I dont agree with this columnist. This guy must go back and study the history of unsecured and microlending.The African Bank tradegy as a singular factor to the indebtness of millions of South Africans can not be solely directed at the poor management of a company and non-compliance to affordability principles and NCR regulations . The African Bank Investment Ltd just collapsed due to arrogance and bad leadership practises.We know that the CEO was popular in surrounding him with yes men and could not differentiate between Management and Leadership;the guy was an emotional investor with uncalculated moves on the markert. Mr Columnist ,I would like to refer to the success story of the Grameen Bank who has reversed conventional banking practice by removing the need for collateral and came with a banking module solely based on understanding of socio-economic status of the prospective clients Their Credit Delivery System has been endorsed by institutions like IMF,World Bank,EU and the UN . In Conclusion I would like to remind you that our South African Credit System is one of the best in the world based on the BAS Principle same as the Grameen Bank Cs of Credit. Im a not sure of your understanding of our credit system ,your political background and the history of South African which I believe negatively influenced your myopic view and pie-in sky conclusion.
Posted on: Thu, 04 Sep 2014 07:37:42 +0000
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