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Again in 2014, after some studies of reckless lending and the sudden exit of senior administration, African Financial institution collapsed.
Within the strategy of rescuing the sinking ship, the financial institution was break up into “previous” African Financial institution additionally referred to as Residual Debt Service Restricted and “new” African financial institution (which had the identical branding, similar places of work, similar workers).
Many of the good money owed that individuals have been really paying every month have been moved to the “new” African Financial institution, leaving RDS with among the much less dependable and unhealthy money owed.
On the time, RDS put aside R500 million as insurance coverage cash.
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