South Africa, April 24 -- Investigation

The penalty followed an investigation by the FSCA into African Bank's #KeFestive social media campaign, which was found to contain factually incorrect and misleading statements.

As part of its ongoing supervisory activities, the FSCA identified and assessed a social media advertisement flighted by African Bank in December 2023.

The advertisement, which featured a well-known public figure, encouraged consumers to take out personal loans with the phrase "It's not a skoloto chomi! Ke investment".

It said in a statement: "The FSCA found the above statement to be factually incorrect and misleading as it misrepresented the nature of the loan product that was on offer, implying that it was an investmen...