African Bank CEO Kennedy Bungane says S&P’s recent upward revision of its outlook is proof of the lender’s progress since implementing its Excelerate25 strategy that it expects will culminate in a listing in 2025.
Bungane said the revised positive outlook from S&P is a reflection of the consistent growth and delivery the lender has achieved over the past few years. “The funding diversification is already evident as a result of the acquisition of Grindrod Bank, which introduced in excess of R12.5bn of funding liabilities, with the majority being business deposits which is new to the group,” he added.
“Our transactional account, MyWORLD, continues to win over SA consumers, and we have witnessed positive growth in customer numbers, transactions and funded accounts,” Bungane said. “There are a number of exciting projects in the pipeline, and we look forward to delighting our customers with a growing product suite through which they can unshackle their audacity and create the kind of prosperity our founders envisioned.”