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   0860 627 627 (Call Centre) / 011 554 2700  (Reception) 

  info@ncr.org.za / complaints@ncr.org.za / workshops@ncr.org.za

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.

The National Credit Regulator warns against false information on the National Credit Amendment Act relating to “Debt Intervention”

June 2021

The National Credit Regulator (NCR) strongly condemns scams, which are mainly via online platforms and are aimed at deceiving consumers about debt intervention, which is a measure intended to assist debt stressed consumers, says Anne-Carien Du Plooy, Manager: Debt Intervention at the NCR.

Although, the National Credit Amendment Act (the Act) was signed into law, it is not yet in operation and await an implementation date to be promulgated. This simply means that it is currently not in effect, stressed Du Plooy.

The NCR has discovered several online scams, such as “ask.auntykaryn.co.za” which direct consumers to apply to certain companies in order to qualify for their debts to be written off under debt intervention. This is incorrect and misleading! 

It has to be emphasized that consumers will only be assisted for debt intervention once the Act has been promulgated by the President.  Consumers should beware these scams and avoid falling victims to them, she says.

Du Plooy provides the following insight about “Debt Intervention”:

  • Consumers should not fall prey or victims to scams where companies and individuals direct them to pay for services with the promise that their debts will be written off. Consumers are encouraged to verify such information with the NCR on 0860 627 627 before any payments are made or agreements entered into.
  • Consumers who are battling with the repayments on their debts can contact a registered debt counsellor directly for assistance.
  • There is no basis for consumers to utilise agents to get to a debt counsellor and pay agent fees.
  • All registered debt counsellors can be found on the NCR’s website at www.ncr.org.za or consumers can contact the NCR on 0860 627 627 for assistance in this regard.
  • Consumers are further cautioned to never give their personal details such as their ID numbers to strangers telephonically or online.
  • A current scam that leads consumers to a website is https://ask.auntykaren.co.za. Consumers are cautioned not to visit this website, to be vigilant and avoid this scam.
  • Remember if it sounds too good to be true, it usually is.

 

Ends


About The National Credit Regulator
The National Credit Regulator (NCR) was established in terms of the National Credit Act 34 of 2005 (the Act) 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.

For more information contact:

Media Office: This email address is being protected from spambots. You need JavaScript enabled to view it.

Or

Winnie Rabathata
064 752 3923
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.ncr.org.za

The NCR and the Credit Ombud rowing together in the same boat.

The National Credit Regulator (NCR) and the Credit Ombud have signed a Memorandum of Understanding (MoU) facilitating co-operation and collaboration in achieving the objectives of the National Credit Act 34 of 2005 (the Act) and specifically the resolution and investigation of disputes between non-bank credit providers, credit bureaux and consumers.

The NCR is responsible for regulating credit providers and is tasked with carrying out education, research, proposing policies to the Minister, registration of industry participants, investigation of disputes and ensuring the enforcement of the NCA 34 of 2005. The Credit Ombud is a voluntary, non-statutory body; afforded recognition under Section 11 of the Financial Services Ombud Scheme Act, 2004 and is an Ombud with jurisdiction in terms of the NCA; which engages in the resolution of disputes arising within the non-bank credit industry and consumers.

Working together is pivotal to building and maintaining the spirit and objective of the NCA.


Section 139 of the NCA provides that the NCR may, upon acceptance of a dispute, refer such dispute to an Ombud with jurisdiction for the purpose of assisting the credit provider and consumer to resolve the dispute. The NCR agreed that all disputes against members of the Credit Ombud will be referred to the Credit Ombud for resolution. The Credit Ombud resolves disputes between consumers and credit providers relating to credit agreements and credit information, this covers all disputes of clothing and furniture retail accounts, micro lenders, and other non-bank loans.

The MoU will see the NCR and Credit Ombud work together on several areas of co-operation. The main elements include the following

  • As an alternative to disputes being investigated by the NCR against subscribing members of the Credit Ombud, the NCR shall refer non-bank credit agreement and credit information matters to the Credit Ombud;
  • Quarterly reporting to the NCR by the Credit Ombud regarding the resolution of disputes referred by the NCR;
  • Capacity building and training programmes;
  • Outreach initiatives and credit industry awareness and education;
  • Research and information sharing.

The services offered by the Credit Ombud is FREE to consumers wanting to resolve their disputes arising from within the non-bank credit industry. Consumers are not bound by the ruling or decision of the Credit Ombud and may refer a matter to the NCR.

Working together is pivotal to building and maintaining the spirit and objective of the NCA.


