Download Report On Mashonisas
Thousands of illegal credit providers operate country wide informally without being registered with the National Credit Regulator (NCR) who are engaged in a battle to prevent loan sharks from abusing consumer’s rights.
Wonga (who are an award-winning NCR registered credit provider), recently commissioned a report into how widespread the practice of loan sharks/mashonisas really is. The statistics will surprise and horrify you.
DOWNLOAD THE REPORT
The report clearly shows that South Africans love to borrow money and spend what they do not yet have. The illegal lending market is flourishing even as the NCR continue to work with the SAPS to try to shut it down and stop consumer abuses (like taking cards and ID books).
Wonga CEO leaving Microlender Wonga.com have been in the news recently as the NCR turned their attention on them. This has not been the only source of concern for them as in the UK they have also taken a pounding … read more
Wonga Receive Compliance Notice from NCR The NCR has issued a Compliance Notice to Wonga Finance SA (Pty) Ltd for breaches of the National Credit Act. This follows an investigation by the NCR into allegations and concerns about Wonga. The NCR investigation … read more
Public Hearings at Parliament – Day Five Far from the grand venue of the previous week’s public hearings (in the glamorous Good Hope Chambers) 40 people gathered in a small boardroom in the old assembly at Parliament to hear the DTI … read more