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Credit Regulator takes Credit Act to the blind

Fri, 20 Mar 2009 09:59

The National Credit Regulator (NCR) – in collaboration with the South African National Council for the Blind (SANCB) – is due to train 20 visually impaired people on a two-day Train the Trainer Programmer.

The training is focussed on giving those with visual disabilities access to the National Credit Act and deepening their understanding of the roles and responsibilities of the NCR, a body which was formed to regulate the NCA.

“It is envisaged that through this project both the NCR and the SANCB will work towards educating consumers on the Credit Act,” says Peter Setou, Senior Manager: Education and Strategy at the NCR.

The NCR has undertaken the responsibility of managing the implementation of the first phase of the project. The SANCB will also make available their training facilities and equipment to allow for an effective and efficient training environment.

The second phase of the project will be about training visually impaired people into becoming debt counsellors, to enable them to service their constituencies and the general public. The NCR and the SANCB will review the implementation of the first phase upon completion.

According to Setou, this project will be the first programme for Blind people in South Africa that is tailor-made for personal finance management and debt counselling services.

“We hope that through this project, blind people will have a better understanding of the NCA, NCR, managing their personal finances and debt counselling,” says Setou.

Setou also pointed out that the NCR has been tasked with the development of an accessible credit market, including accessibility to the National Credit Act and other services offered. Training of debt counsellors and facilitators from and for the visually impaired sector would enhance this accessibility.

Chris Budeli of SANCB commended the NCR for this initiative, saying it was “informing and educating us on our rights and obligations when using credit”.

“This knowledge couldn’t have come at a better time”, concluded Budeli.

The National Credit Act - which was signed into law on March 15, 2006 – is aimed at regulating the credit granting industry, curbing reckless lending and ensuring that consumers are protected from harmful business practices by lenders.

Transactions that fall under the Credit Act include loans and other credit from banks, including mortgages, overdrafts, credit cards, vehicle finance and any other personal finance; furniture finance, clothing accounts any other type of credit from retailers; micro-loans and pawn transactions and any other type of credit or loan provided to a consumer.