VBS Mutual Bank, one of South Africa’s smallest lenders, has been put into administration after it was unable to repay money owed to municipalities, according to the country’s central bank.
Capitec Bank, the South African provider of unsecured loans, said it’s winning clients from Barclays Africa Group Ltd. and First National Bank as consumers try to save on banking fees.
I instinctively dislike lenders who work in the unsecured segment of the market. They are promising hope to desperate people, but know that what they are actually selling is only going to get many of their customers into deeper financial trouble. Aside from the moral issues, it stands to reason that people who are sucked … Read more