FAQs

Experian - a consumer, business and credit information services agency – has experienced a breach of data affecting bank customers, among others, including personal information for as many as 24 million South Africans.

For your own safety, consider your information to have been compromised and closely monitor your accounts for any suspicious behavior. As an African Bank customer, you can call 0861 111 011 and select option 9 to find out if your name was on the list.

The compromise of personal information can create opportunities for criminals to impersonate you but does not guarantee nor provide access to your banking profile or accounts. However, criminals can use this information to trick you into disclosing your confidential banking details (Username, PIN, Password, OTP and card details).

• Never disclose usernames, passwords, PINs or One Time Pins (OTPs) when asked to do so by anyone via telephone, fax, text messages or even email, no matter how believable they are. • Change your passwords regularly and never share them with anyone. • Verify all requests for personal information.

South African banks, including African Bank, take the security of their customer data very seriously and have put in place robust risk mitigation strategies to detect potential fraud on accounts and protect customers’ personal information.

Should you suspect that your identity has been compromised, apply immediately for a free Protective Registration listing with the Southern African Fraud Prevention Services (SAFPS). This service alerts SAFPS members, which includes banks and credit providers, that your identity has been compromised and that additional care needs to be taken to confirm that they are transacting with the legitimate identity holder. Consumers wanting to apply for a Protective Registration can email SAFPS at [email protected].

Contact your bank/s and credit service providers immediately and report the matter for your own protection.

You can either permanently stop your card or temporarily place your card on hold.

For a lost, stolen or damaged card, permanent cancellation of the card is required and a new card must be issued at your nearest branch.

A card can be permanently stopped or placed on hold by visiting you nearest African Bank branch, through logging into the African Bank App, Website or dialling the call centre 0861 000 555 /+27 11 256 9988.

For misplaced cards, a temporarily on hold status will apply, this will enable the customer’s card to be re-activated.

If you do not have an African Bank credit card, you can apply in any of the following ways:

Online on www.africanbank.co.za, using our African Bank App, dialling our call centre on 0860 333 004 or by visiting any of our African Bank branches.  

Visit your nearest African Bank branch to get a printed embossed Credit card. Once your Credit Card is activated, you will receive an SMS notification that your card can be used to perform transactions.

You can activate your credit card at any African Bank Branch, on the African Bank Website (www.africanbank.co.za), and log in to your Internet Banking profile or on your phone using the African Bank App.

When visiting an African Bank branch please ensure that you have your South African Identity Document and your Credit Card to confirm details.

You will be notified via SMS when you can start using your Credit Card.

This is dependent on the product selected therefore your instalment is either calculated as a % of your balance used or as a % of your credit limit.

 Your repayment is due on the first day of every month and payable on your salary date.

See easy ways to pay

The amount you can use depends on your available balance and your personalised transaction limits.

        These transaction limits can be maintained using the African Bank App or on the web (Internet Banking).

         Different banks may assign different withdrawal limits for specific ATMs.

         If you have any problems using your Credit Card, please call us on 0861111011.

Yes, by visiting your nearest African Bank branch, via the African Bank App, on the African Bank Website or by dialling 0861111011.

If you elected for an automatic limit increase upon application, your limit will increase one year after the last increase, should you qualify.

You may elect to have an auto limit increase upon replacement of your card.

Where automatic limit increase was not selected upon application, you may dial 0861111011 for a consultant to assist you.

You can request to reduce your limit to a level that you are more comfortable with by dialling 0861111011.

Yes, you are liable for any transaction that was authorised.

African Bank will authorise two types of transactions:

1. Card Present – A transaction where the card is physically presented and is authorised with your PIN where a PIN pad is present or you are prompted for a PIN (think of ATM withdrawals and POS transactions).

2. Card Not Present – A transaction where there is no card and is authorised by capturing the Card Number, Expiry Date, CVV (last 3 digits at the back of the card), and an OTP (One Time PIN) sent to your mobile phone where prompted to do so.

The bank takes great care in ensuring that customers are able to transact safely with as little hassle as possible. This is why it is very important not to share your Card, ATM PIN or Card details with anyone.

If we set aside or put-on-hold an amount, the available balance for your account will be reduced by the transaction amount.  

Funds are reserved immediately upon authorisation of the transaction, when

1. The amount is only an estimate and may not be equal to the actual transaction. Examples of this is car rentals and hotel bookings
2. A transaction was approved and successfully processed which reserved the funds but the merchant has not requested the bank for a settlement. The moment the transaction is presented for settlement the reserved amount will clear and the actual transaction processed to the account.

No, a successful transaction cannot be reversed, however a dispute may be logged by visiting your nearest branch or by dialling 0861111011.

Once the investigation of the dispute has been concluded, the transaction might be reversed depending on the outcome of the investigation.

Yes, you can change your PIN if you know what your PIN number is by visiting your nearest African Bank branch, in the African Bank App or on our African Bank website.

https://www.africanbank.co.za/en/home/

Yes, by visiting your nearest African Bank branch with your Credit Card and Personal Identification.

You can earn interest on a positive balance. Most of our credit card products offer an interest rate of between 2% - 3% interest on a positive balance.

Yes you can transfer funds from your African Bank Credit card to your African Bank MyWorld, Power Pocket or Savings Pocket.

No, debit orders cannot be processed against your African Bank credit card account.

If you have a blue card (card number starts with 421457) you won’t be able to do any transactions abroad, however all our other cards are enabled for international transactions.

The campaign rewards customers who swipe their MyWORLD primary account card 10 times in the month. If a customer meets the target of 10 swipes they will receive a reward.

The campaign rewards customers who swipe their MyWORLD primary account card 10 times  in the month. If a customer meets the target of 10 swipes in a month they will receive a reward.

No, all customers who swipe 10 times in the month that the campaign is active will receive a reward of their choice.

Once a customer meets their target on their MyWORLD Primary account the can choose from one of three rewards. The rewards that are available are:

1. 1 Gig of Data
2. Fee Rebate on MyWORLD Primary account
3. R150 Grocery Voucher

To redeem your reward, a sms will be sent to your mobile number with a unique code and instructions on how to redeem your reward.

Each customer is entitled to one reward every month if they meet their target of 10 swipes every month. An example:

Month 1 – If a customer swipes 10 times or more, then the reward is activated

Month 2 – If a customer swipes 10 times or more, then the reward is activated

Month 3 – If a customer swipes 8 times, then the no reward is activated

Customers can access their rewards in the month following the month that 10 swipe target is met.

Rewards that are not redeemed after 30 days of qualifying will expire.

All rewards redeemed are valid for 30 days from redemption.

Shoprite and Checkers.

Vodacom

MTN

Cell C

Telkom

This is a 3 month campaign with African Bank having the right to extend or terminate the campaign at any time

No, customers cannot give their reward to a third party.

1. Rebate queries – The MyWORLD customer service centre will have necessary information to assist the customer.
2. Data and Grocery queries - The MyWORLD customer service centre will provide the customer with third party contact details

The sales consultant will provide the The MyWORLD customer service centre number to the customer

The promotional terms and conditions will be published on the closed usage MyWORLD campaign page on the website.

There will be a closed usage MyWORLD campaign page on the website.

For reward redemption please contact TLC Marketing via one of the following channels:

Phone: 0116767768

Monday to Friday 08:30 to 16:30

Email: [email protected]

For any other queries relating to the campaign contact 0861 123 456

Use your Pay@ reference number which appears on your account statement to deposit money into your MyWORLD or Pocket accounts.

PEP, Shoprite, Checkers, Ackermans, Game, Builders Warehouse, Dion Wired, Makro, Jumbo, Cambridge Food, Rhino Cash and Carry.

Your Pay@ reference number is 11654 followed by the 11 digit account number you wish to deposit money into.

Cash deposit amounts are retailer dependant, up to a maximum transaction value of R3000

A low cash deposit fee of R5 for any deposit up to R1000, OR pay just 1.75% of the total value of any deposit over  R1000. For any payments made by card, the fee is 2.75% of the   total value.

All payments made using Pay@ will reflect on your account on the next business day.

• Account can be opened online
• Through our Investment Contact Centre at 0860 49 49 40
• At your nearest African Bank Branch

In South Africa, the general trend for retail deposits is that there is no guarantee against bank related risks.

The guarantee is generally for market related risks such as the interest rates.

Many financial institutions refer to guarantee of capital, however after reading the fine print of these terms and conditions, you will note that African Bank has the same guarantee as the other Banks.

You should provide your ID document. You also need to have a South African bank account in your name.

In order to open an investment account, you will need a South African Bank account in your name to complete the application. Also, in order for interest payments, withdrawals and payment on maturity to be processed successfully.

The parent or guardian of the minor can open an account, however, the ID of both the minor and parent/guardian needs to be submitted. Biometric authentication for the parent/guardian will also apply.

In order to do this, you need to be in possession of an original Power of Attorney document. You will also need to provide your ID, as well as the ID of the person you are opening account for. Kindly note the account will be opened in the name of the customer and the customer’s banking details will be used for the application.

African Bank offers SA's Best Investment Rate on our 4 Savings and Investments products, being Fixed Deposit, Notice Deposit, Access Accumulator and Tax-Free Account. We cannot recommend any specific one as it really depends on what you as a consumer is looking for and only a financial advisor would be able to give advice on financial matters. Check them all out online here: http://bit.ly/316K2Jm Calculator is also available for each product to give you an indication of how much you can earn.

The interest rate you earn, is determined by the product you invest in and not the amount. Interest rate is also dependant on the term.

Nominal Annual Compounded Monthly. This is the actual interest earned over a month period. So if you withdraw your interest every month, this is the rate that will be applied to the capital to work out the monthly interest payable.

Nominal Annual Compounded Annually. This refers to the annual effective interest rate at which your capital will grow if you don’t withdraw the interest earned every month.

This refers to the rate that is applied to your capital to calculate the interest earned if you do not withdraw any of the interest until the date of maturity. This is a simple interest rate.

This is a method of calculating interest where you apply the rate only to the principal amount invested.            

Fixed deposit: The interest rate is fixed for the term and will not change for the duration of the term.

Notice deposits: The interest rate is variable and can change during the lifetime of the investment, should there be any market related changes.

Tax Free Deposit: Your interest rate will not decrease below your starting rate during the first year. You will benefit from any increases in the interest rate. On anniversary date, the relevant interest rate at this time will be applicable.

• Electronic transfer using your investment account as reference
• Card payment in the branch
• Scheduled debit order
• Selected number of branches also accept cash payments

Minimum amount required as per below:

• Fixed Deposits, Notice Deposits and Access Accumulator:  R 500
• Tax Free Deposit:  R 50

As an industry standard, cheques are no longer accepted as method of payment.

You have 40 days from the day your application is completed to fund your investment account before it is closed, but it is always best to arrange for funding as soon as possible.

Fixed Deposits are designed to offer you a once off investment for a fixed deposit at a fixed term. After the first day of funding, this account allows you another 7 days to add funds should you wish to.

There is no limit to the number of times you can fund your notice deposit. You can schedule a monthly payment for this account and add funds at any time should you have additional funds to invest in this account.

Funds will not be allocated to the existing Fixed Deposit if funds are paid after the 7 day period from first funding, so please do not do this. You can opt to have it invested in a separate fixed deposit or choose a different account to invest in.

Debit orders are subject to a 40 day clearing period. This is due to a PASA (Payments Association of South Africa) rule. Although you earn interest from the day debit order funds are received, these funds can only be accessed after the clearing period. Due to this funds funded via debit will not be available while these funds are still within the clearing period.

You have the choice to re-invest funds for the same term, or you can open a different investment account to invest funds. Should you wish not to re-invest funds, these will be paid out to your bank account on maturity date.

A notice deposit has no maturity date. You can access funds by placing a notice on the account. If you place closure notice to withdraw all funds, account will be closed after the funds are paid to your bank account.

Debit orders for investment accounts can be loaded, changed or cancelled online, or you can also contact our investment team on 0860 49 49 40, should you need assistance in this regard.

You can visit your nearest branch or contact our investment team on 0860 49 49 40 to verify the status of the payment.

If the parent or guardian opened this account with his/her biometrics, this person will also be able to place notice on the account. However funds will only be paid to the bank account of the minor.

Investment payments are done through the EFT platform and are subject to the Bankserv interbank clearing process. Funds can take up to 72 hours to reflect in your bank account, however if you have an African Bank My World account, funds will be available on the pay out date.

• Visit your nearest African Bank branch. Find your nearest branch here
• Contact the investment contact centre at 0860 49 49 40
• Submit a call back request on our website
• SMS Invest to 30963

All compliments and complaints should be directed to the Branch or the Investments Call Centre at 0860 49 49 40. All complaints will be addressed by the African Bank Complaints Department. If there is no resolution on the matter, then the Ombudsman for Banking Services can be contacted at 0860 800 900.

The executor of the deceased estate late account should contact African bank with the required documentation. African Bank will then carry out the instruction as per the letter of executorship.

DebiCheck is the name for a specific type of debit order. A DebiCheck debit order is one that you confirm, electronically on a once-off basis (at the start of your contract). Its purpose is for you to confirm the details of the debit order with your bank before it is processed to your bank account. 

During the last couple of years debit order abuse has increased. On the one hand, there has been an increase in the number of debit orders being processed to consumers’ bank accounts without their consent. On the other hand, consumers have increasingly been disputing debit orders which they actually have agreed to, mostly to manage their cash flow. For these reasons, the South African Reserve Bank (SARB) decided to review the debit order landscape and during 2013 instructed the Payments Association (PASA) and the banks to address these issues. DebiCheck aims to address both of these issues by introducing electronic consumer confirmation for all DebiCheck debit orders. 

DebiCheck debit orders are debit orders that you will confirm, electronically and on a once off basis. Its purpose is for you to confirm the details of the debit order with your bank before it is processed to your account. Other debit orders are not confirmed electronically, although you still need to have a valid mandate in place. 

To electronically confirm your debit order means that you confirm the details of your debit order on an electronic device such as your cellphone, your bank app, your personal computer or perhaps an ATM. Your bank will let you know which options are available for you to use. 

It ensures that you are in control of and aware of debit orders being processed to your bank account. Additionally, it provides the company that you are dealing with, with the comfort of knowing that you have acknowledged and are aware of these debits orders. It also allows your bank to record the debit order information and to check the information before they process the debit order to your account. 

DebiCheck puts you in control of the debit orders that you are able to confirm. You will have the comfort of knowing that DebiCheck debit orders must be processed within the agreed conditions that you have confirmed. 

DebiCheck allows you to confirm the debit order information with your bank, at the start of the contract. This means that your bank will now have a record of all DebiCheck debit orders and will be able to verify the information before the debit order is processed to your account. Currently, banks do not have record of your debit orders and therefore cannot verify that the debit order information is correct before they process your debit order. 

DebiCheck will require an additional action from you – electronically confirming the debit order information with your bank. In many instances, your cellphone will be used for this confirmation, in which case you will need to make sure that your bank has your correct cellphone number. This is very important! 

You will only need to confirm your debit order information at the start of the contract. However, if the debit order information that you confirmed changes, your bank will ask you to confirm the new information. 

For existing debit orders – nothing. For new DebiCheck debit orders, you will need to check and confirm the new debit order information in the manner requested by your bank. This could either be in person (face-to-face), using online banking or your banking app or remotely by call centre or a request sent via your mobile phone. 

Your bank will have information handy to assist you with any questions you may have. You can also find more information on www.debicheck.co.za . 

All debit orders processed against your bank account must have mandates, but may not necessarily be subject to DebiCheck confirmation. No debit orders can be processed to your bank account without a mandate. 

It is important to remember that all debit orders must have mandates. Check your bank statement regularly to ensure you are aware of all debit orders that are being processed to your account. Also make sure that you have given a mandate for each of those debit orders. For DebiCheck debit orders, your bank will now also have an electronic confirmation of you agreeing with the debit order information of each mandate. 

As a consumer, unfortunately not. Companies who use the debit order system choose whether they want to use DebiCheck, or not. If they choose to use DebiCheck, you will receive an electronic request to confirm the debit order information. If not, you just need to ensure you have a signed paper or telephonically approved (voice) recorded mandate. 

This is definitely a long term goal for the South African Reserve Bank and the Payment Association of South Africa. Unfortunately, due to the number of debit orders and entities involved in these processes, this will have to be done in a phased approach. 

Debit orders requiring electronic confirmation with your bank are called DebiCheck debit orders. You can enquire from the company that your debit order is with, whether or not they are part of the DebiCheck system. If you are not required to electronically confirm the debit order information with your bank, at the start of your contract, the company that you are dealing with is not using DebiCheck for this debit order. 

For more information on bank fees, please contact your bank directly. 

Telecommunication / cellphone costs will depend on a number of factors, for example whether you use the USSD option or your banking app to confirm the DebiCheck. It will also depend on your mobile network costs.

The first step in the application process is to provide us with the information we need so that we can calculate your income and expenses. This includes documents such as your pay slip, a bank statement and proof of residence. We will then check your accounts on the credit bureau and the National Loans Register to calculate how much you can afford.

It is important that you give us only correct and up-to-date information. It is also your responsibility to let us know if you cannot afford the repayments before taking a Loan or Credit Card.

You can contact us anytime to get a statement, however we will send your statements to you.You will receive as long as your contact information stays the same.

If you believe there is a mistake on your statement please call us on 0861 111 011 so we can look into it.

Yes, absolutely. Please call us and let us know what language you would prefer and we will make sure you get all documents in your preferred language.

Your documents will be sent free of charge to the address you provided in your agreement with us. Unfortunately we don’t cover the cost of delivery to other addresses.

You are most welcome to visit us at your nearest branch or call us on 0861 111 011 if you have questions or complaints and we will gladly assist.

Yes it is. The National Credit Act says that all banks have to report personal information and any credit agreement entered into, cancelled or settled, to a registered credit bureau or the National Credit Regulator.

If this happens you need to contact us immediately and we will do our best to try and find a solution for you. Unfortunately if you don’t contact us, or we can’t help you find a solution. We need to give you at least 20 business days’ notice before submitting your information to the credit bureau.

Notice can only be given once, unless you request us to provide you with a copy of the same adverse information intended for the bureau.

Yes you can. You are welcome to contact any credit bureau and they will give you your credit report. This can be done once a year free of charge.

If you are not satisfied with any details on your report, you can request that an investigation is done.

The first step is to apply for a Loan. You have the choice of applying online, over the phone or by visiting your nearest branch.

Once you have applied for a Loan, your information will be reviewed and if the Loan is awarded to you, the Loan amount will be paid directly into your bank account.

Your repayment dates are set out on the front page of your agreement.

Your first repayment is due seven days after your Loan is deposited in your bank account. All other instalments are due on the first day of the month.

Repayments can be made by setting up a payroll deduction or a debit or stop order from your bank account.

Or, we can arrange to deduct the money from your bank account monthly on the day you are paid.

See easy ways to pay

Your repayment dates are set out on the front page of your agreement.

Your first repayment is due seven days after your Credit Card is activated, or your Loan is deposited in your bank account.

All other instalments are due on the first day of the month.

See easy ways to pay

Yes. You can call us for a settlement amount if you want to settle your outstanding balance. Or you can increase your repayment amounts to pay off your Loan or Credit Card quicker. Feel free to call us on and to discuss your options.

Yes. If you are unable to make your monthly repayment, please call us on 011 207 4500 to make a payment arrangement.

Failing to make your repayments can result in default administration fees, and lead to your Credit Card being suspended, or your Loan or credit facility being cancelled, or having legal action taken against you.

If this happens you need to contact us immediately and we will do our best to try and find a solution for you. Unfortunately if you don’t contact us, or we can’t help you find a solution, we need to give you at least 20 business days’ notice before submitting your information to the credit bureau.

If you fall behind with payments or that you have way too much debt to cope with, please call us on 011 207 4500.

Unfortunately if you don’t contact us immediately, we will notify you of your default and advise that you refer your issue to a debt counsellor, consumer court or alternative dispute resolution.

For more information on debt consolidation, debt counselling or debt management, contact the National Credit Regulator on 0860 100 406.

Salary switching is a service African Bank provides that allows you to change your current salary from your existing bank account to your new African Bank MyWORLD bank account.

• Internet Banking.
• African Bank App.
• Chatbot.
• Call our 24-hour Customer Contact Centre.
• Visit our nearest Branch with your latest bank statement.

• Access your salary switch letter by logging on to your online banking profile.
• Go to the Bank function.
• Select Salary Switching.
• Select your employer’s name and type in your employee number.
• Choose the e-mail or print option.

• African Bank will send the salary switch instructions to your employer within 1-5 working days. The switching process can, however, take up few weeks to be completed due to payroll cut-offs and the timing of when the salary switch letter is processed.
• If you are paid weekly or fortnightly, you will need to ensure the date on the salary switch form matches the next payday.
• Please confirm with your employer when the next payroll will be done to ensure you know when your salary will be paid.

