African Bank’s chief executive, Busani Maluleke, said on Tuesday: “We made the change, because the initial target had been set in 2016, and 2016 was a different time.
"Many of you would agree that we live in a very different South Africa than what we were in 2016. The fact that our gross domestic product growth is pedestrian at best, the political uncertainty, the increasing levels of competition, all of these things together have led us to reconsider what is a much more of a realistic target."
Maluleke said the group’s customer base had declined for the first two years after the bank’s curatorship, as it had adopted a conservative risk appetite, which meant that the group could not lend to the same customers as it previously did.
“We are proud this has begun to turn around, and we have seen an increase in our customer numbers, and we expect this to accelerate with the launch of the MyWorld account,” said Maluleke.