Shoprite loses appeal against Consumer Tribunal for reckless lending – Fined R1 million

Shoprite fined R1 million by National Consumer Tribunal for reckless lending

Shoprite Investments Limited (Shoprite) had lost its appeal against the National Consumer Tribunal’s ruling that it recklessly granted credit. The retail giant’s appeal was dismissed with costs by the Pretoria High Court. The National Credit Regulator (NCR) identified deficiencies in Shoprite Investments Limited’s (Shoprite) affordability assessment processes and established that Shoprite was likely granting credit recklessly to some consumers,” according to Nomsa Motshegare, CEO of the NCR. A full investigation into Shoprite’s affordability assessment and credit granting practices was then carried out, which culminated in the NCR launching a referral…

Read More