Are there lessons for startups in the demise of African Bank?

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.

No ad to show here.

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.

No ad to show here.

More

News

Sign up to our newsletter to get the latest in digital insights. sign up

Welcome to Memeburn

Sign up to our newsletter to get the latest in digital insights.

Exit mobile version