African Bank Limited, a rapidly growing retail bank is set to hit another milestone as its customer base soars to nearly 4 million under the leadership of Kennedy Bungane, a renowned South African tycoon and leading business executive.
According to figures contained in the retail bank’s recently published financial results, its active customer figures jumped from a total of 1.54 million in the previous 2022 fiscal year to 3.97 million active users in the year ending Sept. 30, 2023.
The growth in African Bank’s customer base under the leadership of Bungane — a renowned figure in the South African financial services industry — was supported by the introduction of the business bank and alliance banking segments.
Kennedy Bungane highlights resilient growth amid economic pressures
Commenting on the retail bank’s impressive performance in recent times, Bungane, the CEO of African Bank said: “While we faced some economic pressures this year, our overall performance and growth trajectory position us strongly for the future. We are committed to continuing our path of strategic diversification and growth.”
“This year’s results reflect our audacious commitment to strategic growth and diversification driven by our Excelerate25 strategy. Audacity has always been an African Bank trait, it takes audacity to defy the odds, which is what we have achieved with the evolution of African Bank from a mono-line credit lender to a fully-fledged retail and business bank.” he added.
Continued Growth: African Bank expands with acquisition of Sasfin’s CEF and CPF Divisions
As part of the move to strengthen its operation in the South African financial services industry, African Bank under the leadership of Bungane recently completed the acquisition of Sasfin Bank’s commercial equipment finance (CEF) and commercial property finance (CPF) divisions in a deal valued at R3.2 billion ($170 million).
This acquisition follows the bank’s previous purchase of Grindrod Bank and Grindrod Financial Holdings in 2022, worth R1.5 billion ($97 million), reflecting African Bank’s response to heightened competition in South Africa’s business banking sector.