Wonga ordered to improve compliance

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

Massively overpriced life insurance, fraudulent Garnishee Orders, toothless Regulator – all in microlending crusader Dave Woollam’s crosshairs

Dave Woollam is a man on a mission. The former CFO of African Bank is determined to bring honesty and integrity into the microlending industry, a sector where massive malpractice exists. One of the examples he quotes in this interview is where a person who borrowed R20 000 from a microlender ended up paying premiums … Read more