NATIONAL CREDIT BILL PUBLIC HEARING

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Presentation transcript:

NATIONAL CREDIT BILL PUBLIC HEARING PRESENTATION BY:

WHO WE ARE

3 million borrowers Section 21 Company PriceWaterhouse Coopers 1250 microfinance offices registered /growing Largest industry body in SA Committed to a sustainable future for the industry

“The Loan Shark is Dead”

“The Loan Shark is Dead”

BORROWER TESTIMONIALS

DEFINITIONS “Incidental credit agreement” - exclude credit agreements – ensure total Inclusivity of all Credit Providers Educational loans - Loans to minors - Reckless Lending - Area for growth / impact

For Consideration (79) 3(a)Over-indebtness settlement (80) 3(a) Reckless Credit – Credit Limit 101:3 a+b Ensure all players are treated equally – Include Banks?

PAWN BROKERS Currently, “exempt” from the Bill Impact on Second Economy Lending on pawn broker premises must be subject to the Bill. Full registration Area for potential abuse

CREDIT BUREAUS Need to be Regulated Essential part of value chain – high Impact on consumer and market

CREDIT AGREEMENTS Bill describes “small credit agreements” R50 000 minimum (Housing & SMME) Term Lending 30 Day Lending / Emergency

NATIONAL CREDIT REGULATOR Mandatory interaction with the industry essential Regulations need to be Practical Proper consultation leads to solutions, growth and consumer development

REGISTRATION REQUIREMENTS Suitable timeframes for the implementation of BEE Funding for growth / ownership

OVER-INDEBTEDNESS Emergencies are a reality Microfinanciers know their customers – personally!! Lenders – open books for inspection

UNLAWFUL AGREEMENTS National Payment System Card & Pin = Pref Debits Equal access for all players

DEBT COUNSELLORS Critical and challenging High standards - skills, insight, experience and maturity Consistency.Nationally Technology: EFFICIENCY

CONSUMER RIGHTS Official languages and documentation - Regulator should provide one standard contract 95% of microfinanciers serve consumers in their mother tongue

CONSUMER EDUCATION The most powerful consumer is an informed consumer Matter of National Interest Joint responsibility Requires mega- thinking Project – 10 years

INTEREST RATES, FEES AND CHARGES Impact of the cap on interest: consider practical issues – Term and 30 day Loans Caps do not Improve Access Don’t feed the Loan Shark

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