Media Release

For Immediate release                                                                    September 2014

National Credit Regulator applies to the National Consumer Tribunal to cancel 

the registration of Moneyline Financial Services (Pty) Ltd for breach of the 

National Credit Act

 

The National Credit Regulator (NCR) has announced that it has applied to the 

National Consumer Tribunal to cancel the registration of Moneyline Financial 

Services (Pty) Ltd, a subsidiary of Net 1 Applied Technologies South Africa (Pty) Ltd,

for breach of the National Credit Act 34 of 2005 (NCA).

The investigation conducted by the NCR revealed that:

  • Moneyline Financial Services granted credit to consumers receiving child 

          support grants and foster child grants meant for the upkeep of children which 

          grants were used as income for assessing the consumers’ ability to repay 

          credit. 

  • Moneyline Financial Services granted credit to consumers receiving social 

          grants without assessing their debt repayment history.

  • Moneyline Financial Services granted credit to consumers receiving social 

          grants without taking into account their monthly living expenses.

  • The credit agreement provided by Moneyline Financial Services to 

          consumers is not in the prescribed form and does not contain crucial 

          information about the rights and obligations of consumers. 

  • Moneyline Financial Services does not keep and maintain documentation in 

          support of the affordability assessments relating to consumers’ income and 

          debt repayment history. 

“The use of child support grants and foster child grants as income for purposes of 

conducting affordability assessments on credit applications is totally unacceptable. It 

deprives children of money meant to provide for their daily necessities”, says Nomsa 

Motshegare, Chief Executive Officer of the NCR. 

Ends

Issued by: 

Lebogang Selibi

National Credit Regulator

Tel: (011) 554 - 2722

NCR Call Centre: 0860 627 627

E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Website: www.ncr.org.za

Air Max

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