TransUnion

16 July 2026

TransUnion Appoints Yolande Chirwa as Chief Human Resources Officer for Africa

TransUnion, a global information and insights company, announces the appointment of Yolande Chirwa as Chief Human Resources Officer (CHRO) and Vice President for its Africa operations which include both TransUnion Africa and its Global Capability Centre (GCC) in Africa. In her new role, she will lead TransUnion’s human capital strategy across the region, focusing on strengthening organisational capability, advancing talent development and fostering a high-performance, inclusive culture aligned with the company’s long-term growth ambitions.

Yolande joins TransUnion with more than 20 years of pan-African leadership experience across regulated, high-growth and transformation-driven environments. She most recently served as Vice President and Head of HR Africa at Cipla Pharmaceuticals, where she led the people strategy across multiple markets, driving organisational transformation, strengthening succession planning and regional integration initiatives.

Her previous leadership roles at BetKing, AB InBev and SABMiller Africa saw her play a pivotal role in shaping workforce strategies, building talent pipelines and supporting business expansion, including greenfield operations and market entry initiatives. Known for her ability to align people strategies with broader business priorities, she has helped organisations achieve ‘Top Employer’ and ‘Great Place to Work’ certifications.

“Yolande’s appointment comes at an important time as we continue to strengthen our organisation to deliver on our vision for Africa,” said Lee Naik, regional president and chief executive officer of TransUnion Africa.

“Her deep experience across diverse markets, combined with her proven ability to translate strategy into measurable outcomes, will be instrumental as we scale our talent, capabilities and culture across both our Africa operations and Global Capability Centre. As we expand access to information and unlock greater economic opportunity, our people remain at the heart of our success and central to delivering on our commitment.”

“We are excited to welcome Yolande to TransUnion. Her proven track record of building high-performing teams and leading transformation across Africa will be invaluable as we continue to grow our talent and capabilities across both GCCA and TransUnion Africa. I look forward to partnering with her to further strengthen our people-first culture,” said Shobana Maikoo, Head of Global Capability Centre Africa.

“I am honoured to join TransUnion at such a pivotal time in its journey across Africa,” said Yolande Chirwa. “TransUnion’s purpose of expanding access to information and insights to create economic opportunity resonates deeply with me. I look forward to partnering with our leadership teams to strengthen organisational capability, grow and develop our talent, and continue to build an inclusive, high-performance culture that enables our people and our business to thrive. Together, we will continue to position TransUnion as an employer of choice and a catalyst for sustainable growth across the region.”

Yolande will prioritise enabling effective change and transformation leadership across the business, ensuring teams are equipped to navigate an evolving and increasing digital landscape. In addition, Yolande will focus on optimising total rewards and the employee value proposition to attract and retain top talent, while elevating the HR function as a strategic business partner, leveraging data-driven insights to align people strategy with commercial objectives. Through this, she will play a critical role in building a resilient, agile and future-ready workforce positioned to support TransUnion Africa’s next phase of growth.

Yolande holds a Master’s degree in Organisational Development and Leadership and is widely regarded for her strategic, empathetic and commercially astute approach to leadership.

14 July 2026

South Africans Under Strain as Inflation Persists

Location: Business

79% of South Africans ranked inflation among their top three household financial concerns, up from 74% a year ago
Financial optimism fell to 66% from 71% in Q2 2025, while 39% expect to miss at least one current bill or loan repayment
92% view access to credit as important, but only 36% plan to apply for new credit or refinance, while 45% abandoned applications

South African consumers are facing sustained financial strain, with nearly four in ten (39%) expecting to miss at least one bill or loan repayment, according to TransUnion’s Q2 2026 Consumer Pulse Study (CPS). Persistently high inflation continues to reshape how households spend, borrow and save, driving more cautious financial behaviour and softer optimism.

The findings point to a consumer environment marked less by recovery and more by ongoing adjustment. While many households remain financially active, their ability to absorb additional pressure is narrowing, with affordability constraints increasingly shaping everyday decisions.

“Consumers are still managing, but the margin for error is shrinking,” said Ayesha Hatea, director of research and consulting at TransUnion South Africa. “Even modest increases in essential costs are forcing difficult trade-offs, which is reflected in lower confidence and more cautious credit behaviour.”

