African Bank fined R700,000 for misleading clients
22 April 2025 - 19:46
African Bank has drawn the ire of the Financial Sector Conduct Authority (FSCA), which handed it a R700,000 penalty for airing advertising it said was misleading.
The lender ran a campaign in December 2023, advertising loans of as much as R350,000, repayable over 72 months, with the catch line: “It’s not a skoloto chomi! Ke investment,” loosely translated as “It’s not debt, my friend — it’s an investment.”..
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