Capitec, which grew into SA’s biggest bank by customer numbers by focusing on those traditionally excluded by commercial lenders, says it has been actively reducing its exposure to low-income earners in anticipation of the recently approved debt relief regulation.

In a statement on Monday that may be seen as confirmation of the unintended and harmful effect of a new credit-relief law signed by President Cyril Ramaphosa last week, the bank said people earning less than R7,500 a month now accounted for less than 5% of its loan book.

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