Interest rates are crushing South African consumers

ABSA says the higher-than-expected interest rates in South Africa are hurting its clients, with the number of credit impairments rising

The group expects high single-digit non-interest income growth, with the Africa Regions set to deliver strong growth and insurance revenue. said that credit impairment charges in the first five months of 2023 were 50% higher than in the comparable period in 2022, as consumer strain, larger lending books and increased sovereign debt risk across Africa weighed heavily.

In its interim financial results for the six months ended 31 March 2023, African Bank said that its retail consumers were negatively affected by the poor economy, with high food and fuel prices affecting their ability to pay their debt.

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