President Cyril Ramaphosa. Picture: GCIS/ELMOND JIYANE
President Cyril Ramaphosa. Picture: GCIS/ELMOND JIYANE

President Cyril Ramaphosa signed the controversial debt-relief bill into law last week.

The legislation provides for the extinguishing of the debt of heavily indebted consumers who earn a gross monthly income of no more than R7,500, have unsecured debt amounting to R50,000 and who have been found to be critically indebted.

The Treasury has estimated that the debt-relief proposals could result in as much as R20bn being written off.

African Bank CEO Basani Maluleke joined Business Day TV to discuss the implications of the legislation.

African Bank CEO Basani Maluleke talks to Business Day TV about the legislation and what it means for banks

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