Thousands of credit providers may be operating illegally - NCR
Consumers are at risk as nearly 4000 credit providers allow their National Credit Regulator registrations to expire in the last three financial years
Credit / Pexels: Markus Winkler 1430818 19867473
Lester Kiewit speaks with Zolile Mngqundanisa, Registration Manager at the National Credit Regulator (NCR)
Listen to the interview in the audio below.
4,300 credit providers have allowed their National Credit Regulator (NCR) registrations in the last three financial years.
This situation puts vulnerable South Africans at risk, as these providers may continue to operate illegally, exploiting those in need.
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These credit providers are expected to renew their registration annually and are penalised if they fail to do so on time.
“The consumers must be concerned about those that are lapsed.”
- Zolile Mngqundanisa, Registration Manager at the NCR
Mngqundanisa urges South Africans to ensure that credit providers are registered by checking their registration status or looking for window decals that confirm they are legitimately registered.
Entering into a loan with an unregistered credit provider causes the agreement to be void and unenforceable.
Scroll up to the audio player to listen to the interview.