National Credit Act

The National Credit Act (Act) was promulgated on 15 March 2006. The Act 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 will have to comply fully with the Act from 1 June 2007.