African Bank records a 38% increase in its customer base in 2024 and improves NPS score

African Bank’s improves Net Promoter Score (NPS) and increases customer base

Earning a high Net Promoter Score (NPS) is crucial for a bank’s prosperity as it reflects customer contentment, loyalty, and advocacy, all pivotal for sustainable growth and a competitive edge. Strong NPS signifies robust customer loyalty, which is vital for customer retention and often proves more cost-effective than acquiring new customers.

In 2024, African Bank has proficiently catered to its customer’s needs by offering economical banking fees, exclusive transactional choices with the MyWorld account, and exceptional customer service. This is further bolstered by competitive rates for savings and investments, along with a variety of insurance products, all contributing to enhancing client satisfaction and, therefore, boosting their NPS score.

African Bank’s expansion of product offerings and commitment to purpose-driven lending has not only attracted a larger retail customer base but also reinforced its dedication to providing financial assistance to projects and initiatives that align with its values and positively impact communities and the environment.

These results underscore our diversification and its effectiveness in driving both financial performance and customer impact, reinforcing our dedication to being a responsible financial partner.

-  Kennedy Bungane, Chief executive officer at African Bank to Bizcommunity

Their retail banking division provides a wide range of credit, insurance, transactional, investment, and savings products with a digital solution that enabled access for nearly 4 million customers, indicating significant growth from the previous period. Additionally, their business banking division caters to 21 thousand business customers through their investment and loan services.

Securing business banking loans, which make up 37% of the total loans, has proven to be highly beneficial for African Bank. Their stable funding base now encompasses business and retail deposits at an impressive 91%, amounting to a total of R34bn.

As African Bank moves forward, CEO Kennedy Bungane anticipates a promising second half of the year with the expected easing of the interest-rate cycle, leading to enhanced growth in lending and continued expansion of transactional services.

African Bank is steadfast in its focus on building a scalable, diversified, and sustainable business, with digitalization playing a pivotal role in driving innovation and customer-centric solutions.

About African Bank

African Bank has 3 500 African Bankers across 389 branches and four Contact  Centres in their daily efforts to make it easier and more rewarding for consumers to manage their financial journey. African Bank is dedicated to creating relevant products that help to uplift South Africans, including loans, investment and insurance products. It recognizes the significance of achieving financial independence and is dedicated to assisting clients in initiating a positive transformation in their lives by providing a diverse selection of financial products that offer support, protection, and peace of mind.

Source: Bizcommunity.