Your Financial Human Rights: Essential Guide for South Africans

March is Human Rights Month in South Africa – a time to reflect on the freedoms that shape our society. While we often think of human rights in terms of equality, speech and movement, financial rights are just as important. Everyone deserves fair access to financial services, protection from exploitation, and the right to make informed financial decisions.

10 Essential Financial Rights

African Bank shares 10 essential financial rights that every South African should know:

1. The Right to Fair Credit

The National Credit Act (NCA) protects you from reckless lending and unfair credit agreements. Lenders must assess your ability to afford credit before granting it, ensuring that you don’t fall into unmanageable debt.

Tip: Check your credit report regularly and challenge any incorrect listings.

2. The Right to Financial Privacy

Your personal and financial information is yours to protect. The Protection of Personal Information Act (POPIA) ensures that financial institutions safeguard your data and use it responsibly.

3. The Right to Financial Education and Advice

Everyone has the right to access clear and understandable financial information. Banks and financial institutions must guide you in making informed decisions about credit, savings, and investments.

4. The Right to Return Certain Financial Products and Services

Just like you can return a faulty item to a store, some financial products come with a cooling-off period. The Consumer Protection Act (CPA) allows you to cancel certain agreements within five business days – without penalties.

5. The Right to Fee Transparency

No one likes hidden costs. Banks and financial providers must disclose all fees upfront. The Financial Sector Regulation Act ensures that you know exactly what you’re paying before signing any agreements.

6. The Right to Access Basic Banking Services

Every South African has the right to a basic bank account. The Financial Sector Code encourages banks to offer affordable and accessible banking options, especially for lower-income individuals.

7. The Right to Protection from Unfair Debt Collection

Falling behind on payments doesn’t mean you should be harassed. The Debt Collection Act protects consumers from abusive collection practices – creditors must follow legal procedures and treat you fairly.

8. The Right to Be Free from Discriminatory Lending Practices

Banks and lenders cannot discriminate based on race, gender, or socioeconomic status when granting credit. The NCA ensures equal access to credit for all qualifying individuals.

9. The Right to Dispute Inaccurate Information on Your Credit Record

Your credit record matters. Credit bureaus must maintain accurate records, and if you find incorrect information, you have the right to dispute it – at no cost.

10. The Right to Report Unfair Financial Practices

If you believe a financial service provider is acting unfairly, you can report them to the National Credit Regulator (NCR) or the Financial Sector Conduct Authority (FSCA). These regulators ensure that consumers are treated fairly and financial laws are upheld.

Financial rights are human rights. When you know your rights, you make better financial choices and protect yourself from unfair treatment. Whether you’re opening a bank account, applying for credit, or disputing a charge, staying informed keeps you in control of your financial future.