South Africa: SA's Banks Spend Millions to Comply With New Credit Act

13 November 2006

By Stephen Gunnion

Johannesburg — BANKS are expected to spend up to R1bn as they prepare for the National Credit Act, which comes into full effect next June. And they will forfeit more than R1bn a year in fees they will no longer be allowed to charge after that.

First National Bank (FNB) last week said it would pay R140m-R230m as it prepared for the act, while it would lose about R788m a year in fee income after that.

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