African Bank provides clarity on what will happen to both depositors’ and borrowers’ money.

If a retail client had deposited funds with ABIL what happens to their money? Will they get it back and would they receive the same rate of interest?

As indicated by the Governor of the Reserve Bank, Gill Marcus, all retail customer deposits including interest are safe. The customer has a contract with the bank for a fixed period of time and they will have to wait for the period to end before withdrawing the funds, as is the normal course of business. Should a customer wish to withdraw the funds, the customer may make an application to do so. Normally, early withdrawal is allowed in the case of death, disability or an emergency. Other circumstance may attract a penalty.

If a client has a personal loan with ABIL how does this affect them?

This doesn’t have any impact on any personal loans. Customers need to continue to pay African Bank in accordance with their contract terms. All of the branches will stay open and you can continue to make payment at your local branch.