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The National Consumer Tribunal cancels the registration of Mayibuye Cash Loans Print E-mail
Tuesday, 22 September 2015

On 18 September 2015, the National Consumer Tribunal (NCT) cancelled the registration of credit provider, Mayibuye Cash Loans CC NCRCP 388 (Mayibuye) which operated in Barberton, Mpumalanga. This followed a lengthy investigation by the National Credit Regulator (NCR) into the activities of Mayibuye which revealed contraventions of the National Credit Act (NCA).

The main contraventions were:

    •    Failure to conduct affordability assessments;
    •    Failure to provide copies of pre-agreement statements and quotations; and
    •    Charging of interest and fees in excess of the prescribed rate.
The NCR then lodged an application to the NCT to cancel the registration of Mayibuye.
The NCT made the following order:

•          Declared Mayibuye in repeated contravention of the NCA;
•          Mayibuye’s registration as a credit provider was cancelled;
•          Refund  all consumers who have been overcharged; and
•          Pay an administrative fine of R500 000.
“The actions of credit providers who do not fully comply with the NCA will not be tolerated and the necessary enforcement action will be taken. In terms of the NCA, failure to comply with an order of the NCT is a criminal offence and a person convicted of such an offence will be liable to a fine or imprisonment not exceeding 10 years or to both such fine and imprisonment,” concluded Jacqueline Boucher,  acting manager of the NCR’s Investigations and Enforcement Department.

(Source - NCR Media Release)


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