AFRICAN Bank, which will launch a new version of itself in April after months of curatorship and a capital injection from the Reserve Bank and a host of major banks, has reached an agreement with Sanlam to distribute insurance products within its branch network.
In addition to the loans it already provides, the bank plans to launch transactional banking services next year.
This will allow consumers to deposit their salaries in the bank’s accounts and conduct a range of banking activities.
This comes after the bank clinched a banking licence from the Reserve Bank and approval for its restructuring from the finance minister earlier this week.
"We intend to make the offering a compelling alternative when we launch it in 2017," said Brian Riley, CEO-designate of the new bank.
The deal with Sanlam — which is a "proof of concept" to test the viability of offering a broader range of insurance products and services — involves Sanlam’s advisers descending on the bank’s 400 branches across the country to provide financial solutions.
If it delivers the kind of value African Bank wants for its customers, the bank may consider providing it as a permanent service.
The bank will launch funeral products in May and June as part of diversifying its offering.
African Bank. Picture: SUNDAY TIMES
AFRICAN Bank, which will launch a new version of itself in April after months of curatorship and a capital injection from the Reserve Bank and a host of major banks, has reached an agreement with Sanlam to distribute insurance products within its branch network.
In addition to the loans it already provides, the bank plans to launch transactional banking services next year.
This will allow consumers to deposit their salaries in the bank’s accounts and conduct a range of banking activities.
This comes after the bank clinched a banking licence from the Reserve Bank and approval for its restructuring from the finance minister earlier this week.
"We intend to make the offering a compelling alternative when we launch it in 2017," said Brian Riley, CEO-designate of the new bank.
The deal with Sanlam — which is a "proof of concept" to test the viability of offering a broader range of insurance products and services — involves Sanlam’s advisers descending on the bank’s 400 branches across the country to provide financial solutions.
If it delivers the kind of value African Bank wants for its customers, the bank may consider providing it as a permanent service.
The bank will launch funeral products in May and June as part of diversifying its offering.
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