Financial Pressure Persists as Optimism Declines

Household finances remain under pressure, with mixed signals pointing to continued strain. In Q2 2026, 43% of South Africans said their household finances were better than planned, down slightly from 44% in Q2 2025. At the same time, 40% said their finances were worse than planned, pointing to persistent pressure rather than a clear recovery trend.

Forward-looking sentiment softened more noticeably. Financial optimism declined to 66%, down from 71% in Q2 2025, while pessimism increased to 19% from 15%. Income expectations also weakened, with 70% of consumers expecting their household income to increase over the next 12 months, compared to 75% a year ago.

A key driver of this shift is the widening gap between income growth and rising living costs. Only 37% of consumers believed their income was keeping up with inflation, while 41% disagreed. Inflation for everyday goods, including groceries and fuel, remained the dominant household concern, ranking among the top three worries for 79% of respondents.

This imbalance is increasingly affecting liquidity, which underscores the extent to which cost pressure continues to affect monthly cash flow and raise the risk of missed payments.

“Inflation remains the single biggest pressure point for households. Even where incomes are rising, essential costs quickly absorb that relief. This makes budgeting discipline and financial awareness more important, because households need to know where they can adjust when pressure rises,” said Hatea.

Households Cut Discretionary Spend to Stay Afloat

In response, South Africans are making practical adjustments to their household budgets. More than half of consumers (53%) said they had cut back on discretionary spending such as dining out, travel, and entertainment over the past three months. A further 28% cancelled subscriptions or memberships, while 24% cancelled or reduced digital services such as wireless, cable TV, or internet.

Debt and savings behaviour also reflect caution. Around 32% of consumers said they had paid down debt faster, 27% saved more in an emergency fund or stokvel, and 20% saved more for retirement. At the same time, 14% cut back on retirement savings, 14% increased their use of available credit, and 13% used their retirement savings, signalling that financial resilience is uneven and for some, deteriorating.

Looking ahead, consumers expect essential categories to remain under pressure. Over the next three months, 37% expect their spending on bills and loans to increase, while 33% expect higher spending on medical care and services. Around 36% expect to increase contributions to retirement funds or investments, although 16% expect to decrease spending in that category.

“These findings show how carefully households are trying to manage trade-offs. Some consumers are still building buffers and paying down debt, while others are drawing on savings or credit to get through the month. That is why the broader picture is one of sustained financial adjustment rather than simple improvement,” said Hatea.

Consumers Want Credit but Few Are Willing to Apply

Credit remains a critical financial tool, but engagement is becoming more selective. The study found that 92% of South Africans view access to credit and lending products as important to achieving their financial goals, unchanged from a year ago. Perceptions of access improved, with 45% believing they have sufficient access to credit, up from 38% in Q2 2025. Around half (50%) of consumers believe they would be approved if they applied.

However, this confidence is not translating into increased demand. Only 36% plan to apply for new credit or refinance existing credit in the next 12 months, broadly unchanged year-over-year (YoY). Among those who considered applying for credit or refinancing, 45% ultimately abandoned their plans.

Cost remains the largest barrier, cited by 30% of consumers who abandoned applications. Credit history was cited by 23%, while 22% pointed to income or employment status. This suggests that while consumers still recognise the importance of credit, many remain cautious about taking on new commitments.

“Credit demand has not disappeared, but consumers are becoming more selective about the obligations they take on. For many households, access is not only about whether credit is available. It is also about whether the cost, repayment terms and approval process feel manageable,” said Hatea.

Where consumers do plan to apply, demand is shifting toward shorter-term and more flexible products. Among those planning new credit or refinancing activity, 34% intend to apply for a new personal loan, up from the previous quarter, while 29% plan to apply for a new credit card. A further 27% plan to use buy now, pay later services.

Fraud Exposure Rising as Digital Use Expands

Digital channels are also playing an increasingly important role in financial participation. Of the 30% who said they used digital banking services, around 46% reported using a digital bank, 56% used buy now, pay later services, and 23% engaged with digital or FinTech providers. This points to continued demand for speed and convenience, alongside the need for clear, responsible credit information.

