The National Credit Act No.34 of 2005

The Act aims to protect consumers taking credit or entering into consumer credit transactions.

In addition, The Act makes provision for the control and regulation of all credit transactions, including mortages, credit cards, overdrafts, micro-loans and pawnbroking transactions.

The Act also regulates all institutions that provide consumer credit, including banks, furniture companies, clothing and other retailers, micro-lenders and pawnbrokers.

Provision is made in the Act for the registration of debt counsellors and debt restructuring for over-indebted consumers.

Debt counsellors are required to undergo training approved by the NCR.