NewsExpress banner Firstbank Verve banner Fidelity bank card banner Umm Sulaim's Thoughts Camano banner

African Bank to offer limited service from next month

By News Express on 20/03/2016

Gmail icon

Views: 2,541


African Bank’s “good bank” would still offer its lending, insurance and investment products when it launches next month, designate CEO Brian Riley said on Thursday.

The full-service retail bank, which will extend its offering to transactional banking, is expected to launch only in the third quarter of next year.

Mr Riley said the bank — which has been in curatorship for nearly two years after reckless lending triggered by a collapse of parent company African Bank Investments Limited (Abil) — did not yet have the platform needed to offer transactional banking services.

“We have no system yet,” he said, following a media briefing on its strategy for the retail bank. “(Transactional banking) requires different skillsets.”

The bank was training employees, hiring new ones, and was scouting for a transactional banking platform, he said.

It would present its transactional banking plans to the board in May.

Mr Riley said the bank was launching a “proof of concept” with insurer Sanlam at the end of this month for financial planning and investment products.

This would be reviewed after six months to determine if the project could diversify its customers and products. For Sanlam, the project was a way to test the value of offering its products and financial solutions through the bank’s 395 branches across the country. Sanlam was looking to expand its distribution, he said.

In May and June, it will launch funeral insurance as part of its partnership with insurer Guardrisk.

The partnership has netted 85,000 new credit life customers since the bank stopped doing business with Abil’s Standard General Insurance Company in January.

The bank will launch a stokvel product by September. It will also relaunch some of its offerings with new functionalities later this year and next year.

Mr Riley said the bank had not yet determined what interest rates it would offer.

Adrian Cloete, an analyst at PSG Wealth, said the bank faced stiff competition, which would make differentiation difficult.

“The important thing was that African Bank wasn’t allowed to fail, that customers still have confidence, that funders will continue to fund the bank, and that SA’s overall banking system demonstrated once again how sound and resilient it is.”

•Source: bdlive.com.

Source News Express

Posted 20/03/2016 7:33:46 PM

 

 

CLASSIFIED ADS

 

You may also like...
Kaduna Govt. bans child fostering, adoption

Amaechi seeks public opinion on performance, speaks of...

2 bank drivers nabbed for conspiracy to kidnap...

Buhari moves FEC, other official activities to wife’s...

Nigerian academics ambassador Ademola Oluwaranti wins British excellence...

Floods hit parts of Lagos after heavy rains...

Visiting family friend ‘drugs, rapes’ teenager

Tears flow as escaped Chibok captive brings news...

Anambra Police Command set to launch Operation Peace...

UK aviation firm begins independent probe of Bristow...

Boko Haram conflict cuts Nigeria’s wheat crop as...

Konga extends tentacles to health sector, set to...

 

Latest News Banks shut over robbery scare Angry Police officers beat runaway suspect to death NLC spits fire, says no excuse for states not to pay minimum wage Evil stepfather, six others gang-rape, infect minor with HIV Unthinkable things happened during Kogi, Bayelsa polls — National Security Adviser Passenger slumps, dies at Lagos airport minutes after arrival from China PUNCH Editorial: Repent, apologise and retrace your steps, Intersociety tells Buhari, Osinbajo APC govs renew moves against Oshiomhole Buhari mourns 67 soldiers killed in terrorist attack 20 aspirants join Anambra 2021 governorship race INEC reviews election security framework Obi hails Technology Distribution Ltd., declares it a company to trust

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (571,483 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (456,455 views) Shameless Genevieve Nnaji exposes breasts in public (406,375 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (341,407 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (307,738 views) 10 cars more expensive than Jets (292,058 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (261,251 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (260,324 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (241,739 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (228,287 views) Lagos plane crash: Journalist releases victims’ names (203,952 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (200,345 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (112) Business & Economy (4,620) Business Verdict (89) Columnists (1,156) Complaints & Requests (98) Enterprise & Opportunities (221) Entertainment (718) Features (855) Global Business Monitor (498) ICT Monitor (73) International (4,320) Interview (219) Live Commentary (30) Love Matters (178) Maggie's Blog (514) News (55,148) Opinion (1,438) Pidgin (18) Politics (11,880) Religion (1,133) Sports (2,255) Stock Watch (41) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera