BY PHAKAMISA NDZAMELA –
I HAVE a theory that African Bank Investments Limited (Abil), SA’s largest unsecured lender, finds itself in a difficult position today partly because of a failure by the big banks to transform and extend their lending, especially home loans, to areas that have been largely neglected.
The flawed title-deed structure in SA, which does not extend to communal land in rural areas, is also to blame.
Of course, Abil’s management, led by Leon Kirkinis, should have provided adequately for bad debts, and they deserve criticism for failing to do so.
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