South African banks have closed the taps – but they should open soon

South African banks remain cautious in extending credit, but improved sentiment in the second half of the year should drive credit growth.

“However, credit card usage was still robust at 9.6% , and overdrafts increased further , indicating that households resorted to credit to supplement spending on essential goods and services,” said Nedbank’s economists. National Credit Regulator data showed a rise in credit payment arrears as pressures on households’ balance sheets mount.

“The confidence index has remained in contraction since the third quarter of 2019 and will remain fragile in the short term, given the weak growth prospects and the subdued job market,” Nedbank said.Big turn for South Africans earning more than R20,000 a month

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