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EFF asks Parliament to investigate Capitec after Viceroy report

On Tuesday, Viceroy accused the bank of being a ‘loan shark with massively understated defaults, masquerading as a community finance provider.

Picture: Supplied.

JOHANNESBURG - The Economic Freedom Fighters (EFF) has written to Parliament, requesting an inquiry be held into the scathing allegations against Capitec Bank.

On Tuesday, Viceroy accused the bank of being a loan shark with massively understated defaults, masquerading as a community finance provider.

It said it found that Capitec had been advising and approving loans to delinquent customers in order to repay existing loans and requested the finance ministry and the Reserve Bank investigate.

Capitec has refuted the allegations and the Reserve Bank has come out in its defence.

But the EFF's Dr Mbuyiseni Ndlozi says these claims are too damning to be ignored.

“There must be a thorough investigation by an independent body to make sure that Capitec is not engaged in irregular lending to our people.”

WATCH: Capitec CEO says Viceroy report one-sided & factually incorrect