The National Credit Act (Act), promulgated on 15 March 2006, aims to transform the South African credit industry by introducing a consistent regulatory and enforcement framework to “promote a fair and non-discriminatory marketplace for access to consumer credit”.
The impact of the Act on the banking industry and other credit providers such as retailers and microlenders is extensive and significant. All credit providers have had to fully comply with the Act from 1 June 2007.
