Again in 2014, after some stories of reckless lending and the sudden exit of senior administration, African Financial institution collapsed.
Within the means of rescuing the sinking ship, the financial institution was cut up into “previous” African Financial institution additionally known as Residual Debt Service Restricted and “new” African financial institution (which had the identical branding, identical places of work, identical employees).
A lot of the good money owed that folks have been really paying every month have been moved to the “new” African Financial institution, leaving RDS with a few of the much less dependable and dangerous money owed.
On the time, RDS put aside R500 million as insurance coverage cash.
