XDS wins Credit Bureau Licenses in Nigeria and Ghana

Said XDS Managing Director Vivian Pather: "We are extremely proud to have been awarded these licences and commend both Central Banks for erecting a credible system based on a rigorous process for granting the licence. This would ensure integrity and transparency in financial services transactions while interest rates would be lowered as borrowers would stop being punished with crushing rates due to lack of credit history."

"What the Banks have done will bring a lot of relief as the cost of borrowing will be lowered due to the availability of credit history while bad loans will also be reduced. Individuals and organizations with good credit history are now at an advantage to receive quicker attention from banks that will now be eager to grant them loans," he added.

XDS has proved its commitment to the development of a robust credit reporting system in these countries and plans to introduce more innovative information and risk management products noting that such products would enhance the availability of credit and also make for more responsible and cheaper credit.

XDS is South Africa's first fully black owned credit bureau and has also, in addition to these two new ones, been involved in start up projects in Malawi, United Arab Emirates and Australia.

Did you know that the New Consumer Protection Act has been signed into law?

This is the second consumer act to be signed into law since the National Credit Act came into effect and will be extremely beneficial to South Africa's average consumer. First and foremost, the Consumer Protection Act will introduce principals for consumer protection and will govern consumer protection matters within the Republic of South Africa. Although the act will only be in force from 29 October 2010, this act will certainly have an effect on virtually every business within our country, such as all types of retailers, manufacturers, distributors, franchisors and franchisees alike.

The Consumer Protection Act aims to protect all consumers, however the general theme of the act is to protect the poor and the vulnerable. The courts will be able to make changes to sales agreements, contracts, terms of business and other consumer related terms. This act will empower consumers to take a stand against unfair business practices.
 

How will the Consumer Protection Act affect you, as the consumer?

As mentioned, this Act, although it has been signed into Law, will not take affect until October 2010, however there are a few benefits that the consumer may want to consider meanwhile. For example, the well known practice of "over-selling" will become illegal and companies who continue to do so will be liable for any additional costs incurred by the consumer due to their "over-selling" and inability to secure their goods.

In addition, it will also be illegal for companies to automatically re-new contracts that have expired with the consumer without their written permission. For example, cellular companies will not be able to renew a cell phone contract automatically for a further fixed period and will not be able to cancel the existing contract and will have to provide their services on a month-to-month basis until such time as they have received confirmation from the consumer.

Watch out for more articles on the Consumer Protection Act in our forthcoming Xpert Credit Newsletters!

XDS MD features on CNBC Africa TV Show
 

The Managing Director of XDS, Mr Vivian Pather, recently featured on the Regional Round Up programme from the popular African business tv channel network, CNBC Africa on Wednesday 13 May 2009, to discuss XDS' recent international success in being granted Credit Bureau licenses for both Ghana and Nigeria.

CNBC Africa is the continent's first 24 hour international business channel. It delivers real-time information and insightful analysis about African business and Africa's financial markets. CNBC Africa also presents regular updates from CNBC affiliates around the world including Europe, Asia and the US. The channel offers a unique global perspective from an African platform.

XDS...is being talked about !
 

XDS is proudly South African and is the first 100% black owned Credit Bureau in South Africa and as such is proud to achieve this distinction which positively puts XDS among the 50 most talked about companies in the world.

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XDS is excited about the future, as a proudly South African company who is being recognised internationally!