NCT Case Against Capitec Bank Dropped By NCR
Capitec Bank have taken on over 600 000 new clients in the last 6 months and has been winning international acclaim. Share prices are up and now it seems in further good news the National Credit Regulator (NCR) has withdrawn it’s case against the bank at the National Consumer Tribunal.
‘…Capitec Bank have taken on over 600 000 new clients in the last 6 months.’
Several months ago the NCR said that they were taking Capitec Bank to the Tribunal over supposed reckless lending. Now after seven months of further investigation the Regulator has decided to drop the charges.
‘…after seven months of further investigation the Regulator has decided to drop the charges’
Capitec Bank’s Chief Executive says the charges being dropped paves the way for the bank to operate without further scrutiny. The announcement comes at a fortunate time as the bank has begun to roll out its credit card offering in the Western Cape with further expansion plans for the near future. The bank moving into this market called for a massive change to their internal computing systems and the transition has gone well thus far.
The NCR have recently enjoyed success against a major credit provider (Lewis Stores) at the NCT and have in the past even taken other banks like African Bank to the Tribunal. At present the regulator is trying to get the NCT to fine Lewis for the breaches recently ruled on.