As digital financial activity grows, identity protection remains an important concern. Around 56% of consumers reported being targeted by online, email, phone call, or text message fraud attempts in the past three months.

Among those targeted, the most common schemes were vishing (34%), smishing (33%), and phishing (31%). The study also found that 26% of consumers had been notified in the past three months that details about their identity or online accounts had been compromised in a data breach.

Consumers are taking some protective steps. In the past 60 days, 53% changed passwords because of cybersecurity concerns, 37% checked their credit reports, and 12% purchased internet security, anti-virus, or anti-malware protection. Yet uncertainty remains a barrier. Among consumers who took no action despite cybersecurity concerns, 56% said they were overwhelmed by what to do.

“As digital financial participation increases, security becomes a core part of financial confidence. Consumers need clear, practical guidance on how to protect their information and respond effectively when risks arise,” said Hatea.

Consumers Seek Control Amid Ongoing Financial Strain

Despite ongoing challenges, South African consumers remain financially engaged and active. Around 34% monitor their credit reports monthly, 13% weekly, and 6% daily. More than half (52%) believe their credit score would improve if businesses used information not found on standard credit reports, such as rental payments, short-term loan history, and buy now, pay later loans.

This reflects a broader shift toward financial visibility, as consumers look for tools and information to better manage their financial position in an uncertain environment.

The Q2 2026 Consumer Pulse Study highlights a market that is resilient but increasingly constrained. Households are adjusting spending, managing debt carefully, and seeking greater control, but persistent cost pressures are testing their capacity to absorb shocks.

“Consumers are doing their best to stay in control in a difficult environment,” Hatea concluded. “For lenders and financial service providers, the opportunity lies in supporting that effort, through transparent pricing, responsible access to credit, and tools that help consumers anticipate and manage financial stress before it escalates.”.

Consumers can get their free annual credit report from TransUnion here.

30 June 2026

South African Credit Trends Diverge as Consumers Navigate Affordability Pressures in Q1 2026

Location: Business

Personal loans markets continue to split in opposing directions, highlighting clear contrasts between bank and non-bank portfolios
Credit cards reflect growing reliance on credit, alongside increasing signs of repayment pressure
Vehicle asset finance remains resilient, with momentum shifting toward new vehicles purchases

South African consumers are reshaping how they access and use credit as affordability pressures persist, according to TransUnion’s Q1 2026 South Africa Industry Insights Report. The report’s findings show that credit demand remained resilient, but diverging risk dynamics are increasingly evident across products and providers. Consumers are relying more heavily on existing credit facilities while also shifting toward more accessible lending options that are typically employed by higher risk borrowers to manage short-term liquidity needs.

Diverging Trends in Bank and Non-Bank Personal Loans

Personal loan markets continued to show distinctly different trajectories during the quarter. Bank personal loan originations recorded modest growth of 2.5% YoY, while the number of active accounts increased by 1.4% over the same period. Looking below this headline growth reveals a shift in lending mix by borrower risk profiles, with below-prime originations rising by 5.0% while prime and above segments declined by 3.8%. Gen Z participation also increased significantly, with originations among this segment rising 21% YoY, bringing their share to 23% (up from 19.5% in Q1 2025) of total bank personal loan originations.

Credit performance improved in the bank personal loan segment, as account-level delinquencies (3+ months in arrears, or MIA) decreased by 256 basis points to 26.7%. This reflects tighter underwriting, portfolio stabilisation, and improved repayment behaviour following earlier periods of financial stress.

In contrast, non-bank personal loans continued to expand rapidly. Originations grew by 19.0% YoY, while active accounts increased by 27.6%. This growth was driven largely by younger consumers, with Gen Z accounting for 53% of originations in the quarter.

At the same time, lending dynamics for non-bank personal loans have evolved. Declining average loan sizes and balances point to a shift toward smaller value and more frequent borrowing patterns. This reflects a combination of lender appetite for smaller, shorter-term exposure and continued consumer demand for accessible liquidity, with these products increasingly used to support short-term cash flow needs rather than larger, structured borrowing.

However, this rapid growth has been accompanied by rising risk. Account-level delinquencies increased by 193 bps to 49.8%, with delinquency levels now approaching half of all active non-bank personal loans. This highlights elevated stress within the segment and points to increasing pressure among higher-risk borrowers.

