NCR Asked to Relook at Capitec?
Following hot on the heels of Capitec Bank and Summit Financial Services finally settling their differences over the bank’s former MultiLoan product (which consumers could access again at an ATM after answering some questions), it now seems that the South African Reserve Bank (SARB) may have asked the National Credit Regulator (NCR) to relook at the issue.
In 2016, Capitec stopped offering clients the option to easily access more credit via ATMs and a perhaps questionable multi-loan product where consumers ended up repeatedly paying significant fees to repeatedly gain access to new credit. The bank was adjusting their practices with the new changes to the requirements of the National Credit Act and regulations at the time. It is said that the NCR looked into the product not too long after and was satisfied that there were no significant issues (even though Capitec decided to pull the plug on the product).
‘It is said that the NCR looked into the product not too long after and was satisfied that there were no significant issues’
Now the press are reporting that the SARB have asked the NCR to have another look, as someone is claiming that the bank simply began offering the same product again under a new name. This may, in fact, tie in with the same claim being made by Viceroy (perhaps the very same person?) who have been attacking the bank and benefiting from the resultant drop in share price.
Capitec stock once again took a knock as the news got around, even though there has been no substantiation of the somewhat vague claim.