NCR Contact details:

Call Centre: 0860 627 627
Reception: 011 554 2700
Email: This email address is being protected from spambots. You need JavaScript enabled to view it. / This email address is being protected from spambots. You need JavaScript enabled to view it. / This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.ncr.org.za

Credit Ombud Contact details:

Call center: 0861 662 837
Reception: 011 781 6431
SMS: ‘Help’ to 44786
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Twitter: @creditombud
Facebook: @creditombud
Website: www.creditombud.org.za

Industry Communique for issuing 1 Febr 2021

Dear Industry Stakeholder

In terms of Section 14 of the National Credit Act, 2005 (NCA), the National Credit Regulator (NCR) is responsible for regulating the consumer credit industry in South Africa. According to Section 69 of the NCA, the Minister of Trade and Industry may require the NCR to establish and maintain, in the prescribed manner and form, a single national register of outstanding credit agreements.

With the promulgation of the Financial Sector Regulation Act, 2017 (FSRA) in August 2017, the South African Reserve Bank’s (SARB) mandate was expanded to include an explicit financial stability responsibility. The SARB is responsible for protecting and enhancing financial stability by monitoring the global and domestic environment for risks and vulnerabilities and mitigating them through macro-prudential policy action. 

This responsibility requires the SARB to, among other things, increase its focus on credit risk by expanding its database with more granular credit data and improving credit information reporting systems. At the same time, more granular credit data will serve the SARB’s price stability mandate  and promote more prudent risk-management practices and enhance prudential supervision by the Prudential Authority (PA).

In light of this, in July 2019, Governor Lesetja Kganyago recommended to the Department of Trade, Industry and Competition (DTIC) Minister Ebrahim Patel to establish a central credit register (CCR) for South Africa. In September 2019, Minister Patel agreed and requested the NCR to cooperate with the SARB and other stakeholders to create and maintain a national register of credit agreements for South Africa, as considered in section 69 of the NCA.

Consequently, a CCR Steering Committee (Committee) was set up in December 2019 to drive the establishment of a CCR for South Africa. Members of the Committee include the National Credit Regulator, South African Reserve Bank, Prudential Authority, Financial Sector Conduct Authority, Financial Intelligence Centre, the National Treasury and the Department of Trade, Industry and Competition. Work has been ongoing, and it is envisaged that the financial sector industry will be engaged for discussion and consultations in the first quarter of 2021.

 

More detailed communication will follow in due course.

For inquiries contact Lebogang  Selibi at This email address is being protected from spambots. You need JavaScript enabled to view it.

2020 has been difficult for many, spend wisely for a better New Year

December 2020

Do not allow impulsive and spontaneous spending during the festive season make your January an excruciating one, says Anne-Carien Du Plooy, Acting Manager: Education & Communication at the National Credit Regulator (NCR). “If you enter January unprepared, the month will seem longer compared to other months”. “Avoid excessive spending with an aim of impressing friends, family or even strangers”, she cautions.

Many will receive their December salaries mid-month as opposed to the end of the month as is usually the norm. This does not mean that you should spend all of it before the end of December. Bear in mind that the very same salary should cater for debit orders at the end of December and also for all January’s expenses such as rent, food, electricity, transport and additional expenses such as school fees, school uniforms, registration fees, stationery etc. advises Du Plooy.

Many consumers who spend without a proper budget during the festive season end up applying for credit in order to get through January. When their applications for credit are declined by registered credit providers due to affordability, they opt for unregistered credit providers such as Mashonisas, Skoppersetc. Unregistered credit providers charge consumers exorbitant interest and uses unlawful tactics such as retention of cards and PINs to collect their monies. Du Plooy urges consumers to report such conduct by unregistered credit providers to the National Credit Regulator on 0860 627 727 / This email address is being protected from spambots. You need JavaScript enabled to view it..

The COVID-19 pandemic has caused financial strain to many consumers, which calls for consumers to save more and spend less. She advises consumers battling to repay their debts to seek assistance by contacting their credit providers for assistance. If this fails, they should contact registered debt counsellors for assistance. Du Plooy, however, cautions consumers to be wary of debt counsellors who use misleading marketing and advertising practices, particularly on social media platforms such as Facebook to lure consumers into their businesses. “These advertisements are misleading in nature as they misrepresent the spirit and the objectives of the National Credit Act regarding the provisions of debt counselling as a debt relief measure.” An example of these advertisements is “NCR DC is giving South Africans “Extra Cash” to enjoy by reducing debt interest and protection from repossession of assets. Free assessment sms “YES”.”

Du Plooy gives the following tips to consumers during these difficult times:

  • If you have credit life insurance, submit a claim in the event of loss of income, retrenchment, disability or death;
  • If you get a bonus, count yourself lucky and use it wisely to repay debt and save as you do not know what the future holds;
  • Do not be tempted by “Sales / Specials” in the shops, stick to your budget;
  • Always remember that budgeting is crucial, do one and spend wisely!

ENDS


About The National Credit Regulator

The National Credit Regulator (NCR) was established as the regulator under the National Credit Act 34 of 2005 (the Act) 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.

For more information contact:
Media Office: This email address is being protected from spambots. You need JavaScript enabled to view it.
Or
Ntombizodwa Mahlangu
Cell: 064 752 3926
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.ncr.org.za

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