African Bank reported a significant increase in its customer base, reaching 3.97 million active users in the year ending September 2023, a 158% increase from 1.5 million customers in 2022. This growth is attributed to the introduction of the business bank and alliance banking segments. The Alliance Banking segment, including Lesaka, Shoprite Checkers and MTN Momo client offerings, contributed 2.05 million active customers, while the Business Bank segment had 19 487 customers. Consumer banking recorded 1.89 million active customers, a 23% increase from the previous year, driven by the growth of its MYWORLD product offering. Despite the growth, the bank increased its credit impairment charges, with the credit loss ratio reaching 8% compared to 4.9% in 2022. African Bank reported a return to profitability in the second half of the year, with profits for the year at R505 million, 31% lower than last year.
