SA’s banks must explain their lending practices to Parliament

CAPE TOWN – Trade, Industry and Competition Portfolio Committee chairperson, Mzwandile Masina, said the country’s banks must explain their lending practices to Parliament.
Masina said some of the country’s biggest banks, including FNB, ABSA and Investec, would be appearing before Parliament in February to explain their practices in extending loans, especially to struggling South Africans.
Masina said the meeting comes amid rising consumer concerns about lending practices, especially consumption or consumer credit. “We will now have the banks accountable in terms of how they use or abuse…