South Africa's African Bank Investments Ltd (OTCPK:AFRVY) is technically a bank, but it's nothing like what that word probably conjures up in most reader's minds. Tracing its history back to microlending, ABIL is Africa's largest provider of personal loans in South Africa and a specialist in unsecured lending. ABIL's unsecured personal lending business is not the same as the payday lending of American companies like Cash America (NYSE:CSH), but it's also most definitely not the same as the secured lending operations of "regular" banks like Citigroup (NYSE:C) or South Africa's Big Four banks (Standard Bank (OTCPK:SGBLY), FirstRand (OTCPK:FANDY), Nedbank (OTCPK:NDBKY), and Absa Group).
ABIL has gotten...
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