After a strong year, African Bank tightens lending taps amid 'a lot of pain' for consumers

African Bank is tightening its credit risk appetite again, saying that the current economic environment is putting strain on households' financial health.

The bank was just starting to open the lending taps again after adopting a cautious stance during the Covid-19 lockdowns.

The bank's chief financial officer Gustav Raubenheimer, said the bank introduced tightening measures in August and further tightened them again in October as interest rates, food prices, and other costs of living continue to climb rapidly.