payments competitors: [[standard-bank]] (Standard Bank South Africa; JSE: SBK; Africa's largest banking group by assets) + [[fnb-app]] (FNB South Africa; FirstRand Group; South Africa's largest banking group + 12M+ customers + eWallet pioneer) + [[absa]] (Absa Group South Africa; JSE: ABG; South Africa's #3 commercial bank by assets) + [[capitec]] (Capitec Bank; JSE: CPI; South Africa's largest commercial bank by customers) + [[nedbank]] (Nedbank Group; JSE: NED; South African commercial bank) + [[discovery-bank]] (Discovery Bank; Discovery Limited Group; South African digital + behavioural bank) + [[investec]] (Investec Bank; JSE: INL + LSE: INVP; South African + UK private wealth management + specialist commercial bank) + [[tymebank]] (TymeBank South African digital bank; ~10M+ South African TymeBank customers) + [[bidvest-bank]] (Bidvest Bank; Bidvest Group; South African commercial bank) + [[old-mutual]] (Old Mutual Bank South Africa; Old Mutual JSE: OMU subsidiary) + mtn-mobile-money (MTN MoMo South African mobile money; ~75M+ MTN MoMo users across 16 African countries).

Regulators: SARB South African Reserve Bank + Prudential Authority.

Status

Active, South African commercial bank + SARB South African Reserve Bank ~50% + Public Investment Corporation South African pension fund ~25%+ + 6 South African banks consortium controlling post-Aug 2014 curatorship + Apr 4 2016 African Bank Limited restructuring [1, 2].

Sources

• 1 African Bank — official
• 2 African Bank — Wikipedia
• za-cro In-corpus: reports/countries/ZA-south-africa.md

Source

Biography extracted from african-bank.md. See matrix.md for standards-support matrix if present.