The Johannesburg high court found the company’s product was at odds with the National Credit Act
New legislation seeks to close regulatory gaps to protect consumers and promote a competitive digital finance system
The KwaZulu-Natal state-owned bank is working to overcome its regulatory and legislative issues
Consumers are spending more than 40% of their disposable income on repaying debt, survey shows
Consumers can get their lives back after going under debt review although the process is not easy
The debt counselling process is not always smooth, as a Durban homeowner who fell into arrears on her mortgage has discovered
Rising interest rates and living costs deal a double blow to the poor
Industry professionals warn that, although well intentioned, the Bill to enable fund holders to get some of their savings before retiring can do harm
The NJMPF facilitates educational sessions at road shows, workshops and indabas
But amid worries that consumers could binge on credit there are signs they are handling debt better
The number of new accounts has risen but tough times have forced others to borrow
Only 1% of South Africa’s small, medium and micro-sized enterprises ask for formal financing
The bank on Wednesday morning reiterated that it had not been contacted by the NCR
Given this economic uncertainty, households should save during boom times so that they can survive during a recession
What may be SA’s first female black-owned bank is due to disrupt the sector by targeting hawkers and taxi drivers
There’s no rescue plan for African Bank borrowers, many of whom are repaying loans that experts say are contrary to the National Credit Act.
A court has ordered that draft recommendations on new credit fees must be completed by the end of April.
State organs are said to have failed to obey a court order to review credit charges within nine months.
The NCR has reached a settlement agreement with African Bank relating to two cases in which the bank was accused of reckless lending.
Growth in unsecured lending remains high.
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