SA's banks must explain their lending practices to Parliament - Masina

CAPE TOWN - Trade, Industry and Competition Portfolio Committee chairperson, Mzwandile Masina, said the country's banks must explain their lending practices to Parliament.

Masina said some of the country's biggest banks, including FNB, ABSA and Investec, would be appearing before Parliament in February to explain their practices in extending loans, especially to struggling South Africans.

Masina said the meeting comes amid rising consumer concerns about lending practices, especially consumption or consumer credit.
 
"We will now have the banks accountable in terms of how they use or abuse the desperate situation of those that are looking for credit. So we want them to clarify if there are no other mechanisms which we can make sure at the point of any individual taking credit they are fully aware of the implications."