As confusion and uncertainty continue regarding the goings on at African Bank and its future, market analysts and commentators have been sharing their sought after perspectives and insights. Everyone is curious and everyone has a theory, we are all seeking to understand the situation and the impact of the possible outcomes. Bert Griesel, who is now … Read more
By David Dolan and Ed Cropley JOHANNESBURGÂ (Reuters) – Investors fled African Bank Investments on Thursday, sending its shares tumbling to a near-20 year low as the South African lender looked unable to plug a $790 million hole in its finances from a tide of unsecured loans that have gone bad. The bank, widely known as … Read more
JOHANNESBURG (Reuters) – South Africa’s credit regulator said on Thursday it had ordered the local unit of British payday lender Wonga to improve its compliance, after finding the company did not verify the income of its customers. The National Credit Regulator said it ordered Wonga to submit an audit report and remove adverse credit bureau listings from some of its … Read more
JOHANNESBURG (Reuters) – Standard Bank Group, Africa’s largest lender, said on Thursday that bad debts have ticked higher in the first four months of this year, the latest sign South African borrowers remain under pressure from a weak economy. Borrowers in Africa’s most developed economy are struggling with high unemployment and softer growth, making it harder for them … Read more
Unsecured lending has slowly but surely emerged as one of the biggest social and financial challenges facing South Africa today. The strikes and violence in the platinum industry can be, to a degree, attributed to predatory lending practices by unregistered loan sharks and other unsecured lenders, and concerns are mounting throughout the financial services industry … Read more
Fund manager Charlie Graham is back on his unsecured lending hobby horse. But this time he is asking serious questions about the schitzophrenia of the public sector. Why, he asks, are the pensions of Government Employees being used to finance a structure that causes so much misery for so many citizens? His open letter to … Read more