Did you know that you’re required to be registered if you’re in the business of granting credit? On our latest podcast, we are joined by the Deputy CEO of the National Credit Regulator, Adv. Obed Tongoane, to expand on what it means to be a responsible and trusted credit provider. He also discusses:
- The role of the National Credit Regulator (NCR)
- The credit providers who are required to be registered with the NCR
- The challenges of regulating micro-lenders
- How the NCR enforces the National Credit Act
- The role reckless lending plays in indebtedness in South Africa
What is the mandate of the NCR? How does it ensure the market is safe from a credit perspective?
“We [the NCR] are responsible for regulating the entire consumer credit market in the country,” says Tongoane.
The NCR does this through registering specific entities, like:
- credit providers,
- debt counsellors,
- credit bureaus,
- alternative dispute resolution agents,
- and payment distribution agents
Disclaimer: Old Mutual is a licensed Financial Services and Registered Credit Provider NCRCP 35