Billing fraud reaches “alarming proportions”
The Public Protector has asked to assign billing fraud to a special category of criminal offences.
Financial services company Paragon Lending Solutions, a local non-bank lender, announced this week that it was experiencing a surge in demand for short-term loans from wealthy consumers, who were avoiding the big banks where lending criteria was being tightened.
Financial services group Cadiz, in partnership with the US Agency for International Development, have launched a R1 billion Cadiz High Impact Protect Fund this week, aimed at financing more than 300 SMEs and promoting the creation of over 20,000 jobs.
Cape Town-based Business Partners Limited, a specialist risk finance company for formal small and medium enterprises (SMEs), has launched a R400 million Business Partners Limited Venture Fund, one of the largest SME financing funds in South Africa.
 | Mark Seland, Head of Business Development Standard Bank of South Africa Ltd provides an overview of the South African factoring market for the World Factoring Yearbook 2012 covering industry environment, market performance, supply and future trends. |
Members of the South African Banking Association's Debtor Finance Committee have expressed concerns about new government legislation.
Factored turnover in South Africa grew by only 7% in 2011 and when inflation is taken into account there was no real growth at all.
Following recent publication of Debtor Financing Statistics for 2011 by the Banking Association of South Africa, Nick Hough of Corporate Cashflow Solutions (CCS) gives Factorscan his views on why growth is so difficult to achieve and what needs to be done to faciltate real growth in debtor finance in South Africa.