South Africa's major retail banks and the Banking Association of South Africa (Basa) have signed an agreement with the National Treasury aimed at improving responsible lending and preventing households from becoming caught in a debt spiral.
In a joint statement on Thursday, Basa, the banks and the Treasury expressed concern over lending to households that could not afford their loans, illegal collection practices such as keeping ID documents, bank cards and PINs, selling inappropriate credit products to maximise margins, and extending unaffordable loans to pensioners and other social grant recipients.
...
AllAfrica Subscription Content
You must be an allAfrica.com subscriber for full access to certain content.
You have selected an article from the AllAfrica archive, which requires a subscription. You can subscribe by visiting our subscription page. Or for more information about becoming a subscriber, you can read our subscription and contribution overview.
For information about our premium subscription services:
You can also freely access - without a subscription - hundreds of today's top Africa stories and thousands of recent news articles from our home page »
Already a subscriber? Sign in for full access to article