In the fast-paced world of smartphones, a fierce rivalry has shaped the industry for over a decade. On one side, Apple, the epitome of…
Are there lessons for startups in the demise of African Bank?
In times of distress, institutions have curators to look after them, people don’t. This is perhaps the biggest lesson for consumers from the African Bank debacle. It’s a tough lesson, but learn it well.
African Bank Investments Limited, or ABIL, built a client-base of 3.2 million people, but is now under curatorship and faces huge losses. The management team, quite simply, lent too much money to too many customers who didn’t pay back their loans.
Read more on Ventureburn.
