Finweek English Edition - - THE WEEK -

Capitec is fac­ing a law­suit from an erst­while busi­ness part­ner, Sum­mit Fi­nan­cial Part­ners, which al­leges in its suit that the bank’s prac­tices amounted to reck­less lend­ing and brought in “un­jus­ti­fied prof­its”, Busi­ness Day re­ported. Sum­mit, which has pre­vi­ously taken on fur­ni­ture re­tailer Lewis for abuses of the Na­tional Credit Act, said it re­sorted to court ac­tion af­ter re­port­ing the is­sues to the Na­tional Credit Reg­u­la­tor with­out suc­cess, the pa­per said. The group wants a re­fund for con­sumers who it said over­paid for Capitec’s so-called pay­day loans. Capitec said it will re­spond to the court ac­tion and that it “re­mains com­mit­ted to op­er­ate and keep op­er­at­ing within the laws of SA”.

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