NEWS: Thousands of Credit Providers Fail To Renew Their NCR Registration

Zolile Mngqundanisa, (Registration Manager at the National Credit Regulator) was recently interviewed and revealed that around 4,300 credit providers have allowed their NCR registrations to lapse in the past three years.

The concern is now whether these credit providers have actually stopped operating or have simply stopped reporting their activity to the NCR. If they are now operating without regulatory oversight, it could put vulnerable South Africans at risk of abuse.

The good news is that entering into a loan with an unregistered credit provider makes the agreement void and unenforceable (unless that is done by big guys with baseball bats. Please beware).