• When you have completed all the information required on the salary switching screens, African Bank will pre-populate the form with your personal information from your MyWORLD banking profile. It will then give you the option to print the form or have it emailed to you.
• You can then send the form to your Human Resources/ payroll team to start the process for switching.

• No, the Bank cannot carry out this switching instruction without your consent.

• No, the service is free when you open or have an active MyWORLD bank account.

• No, not yet. As the process can take a few weeks to finalise, make sure you have funds in the other bank account to cover any debit orders that will be going off.

• Debit order switching is a service African Bank provides that allows you to change your current debit orders from your existing bank account to your African Bank MyWORLD bank account.

• Your previous bank account details.
• The following details for each debit order:
  
      1.  Service Provider name.
      2.  Debit order amount.
      3.  Debit order frequency.
      4.  Debit order day.
      5.  Debit order Reference.
  
  

• Access Debit Order Switching on any of our channels.
• Read the terms and conditions noted for debit order switch.
• Select the prepopulated debit orders you would like to switch.
• Provide consent to access your credit bureau for the purpose of switching your debit orders.
• Upload your bank statement, not older than 3 months, that reflects your debit orders.
• Take a few minutes to complete the debit order information fields

               1.  Service Provider name.
               2.  Debit order amount.
               3.  Debit order frequency.
               4.  Debit order day.
               5.  Debit order Reference.
               6.  Your previous bank account details.

• Once you have completed the request, you can monitor the progress within your profile.
• We will keep you updated regarding the progress of your Debit Order Switching request.

• There may unfortunately be instances where some service providers will not accept our instruction to switch debit orders on your behalf.
• Should the switch not be possible, kindly contact your service provider directly to arrange the switch.
• African Bank will provide you with a letter and the contact information of the Service Provider.

• Switching your debit order(s) will take a few days to complete.
• Please remember to only close your previous bank account once you have received confirmation from African Bank that your debit order(s) have been switched and have successfully been processed through your new account.
• Should your existing account be closed before all your debit orders have been successfully switched, it may result in unpaid transactions in your account.
• Your debit orders can only be moved if your African Bank primary account has been activated.
• Our operating hours are from <08:00 to 16:00, Monday to Friday>.

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ATM stands for Automated Teller Machine. An ATM is a computerised machine that allows the customers of banks to access their accounts to withdraw cash and carry out other financial transactions, without having to visit an African Bank Branch.

To use an ATM, insert your debit or credit card, follow the prompts on the screen, and enter your PIN. You can then select the transaction you want, such as withdrawing cash or checking your account balance.

A PIN is a numeric password for use at the ATM. The PIN is set by the you when collecting your card at a branch. The PIN should not be written on the card, card holder, etc. as, in such cases, the card can be misused if it is lost / stolen.

You can log in on your African Bank App or use Online Banking to reset your PIN under the Cards tab. You’ll be requested to capture and confirm your new PIN. The PIN must be 4 or 5 digits long.

Yes, an ATM is safe to use. We do, however, urge you to keep the following tips in mind:

• Stay alert.
• Keep your PIN a secret.
• Choose the safest location
• Don’t ask strangers for help.
• Ask your bank for assistance.
• Check the ATM carefully. If it appears to have been tampered with, find a different ATM.

You can withdraw money from any ATM that belongs to African Bank's network. If you use an ATM that doesn't belong to African Bank's network, you may be charged an additional fee.

A daily withdrawal limit is the maximum amount of money you can withdraw from an ATM in a single day. You can set up your daily withdrawal limit using your African Bank App or Online Banking. Go to My Account and then select the My Limits tab.

If the ATM does not return your card, or you have lost your card, immediately log in to your African Bank App or Online Banking to report the loss and stop your card. Alternatively, you can call our customer service line on 0861 123 456.

• Incorrect Pin
• Damaged Card Chip
• Suspicious Transactions
• ATM Error

For ATM related queries, please contact our customer service line on 0861 123 456. If you have used a card from another bank, please call the respective bank:

• Easy Pay Everywhere: 0860 994 162
• ABSA: 0800 111 155
• Capitec: 0800 102 043
• FNB: 0800 110 132
• Nedbank: 0800 110 929
• Standard Bank: 0800 020 600