African Bank
Quietly becoming a credible SME lender. Absorbed Sasfin's capital equipment + commercial property books in 2024; now targets 100k SMME customers by FY2025 with an IPO planned 2025-2027.
African Bank is the sleeper pick for SA SMEs. The Digital Business Loan's 48-hour turnaround at R5m is competitive with any fintech, at what tends to be a cheaper effective rate. Former Sasfin CEF/CPF borrowers should default to African Bank for refinance conversations — that's where their old book lives now.
About African Bank
Post-acquisitions (Grindrod 2022, Ubank 2022, Sasfin CEF/CPF 2024 for R3.26bn, Eskom home-loan book for R5.7bn), African Bank now offers a genuine SME proposition. Products: Digital Business Loan (R20k-R5m, funds within 48 hours of approval, eligibility SA-registered business trading ≥6 months with annual turnover ≥R1m, digital signing; excludes credit providers, gambling, pawnbrokers, firearm dealers, forex; larger relationship-led platform approves R5m-R20m loans within 24 hours), Business Revolving Line of Credit, Business Expansion Term Loan, Commercial Property Finance (ex-Sasfin/Grindrod — retail, office, industrial, residential rental, mixed-use, student accommodation, up to 70% LTV senior + mezzanine, historically R30m-R1bn with smaller deals now under the Sasfin-derived book), Asset & Equipment Finance (ex-Sasfin CEF — vehicles, plant, yellow goods), Corporate Finance / M&A via Oaklins sub-Saharan Africa (R30m-R1bn tickets), MyWORLD Business Account (zero- and low-fee transactional with multi-pockets / sub-accounts), and MyWORLD Business Credit Card.
Is African Bank a fit?
Typically fits
SMEs with R1m+ turnover seeking fast unsecured digital term funding (R20k-R5m), commercial property buyers below the Big Four's minimum deal size, and former Sasfin CEF/CPF clients whose loans migrated here.
Probably not a fit if
Pre-revenue startups (minimum ≥6 months trading + ≥R1m turnover), and specific excluded categories: credit providers, gambling, pawnbrokers, firearm dealers, forex traders.
Products
Digital Business Loan
Term loanR20k-R5m, funds within 48 hours of approval. SA-registered business trading ≥6 months, turnover ≥R1m. Digital signing.
- Rate
- Prime-linked (risk-based)
- Speed
- 48 hours
- Amount
- R20k – R5m
- Term
- 6-60 mo
Best for: SMEs with R1m+ turnover seeking fast unsecured digital term funding, or former Sasfin CEF/CPF clients whose loans migrated here.
Apply directly with African BankFunding types African Bank covers
FAQ
Is African Bank a registered credit provider in South Africa?+
African Bank operates in the South African SME lending market. For specific regulatory status (NCR registration, FSP licence), check their website or the regulator's public register.
How fast can African Bank fund a business?+
Decision times depend on the specific product and your documentation. Frank shows typical speed per product, your specific application can go faster or slower based on the docs you have in hand.
What documents does African Bank need?+
Standard SA lender paperwork: last 3-6 months of bank statements, CIPC company documents, director IDs, and, depending on size, latest financials or management accounts. Frank surfaces the exact requirements per product before you apply.
Why apply via Funded by Frank rather than directly?+
Same rates, same application, but Frank walks you through it and compares African Bank to alternatives before you commit. If African Bank isn't the right fit, Frank points you at the better option.
Does Funded by Frank charge me to apply?+
No. Frank is free for businesses. We earn a referral fee from African Bank only if your application lands, that doesn't change the rate or terms you get from them.
Not sure if African Bank is the right fit? Let Frank walk you through the options.
Answer a few quick questions about your business and Frank will show the funding shapes that typically fit, with the lenders who offer them.
See your funding options