Trade, Industry and Competition Minister Parks Tau has withdrawn the draft National Credit Act amendment regulations, which list educational institutions as originators of credit information, meaning educational debt would appear on credit reports, and which had been published in the Government Gazette on August 13.
The decision was prompted by an overwhelming public response, including more than 20 000 submissions, the vast majority of which were opposed to the proposed regulations.
Tau will consider the changes that are required to protect students, while continuing with efforts aimed at improving access to finance for small, medium-sized and microenterprises to plug the credit funding gap that currently exists, he says.
The Minister also committed to engaging relevant stakeholders to further clarify the process and allay any fears with respect to the outcomes of this process.
“This process has once more demonstrated the robust nature of South Africa’s democracy where the public is able to engage with government in an open and transparent manner,” he avers. 
