New regulation requires money lenders to register with National Credit Regulator

Credit lenders have to be registered with the National Credit Regulator (NCR) as a credit provider under new regulations.

The regulations came into effect last Friday, with creditors being encouraged to apply urgently to avoid operating outside of legislation.

Any person whose business is to lend money will be required to register.

Lesiba Mashaba, National Credit Regulator

In an interview with 702's John Robbie, Lesiba Mashaba from the NCR said these are part of efforts to reign in unregulated lenders whose details remain murky.

We need to bring them into the regulatory net and make sure that they fully comply with legislation and to know where they operate from for inspections.

Lesiba Mashaba, National Credit Regulator

Listen to the interview below:

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