African Bank bets on ‘near-free’ family banking
African Bank believes it will be able to compete with the Big Five banks once its MyWORLD cheque account is launched to consumers early next year.
“[We have] never offered full retail banking services and [have] historically focused on unsecured lending. When the bank launched in April 2016*, part of the strategy was to become a successful retail bank, which offered a variety of financial products and services,” says Neil Thompson, the bank’s head of customer value proposition and product design.
The assertion that it will be able to compete with South Africa’s most popular banks is in part based on African Bank’s 1.2 million loan customers, to whom it will market the MyWORLD account. It will also target customers of competitor banks.
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