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WELCOME TO THE NATIONAL CREDIT REGULATOR

The National Credit Regulator (NCR) was established as the regulator for the South African credit industry by the National Credit Act (34 of 2005) (NCA). It is tasked with consumer education, research, policy development, registration of industry participants, investigation of complaints and enforcement of the NCA.

The NCA requires the NCR to promote the development of an accessible credit market, particularly to address the needs of historically disadvantaged persons, low income persons, and remote, isolated or low density communities.

The NCR registers and ensures compliance to the NCA by the following industry participants: credit providers, credit bureaus, debt counsellors, alternative dispute resolution agents and payment distribution agents.

WELCOME TO THE NATIONAL CREDIT REGULATOR

The National Credit Regulator (NCR) was established as the regulator for the South African credit industry by the National Credit Act (34 of 2005) (NCA). It is tasked with consumer education, research, policy development, registration of industry participants, investigation of complaints and enforcement of the NCA.

The NCA requires the NCR to promote the development of an accessible credit market, particularly to address the needs of historically disadvantaged persons, low income persons, and remote, isolated or low density communities.

The NCR registers and ensures compliance to the NCA by the following industry participants: credit providers, credit bureaus, debt counsellors, alternative dispute resolution agents and payment distribution agents.

Credit Extension slows down while impairments worsen.

October 2023

Today, the National Credit Regulator (NCR) released the Consumer Credit Market Report (CCMR) and the Credit Bureau Monitor (CBM), which are based on data submitted by the registered credit providers and credit bureaus respectively. The latest edition of the reports covers credit market information from April 2023 to June 2023. The total value of new credit granted increased by 0.15% quarter-on-quarter from R141.78 billion to R141.99 billion. The number of credit agreements entered-into increased by 6.66% quarter-on-quarter from 3.79 million to 4.04 million.
The following were some of the most significant trends observed in terms of credit granted for the quarter ended June 2023:

  • The value of new mortgages granted increased by R2. 75 billion (6.09%) quarter-on-quarter and decreased by R9.69 billion (16. 85%) year-on-year.
  • Secured credit, which is dominated by vehicle finance, decreased by R480.03billion (1.06%) quarter-on-quarter, and by R153.55 million (0.34%) year-on-year.
  • Credit facilities decreased by R1.14 billion (4.80%) quarter-on-quarter and by R1.66 billion (6.85%) year-on year.
  • Unsecured credit decreased by R354.87 million (1.53%) quarter-on-quarter, and by R4.08 billion (15.14%) year-on-year.
  • Short-term credit increased by R235.09 million (11.14%) quarter-on-quarter and by R156.06 million (7.13%) year-on-year.

The total outstanding consumer credit balances (or gross debtor’s book) as at June 2023 was R2.31 trillion, representing an increase of 0.74% quarter-on-quarter and by 5.81% year-on-year. The trends for outstanding balances for the quarter ended June 2023 were as follows:

  • Mortgages debtors book increased by R8. 62 billion (0. 72%) quarter–on-quarter and by R64.58 billion (5.65%) year-on-year.
  • Secured credit debtors book increased by R3.02 billion (0.61%) quarter-on-quarter and by R22.03 billion (4.59%) year-on-year.
  • Credit facilities debtors book increased by R5. 40 billion (1.73%) quarter-on-quarter and by R30.97 billion (10.81%) year-on-year.
  • Unsecured credit debtors book decreased by R910.18 million (0.41%) quarter-on-quarter and increased by R5.26 billion (2.43%) year-on-year.
  • Short-term credit debtors book increased by R106.08 million (5.07%) quarter-on-quarter and by R339.78 million (18.27%) year-on-year.

Credit bureaus held records for 27.05 million credit-active consumers, which was a decrease of 0.05% when compared to the 27.07 million in the previous quarter. Consumers classified in good standing decreased by 215,482 to 17.03 million. This amounts to 62.95% of the total number of credit-active consumers. The number of credit-active accounts decreased from 90.44 million to 90.21 million in the quarter ended June 2023. The number of impaired accounts has increased from 19.13 million (21.15%) to 19.29 million (21.38%) in June 2023, an increase of 158 725 quarter-on-quarter and 26 685year-on-year.

The interest rate cycle has been on an upward swing placing consumer’s payment obligations under severe financial pressure as a result of increased debt re-payment installments. The NCR urges consumers to plan and monitor their spending by drawing up a monthly budget and making shopping lists to manage their expenses. The NCR encourages consumers battling with debt repayments to contact their credit providers for assistance with payment re-arrangements. Consumers must not avoid credit providers when in distress.

In the worst-case scenario, consumers are urged to contact their nearest registered debt counsellors to seek help. Debt counselling is intended to assist consumers who are over-indebted. Over-indebtedness is a state where the consumer ‘s income is not sufficient to cover all financial obligations and living expenses. A registered debt counsellor should be able to assist the consumer with budget advice and debt restructuring, says Mr Ngoako Mabeba, the Statistics and Research Manager at the NCR.

Comparisons in this release- ‘quarter-on-quarter’ refers to a comparison between the March 2023 and June 2023 quarters, and ‘year-on-year’ refers to a comparison between the June 2022 and June 2023 quarters.

ENDS


About The National Credit Regulator
The National Credit Regulator (NCR) was established as the regulator under the National Credit Act 34 of 2005 (NCA) and is responsible for the regulation of the South African credit industry. The NCR is mandated with the registration of Credit Providers, Credit Bureaus, Debt Counsellors, Payment Distribution Agents, and Alternative Dispute Resolution Agents; and monitoring their conduct in compliance with the National Credit Act as amended. The National Credit Regulator offers education and protection to consumers of credit in promotion of a South African credit market that is fair, transparent, accessible and dynamic.

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National Credit Act

Download the National Credit Act
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