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.
#NationalCreditRegulator
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.
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.
What you need to know about credit scores
South Africa mainly uses two credit-scoring models, but they’re not identical. Understand how each model evaluates your financial habits, and how to improve your standing in both.
SCA clarifies pawnbroker’s rights to proceeds from asset sales
The judgment addresses several aspects of the National Credit Act, including the obligation to register as a credit provider and permissible interest charges.
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.
Ruling clarifies separate agreement fees under the National Credit Act
Fees in separate agreements between a service provider and consumers are not automatically illegal, provided they are kept separate from the fees regulated under the credit provider’s agreement.
‘Outdated’ pricing structure is harming microlenders and consumers, says MFSA
The most recent revision to the maximum interest rates and fees that credit providers can charge was in November 2015.
MBSE’s NCA courses: three ways for credit providers to comply
Moonstone Business School of Excellence’s engaging and interactive National Credit Act courses are tailored for industry professionals.
Rising CV fraud: how data aggregation platforms safeguard businesses amidst escalating threats
In the battle against fraud, Sameer Kumandan, managing director of SearchWorks, a data aggregation platform, underscores the pivotal role of robust Know Your Customer (KYC) and Know Your Business (KYB) checks.
