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Johannesburg - South Africa's biggest unsecured credit lender, African Bank Limited, said on Friday the country's credit watchdog has proposed a 300 million rand ($34 million) fine following an industry-wide probe into possible reckless lending.

The bank said it “contests” the allegation of reckless lending by the National Credit Regulator against it.

African Bank said its own investigation in November 2011 showed that 15.5 million rand worth of loans were fraudulently granted. - Reuters