“Bank personal loans are entering a more stable phase characterised by controlled growth, targeted expansion into younger and moderate-risk segments and improved credit performance,” said Ayesha Hatea, director of research and consulting at TransUnion South Africa. “While non-bank personal loans are expanding financial inclusion and access to liquidity, this growth is being driven by higher-risk and more financially vulnerable segments experiencing rising credit stress, raising important considerations around sustainability and risk management.”

Reliance on Credit Cards Increased as Repayment Pressure Grew

The credit card market also showed a clear shift in growth dynamics, with balance expansion increasingly driven by existing accounts rather than new cards issuance. Originations volume declined by 9.5% YoY, alongside a 4.1% YoY reduction in average credit limits, reflecting a more cautious lending environment.

Despite this, outstanding balances grew by 8.8% YoY, supported by increased utilisation as well as emerging repayment pressure which reduced card repayment levels. The number of active consumers rose by 6.4%, while average balances per account increased by 2.5%.

Delinquencies also rose YoY, with account-level delinquencies increasing by 66 basis points to 13.6%, while delinquent balances increased by 16% YoY. As a consequence of increased delinquencies, lower repayment levels contributed to the rise in total account balances over the past year.

“While increased utilisation is contributing to balance growth, the faster rise in delinquent balances indicates that repayment pressure is becoming a more persistent driver,” said Hatea. “Credit cards are playing a dual role in the current environment. They are both a liquidity tool, supporting short-term cash flow needs, and a channel where financial pressure is becoming more visible through rising delinquency.”

Resilient Demand for Vehicle Asset Finance Supported by Increased Access to New Vehicles

Vehicle finance continued to demonstrate steady growth, supported by strong participation from younger consumers. Gen Z and Millennials now account for two-thirds (66%) of all originations, which increased by 11.6% YoY. This reflects sustained demand for mobility while highlighting the growing role that first-time and early-life stage borrowers play in sustaining market activity.

At the same time, there is a clear shift in the composition of financing, with the ratio of used to new vehicles declining to 0.93. This indicates that more new vehicles are now being financed than used, structurally elevating average origination values. Notably, this trend occurred even as more affordable new entrants, particularly Chinese brands, gained traction in the market, with one in five vehicles sold now coming from these manufacturers.

On the risk side, subprime originations have increased significantly, rising by over 33.5% YoY and now accounting for a quarter (25%) of all new vehicle finance. This suggests that growth is increasingly being driven by higher-risk segments, as lenders balance expansion with the need to sustain volumes.

Despite this increase in borrowing by riskier consumers, repayment performance improved, with account-level 3+ MIA delinquencies declining by 80 bps to 7.1%, indicating relatively strong borrower management of vehicle loans.

“Overall, the vehicle asset finance market reflects a complex but resilient environment. Demand remains strong, supported by younger consumers and improved access to new vehicles. However, rising exposure to higher-risk borrowers and increasing loan sizes will require enhanced early risk detection tools going forward to enable mobility and inclusion,” said Hatea.

Table 1: Key South African Consumer Credit Market Metrics (Q1 2025 vs Q1 2026)

Product	YoY origination growth	Serious account-level delinquency rate*	YoY basis points (bps) change in delinquency rate
Credit card	-9.5%	13.6%	+66 bps
Bank personal loan	2.5%	26.7%	-256 bps
Non-bank personal loan	19.0%	49.8%	+193 bps
Clothing accounts	11.0%	26.2%	-1 bps
Retail instalment	-1.7%	26.6%	-89 bps
Retail revolving	-7.1%	16.8%	-126 bps
Home loans	11.4%	7.7%	+10 bps
Vehicle finance	11.6%	7.1%	-80 bps

*Account-level serious delinquency rate, measured as a percentage of accounts three or more months in arrears

“South Africa’s Q1 2026 insights highlight a credit landscape that remains active but increasingly segmented. While demand for credit persists, affordability constraints are reshaping how consumers borrow, with greater reliance on short-term liquidity and higher-risk products,” said Hatea. “These trends underscore the need for lenders to balance growth with prudent risk management while supporting sustainable access to credit across the market.”

