The National Credit Act (NCA) aims to regulate the consumer credit market in South Africa. The National Credit Regulator (NCR) is responsible for the regulation of the credit industry and, amongst other things, is tasked with the registration of industry participants, investigating complaints, and ensuring enforcement of the Act.
All Credit Providers must be registered as a Credit Provider in terms of the NCA.
Once registered, there are many regulatory requirements which Credit Providers are required to meet which includes those set out in the NCA and requirements imposed on them by the Financial Intelligence Centre Act. Credit Providers must report on their compliance with the various provisions to the NCR every year. Masthead has many years of experience in risk management and compliance services and we can assist Credit Providers with the registration process and also help them to anticipate and meet their regulatory requirements. The level of assistance provided to Credit Providers can be customised according to the specific needs of the Credit Provider. Our objective is to help our clients to achieve full compliance and to remain compliant into the future.
Find out how we can assist Credit Providers with registration and compliance monitoring.