Capitec cuts exposure to debt-relief beneficiaries
Bank says people earning less than R7,500 a month account for less than 5% of its loan book
19 August 2019 - 22:49
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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.