24 June 2026

South Africa’s Vehicle Market Proves Resilient as Affordability Reshapes Demand

Location: Business

Passenger vehicle sales reached 114,517 units in Q1 2026, with year-on-year growth moderating to 12.6%
Chinese brands account for more than 19% of new passenger and light commercial vehicle sales nationally
Hybrid vehicle interest rose to 39%, reinforcing hybrids as South Africa’s primary pathway in the shift toward electrified vehicles

South Africa’s passenger vehicle market remained resilient in the first quarter of 2026, but demand is evolving. Rising affordability pressures, higher fuel costs, the growth of Chinese brands and shifting powertrain preferences are reshaping the automotive landscape.

According to TransUnion’s Q1 2026 Mobility Insights Report, passenger vehicle sales reached 114,517 units in Q1 2026, slightly higher than the 114,246 units recorded in Q4 2025. Year-on-year (YoY) growth eased to 12.6%, down from the stronger performance seen during parts of 2025, but demand remained elevated despite a more uncertain macroeconomic environment.

A Stronger Start, But Growing External Pressures

The report, which provides a first quarter overview, indicates that South Africa entered 2026 on a stronger economic footing. This was supported by easing inflation, lower interest rates over the previous year, reduced load-shedding, and improved financial conditions.

However, rising geopolitical tensions in the Middle East and the associated oil price shock have heightened downside risks. In March 2026, inflation increased from 3.1% to 4.0% in April 2026, while the Monetary Policy Committee (MPC) recently raised the prime lending rate by 25-basis points in May 2026. Combined with higher fuel and transport costs, these factors are expected to place renewed pressure on affordability and consumer spending.

“Vehicle demand has not collapsed, but the market is moving into a more selective phase,” said Ayesha Hatea, director of research and consulting at TransUnion South Africa. “Consumers are still buying vehicles, but affordability is no longer only about the purchase price. Fuel costs, financing costs, insurance, servicing, and total cost of ownership are becoming central to the decision.”

Residual Value and the True Cost of Ownership

The report found that residual values are becoming an increasingly important component of vehicle affordability. As finance terms extend beyond six years for many buyers, depreciation and resale performance play a growing role in ownership economics, giving brands that retain value more effectively a competitive advantage.

The shift towards longer financing terms and the use of balloon structures reflects a growing focus on monthly affordability and cash-flow flexibility. However, this trend also increases exposure to residual value risk. Where vehicle values underperform expectations, consumers may face refinancing pressure or negative equity at trade-in, making used vehicle market performance an increasingly critical consideration.

Chinese Brands Reshape the Competitive Landscape

One of the most notable structural shifts is the continued rise of Chinese automotive brands. Chinese car sales grew by 75% YoY in Q1 2026, significantly outpacing traditional OEM growth of 2% and the broader passenger and light commercial vehicle (LCV) market growth of 12.7%. As a result, Chinese brands accounted for more than 19% of new passenger and LCV sales nationally, meaning nearly one in five new vehicles sold in South Africa was from a Chinese manufacturer in Q1 2026.

The shift is no longer driven solely by entry-level pricing. Chinese brands are increasingly competing on technology, features, fuel efficiency, range, warranty offerings, and perceived long-term value. On a combined portfolio basis, Chery Group, including Chery, Jetour, Omoda, and Jaecoo, recorded combined sales of 16,094 units in Q1 2026, positioning itself as a top three automotive player.

“Chinese brands have moved beyond the role of price disruptors. They are becoming structural industry players, influencing dealer networks, financing ecosystems, ownership perceptions, and the wider discussion around localisation and industrial competitiveness,” said Hatea.

Diverging Trends Across New and Used Markets

The new and used vehicle markets continued to show differing trends. NaTIS data indicates that new vehicle registrations increased by 11.6% YoY in Q1 2026, marking a sixth consecutive quarter of double-digit growth. In contrast, used vehicle registrations increased by 2.6%, suggesting a modest recovery in the secondary market, although it still trails the stronger momentum seen in new vehicle sales.

