Ramaphosa signs controversial debt-relief bill into law

President Cyril Ramaphosa has signed into law the controversial debt-relief bill. The legislation provides for the extinguishing of the debt of heavily indebted consumers who earn a gross monthly income of no more than R7500, have unsecured debt amounting to 50 thousand rand and who have been found to be critically indebted. Treasury has estimated that the debt-relief proposals could result in as much as 20 billion rand being written off. CEO of African Bank Basani Maluleke sat down with Business Day TV to look at the implications of this