Banking group African Bank has published its full-year results for the 12 months ending September 2022, reporting a jump in profitability as it continues to expand its transactional base and eyes a big move into the business banking space.
However, one of the most encouraging aspects of the business is the growth in its transactional MyWORLD and credit card accounts and transactions. In terms of unique customers, the bank recorded 1.54 million individuals holding 2.16 million products. Of this, 37% – or approximately 570,000 are MyWORLD account holders.
“We have targeted the underserviced space in the middle and lower end of the business pyramid and will include smaller enterprises in a digital-first and data-led approach that goes beyond unsecured lending,” the group said.
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