African Bank story is one of resilience and progress. Since its founding in 1975, the bank has focused on providing financial services to underserved communities in South Africa, championing financial inclusion and empowerment.
Over the years, African Bank has grown its presence across the nation, staying true to its mission of improving lives through accessible banking. A notable achievement is its dedication to financial education, helping customers make informed decisions about their money.
Want to explore more about African Bank’s offerings and history? Keep reading to learn about its milestones, innovative services, and how you can easily open an account.
About African Bank
African Bank was founded in 1975 with the aim of providing accessible financial services, particularly to South Africa’s Black population. The initiative arose from efforts to establish a banking institution that would serve a community historically underserved by traditional financial systems.
Over time, the bank encountered financial challenges, leading to its restructuring and repositioning. In 2014, an intervention addressed operational shortcomings, resulting in the creation of a new entity with a focus on robust and secure operations.
In recent years, African Bank has expanded its offerings, diversifying its services and strengthening its position in the financial sector. This progression highlights its commitment to meeting customer needs and contributing to regional economic growth.
African Products Reviewed by Infinity Discover:
Fees and commissions
| Monthly Bundle Fee (plus 5 pockets) | R6.00 |
| Card Replacement | R80.00 |
| Card Limit change Digital | Free |
| SMS | R0.60 |
| POS insufficient funds | Local R10.00 |
| POS insufficient funds | International R10.00 |
| Stop Debit order | R20.00 |
https://www.africanbank.co.za/media/gvafg1bc/lr_ban2406_001_myworld_pricelist_web.pdf
Rewards and Benefits Programs
- ATM Withdrawals
All accounts allow withdrawals at ATMs, providing 24-hour access to your money in convenient and secure locations. - Instant Transfers Between Accounts
With these accounts, you can transfer money instantly between different accounts, ensuring agility and complete control over your finances. - Add a User to a Pocket Account
With Power Pocket and Savings Pocket accounts, you can add a user to share and manage the account together, making it ideal for couples or collaborative projects.
Requirements to Open a African Bank Account
To open a Fixed Deposit Account with African Bank, you will need to provide the following documents:
- Valid Identification Document: South African ID or passport.
- Proof of Residence: Recent utility bill or rental agreement.
- Proof of Income: Payslip or employer’s letter.
For non-South African citizens, you will also need to provide a valid passport, work visa, and updated proof of address.
How to open an account
- Choose the Account Type: Decide which product best suits your financial needs.
- Prepare the Required Documents: Gather the documents mentioned earlier.
- Apply for the Account: Start the process online through the official website or visit a physical branch.
- Complete the Verification Process: Provide the requested information and wait for approval.
- Activate Your Account: Once approved, follow the provided instructions to start using your new account.
For more information, visit the official website at https://www.africanbank.co.za/en/home/.
Customer Experience: What to Expect
African Bank stands out for its personalized service, with highly trained teams ready to assist customers with their questions and needs. Whether addressing product-related issues or providing specific guidance, the bank prioritizes prompt and effective support, ensuring every customer feels valued.
In addition, digital simplicity is a hallmark of the bank. With an intuitive mobile app and internet banking, customers have access to modern tools that make managing their accounts easy and accessible. These platforms allow users to perform transactions, monitor balances, and manage finances conveniently and securely, anytime and anywhere.
Transparency and a commitment to customers are fundamental pillars of African Bank. The bank strives to provide clear information about its services and fees while offering efficient support for any financial need. This combination of personalized service, digital solutions, and transparent communication reinforces its position as a reliable and accessible choice.
Benefits of Choosing African Bank
If you’re looking for convenience and advantages to manage your finances, African Bank‘s MyWORLD, Power Pocket, and Savings Pocket accounts are perfect for you. These accounts are designed to simplify your daily banking needs and help your money grow.
See below the key benefits of these accounts and learn how they can meet your financial needs.
Competitive Interest on Positive Balances
MyWORLD, Power Pocket, and Savings Pocket accounts offer competitive interest rates on any positive balance. This means your money works for you, generating returns while staying in the account.
No Minimum Balance Required
All MyWORLD, Power Pocket, and Savings Pocket accounts provide the convenience of no minimum balance requirements. This ensures you can use your account without worry, even when your balance is low.
Linked Pocket Accounts
With the MyWORLD account, you can add up to two linked Pocket accounts, allowing for more flexible and segmented financial management tailored to different goals.
Cash Deposits
MyWORLD, Power Pocket, and Savings Pocket accounts allow direct cash deposits. This feature offers practicality and security when adding funds as needed.
Balance Inquiry at Cashiers or ATMs
MyWORLD, Power Pocket, and Savings Pocket accounts offer the convenience of checking balances directly at cashiers or ATMs, providing quick access to your financial information.
Add Up to 5 Pocket Accounts
Power Pocket and Savings Pocket accounts allow the addition of up to 5 Pocket accounts, enabling better control over financial planning and the separation of specific goals.
Security and Data Protection
African Bank prioritizes the security and protection of its customers’ data, employing advanced technology to ensure all information is safeguarded against unauthorized access. This includes robust measures like multi-factor authentication, which adds an extra layer of security for accessing accounts and conducting transactions reliably.
In addition, the bank utilizes automated systems that continuously monitor operations, detecting and blocking any suspicious activity in real-time. This constant vigilance ensures that customers remain protected, even in a dynamic and ever-evolving digital environment.
The commitment to privacy is another highlight of African Bank, which adheres to strict compliance standards to protect personal and financial data. These measures provide customers with the peace of mind they need to conduct their banking activities confidently, knowing their security is in trusted hands.
Contact to African Bank:
Contact African Bank through the following channels:
- Customer Service Center: Call 0800 633 633.
- Official Website: Visit African Bank to access more information.
You can also follow African on social networks:
