MFSA: Buy Now, Pay Later operating in a regulatory void, putting millions at risk
BNPL’s credit-like features require the same statutory protections under the National Credit Act, says MicroFinance South Africa.
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Buy now, panic later: a legal deep dive into SA’s payment revolution
This analysis examines whether BNPL falls under the National Credit Act or the FAIS regime, spotlights enforcement gaps, and considers how the pending COFI Bill could plug systemic vulnerabilities.
MFSA flags upfront fees as a key indicator of credit fraud
Another warning sign of a scam is a request to complete an application form sent via email, not on the provider’s website or app.
Consumers caught in hidden debt trap as ombud flags unfair practices
From hidden VAS fees that quietly inflated balances to wrongful fraud listings, the NFO Credit Division’s interventions have secured millions in write-offs.
Bundled credit insurance ruled unlawful for consumers who can’t claim
Selling credit life insurance with retrenchment and disability cover to pensioners and disabled persons – who cannot meet the claim requirements – breaches the National Credit Act.
NCR issues guidelines for credit providers on debt counselling process and deductions
The changes, which include stricter compliance rules and clearer protocols for stopping debit orders, are designed to streamline the process and protect consumers.
Incidental credit providers excluded from FICA registration
The revised draft of PCC 23A brings further clarity to the interpretation of credit providers under the Financial Intelligence Centre Act.
Comply with Directive 7 by Friday or face the consequences, says FIC
The Financial Intelligence Centre says many accountable institutions have ignored its instructions to submit a risk and compliance return.
