Johannesburg - A crackdown by British regulators on payday lender Wonga will have no direct impact on the company's business in South Africa, a spokeswoman for the lender's South African unit said on Thursday.
“All South African customers will need to repay any outstanding loans that they may have,” Debbie Sharwood said in a statement, adding Wonga was continuing to tighten its lending criteria in South Africa.
Wonga is writing off the debt of 330,000 customers worth about $356 million (R4 billion) after being forced to overhaul its lending practices by Britain's financial regulator. - Reuters