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Credit Provider News

In South Africa, certain businesses must register with the Financial Intelligence Centre (FIC) as Accountable Institutions.

This includes companies that offer credit — which means supplying goods, services, or loans now, but allowing the customer to pay later. Even though the FIC’s final guidance is still being developed, the current FIC Act already explains who should register.

    • If your business is registered with the National Credit Regulator (NCR) as a Credit Provider, you must also register with the FIC.
    • Even if your business is not registered with the NCR, but you allow customers to pay later for goods, services, or money you’ve advanced, you still need to register with the FIC under Item 11(b) of the FIC Act. It doesn’t matter what your payment terms are — whether it’s 30, 60, or 90 days — or whether you charge interest or give discounts. While this may later change, if you currently defer payment, you’re providing credit in legal terms, and the law says you must register with the FIC.

So, be sure to register if your business is an NCR registered credit provider or you defer customer payments.

Thank you to Eugene Joubert of CR Holdings for his help in preparing this article. For more info head over to www.crholdings.co.za