Is your organisation ready for the upcoming Compliance and Statutory Reporting cycle to the National Credit Regulator (NCR)?
Every registered credit provider operating under the National Credit Act (NCA) has an ongoing statutory obligation to maintain full transparency and accountability in the way it manages credit transactions, reports performance, and ensures consumer protection.
To achieve this, the NCA Regulations 62 and 63 outline the critical compliance and reporting requirements that all registered credit providers must adhere to. These reports form the foundation for regulatory oversight, enabling the NCR to monitor compliance, assess the financial soundness of credit providers, and safeguard the integrity of South Africa’s credit market.
Understanding the NCR Compliance Landscape in South Africa
The NCR was established to promote fairness and transparency within the credit market, ensuring responsible lending and protection of consumers from abusive practices. Compliance is therefore more than ticking boxes; it demonstrates commitment to ethical and sustainable business practices.
Why NCR Compliance Matters for Credit Providers
The modern credit environment demands credibility, transparency, and trust. Compliance is the foundation upon which these values are built.
1. Avoiding Costly Penalties and Enforcement Action
Non-compliance can attract fines, corrective action directives, or legal consequences.
2. Enhancing Operational Efficiency
Compliance frameworks strengthen internal processes, improving accuracy and decision-making.
3. Protecting Customer Trust
Consumers expect responsible lending, fair treatment, and ethical conduct from credit providers.
4. Maintaining Competitive Advantage
Accredited and compliant providers position themselves as trustworthy partners in the credit market.
5. Ensuring Business Sustainability
Compliance prevents regulatory interruptions and enables long-term operational continuity.
⚖️ Statutory Reporting Requirements
Under Regulations 62 and 63, each registered credit provider must submit the following to the National Credit Regulator within the prescribed timelines:
✅ Annual Compliance Report – A declaration detailing the extent to which the organization has complied with the National Credit Act and related regulations throughout the financial year.
✅ Quarterly & Annual Statistical Returns – Reports summarizing credit transactions, customer profiles, and other performance indicators.
✅ Annual Financial Statements and Operational Return – Comprehensive financial information reflecting the organization’s financial position and operational activities.
✅ Assurance Engagement (if required by the NCR) – An independent evaluation to provide assurance on the accuracy, completeness, and reliability of submitted reports.
📊 All submitted information must be accurate, complete, and must fairly present the activities and status of the credit provider.
Any financial data reported to the NCR must be prepared in accordance with International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Practice (GAAP), ensuring uniformity and transparency across the sector.
Supporting Credit Providers with End-to-End Compliance
At Masegare & Associates Incorporated, we understand the complexity and pressure that comes with NCR regulatory submissions. Our dedicated Compliance and Audit Division provides tailored solutions to help NCR-approved credit providers meet all statutory and regulatory requirements on time and with confidence.
We assist our clients in:
🔹 Preparing and reviewing statutory submissions in line with NCR reporting templates and deadlines.
🔹 Ensuring full regulatory compliance with the National Credit Act, Regulations, and NCR Guidelines.
🔹 Conducting independent assurance engagements to validate the accuracy and integrity of submitted reports.
🔹 Providing advisory and technical support for NCR compliance inspections, audits, or requests for further analysis.
🔹 Developing internal control and governance frameworks to strengthen compliance culture and reduce reporting risks.
Through our expertise in audit, governance, and financial reporting, we ensure that your organisation’s submissions are not only compliant but also demonstrate sound management and accountability.
Don’t Miss Your Reporting Deadlines
According to Regulation 63(1), every credit provider must complete and submit their Compliance Report to the NCR within six months after the financial year-end. Late submissions or inaccurate reporting can expose your organisation to regulatory scrutiny, penalties, and reputational risk.
Let Masegare & Associates Incorporated be your trusted partner in ensuring timely, accurate, and compliant submissions — giving you peace of mind to focus on your core business.
📞 Contact us today to ensure your NCR compliance reports are accurate, complete, and ready for submission.
☎️ (011) 420 0445 | 🌐 www.masegare.co.za
💼 Stay compliant. Stay confident.
#Compliance #NCR #CreditProviders #FinancialReporting #Audit #MasegareAssociates #Governance #RiskManagement #Assurance #RegulatoryCompliance #IFRS #CreditIndustry #StatutoryReporting