The used-to-new registration ratio declined to 2.3 in Q1 2026, the lowest level recorded over the reporting period. While used vehicles still make up the majority at 69% of total registrations, the share of new vehicles has risen to 31%, up from 23% in Q4 2025. This shift has been supported by favourable pricing dynamics, with new vehicle inflation falling to 0.8%, while used vehicle prices remained in deflation at -1.3%.

Confidence Rises, But Caution Remains

Dealer sentiment also reflects the stronger demand environment. New vehicle dealer confidence increased to 67 in Q1 2026, its highest level in 13 years. However, the report cautions that increasing fuel costs, inflation risk, and rising operating expenses could create more challenging conditions in the quarters ahead.

Forward-looking consumer data remains constructive. TransUnion’s Consumer Pulse Survey found that consumers likely to purchase a vehicle in the next few months increased from 19% in Q4 2025 to 22% in Q1 2026. Short-term purchase intent is strongest amongst younger consumers, with 26% of Gen Z and 24% of Millennials indicating plans to buy.

A Gradual Shift in Powertrain Preferences

Powertrain preferences are also evolving. Internal combustion engine vehicles remain the most popular choice, preferred by 49% of consumers in Q1 2026. However, interest in hybrid electric vehicles has grown significantly to 39%, up from 30% in Q4 2025, making hybrids the leading electrified option. Interest in both battery electric vehicles and plug-in hybrids also increased, with each reaching 26%.

“Hybrids are emerging as a practical transition pathway for South African consumers. They offer fuel savings and lower running costs without full dependence on charging infrastructure, which makes them relevant in a market where affordability and operating certainty remain critical,” said Hatea.

A Market Entering Its Next Phase

While domestic demand continues to support the industry, passenger vehicle exports remain under pressure amid trade uncertainty, geopolitical disruption, protectionism, and changing decarbonisation requirements.

“The South African automotive market is not reverting to its previous structure. The next phase will be defined by affordability, value, access to finance and how effectively industry players respond to evolving consumer behaviour,” said Hatea.

2 June 2026

South Africa Had the Highest Rate of Suspected Digital Fraud Among African Countries Analysed

Location: Business

Among South Africans who said they lost money to digital fraud, one-third (33%) reported the losses were from third-party scams on legitimate ecommerce sites
The highest rate of suspected digital fraud in the consumer lifecycle from South Africa occurred at account login in 2025
Among sectors analysed, attempted transactions from South Africa with government departments were the most at risk of suspected digital fraud last year

South Africa had the highest rate of suspected digital fraud[1]among African countries analysed, with 3.0% of transactions involving consumers in South Africa being suspected of digital fraud during 2025 – slightly below the global average of 3.8%.

In 2025, the median reported fraud loss among South African consumers who said that they had lost funds to digital fraud (email, online, phone call and text messages) in the previous year, was R11,055 – the second highest in Africa, after Kenya, and well below the global median of R27,879.[2]

These are among the findings in the TransUnion H1 2026 Update: Top Fraud Trends report, which shows that South Africa’s digital fraud landscape has become more complex, with generative AI likely accelerating the scale and sophistication of criminal activity. This has enabled fraudsters to target both consumers and businesses with greater precision and speed.

South African consumers are increasingly facing co-ordinated, identity-driven and cross-channel attacks similar to those seen in mature digital economies. As a result, digital fraud has shifted deeper into the consumer journey: one third (33%) of South African consumers who said they lost money from digital fraud in the last year reported those losses stemmed from third-party seller scams on legitimate ecommerce platforms. This indicates that losses are not occurring because consumers transacted in a suspect or unsafe environment – but because fraudsters successfully embedded themselves into environments that appeared credible, familiar and trusted.

“This signals a market where criminals are exploiting established trust, active accounts and verified digital relationships, and is a clear break from global fraud patterns typically dominated by phishing and vishing – fraudulent phone calls or voice messages designed to deceive consumers into sharing sensitive information or sending money,” said Amritha Reddy, senior director of fraud product management TransUnion Africa. “In South Africa, fraudsters succeed where trust is already established, particularly inside mainstream digital platforms where consumers reasonably expect safety and legitimacy.”

“Criminals are weaponising both consumer trust and emerging technologies,” said Reddy. “As GenAI accelerates the sophistication and scale of criminal operations, the threat landscape is evolving faster than ever for consumers and businesses. Addressing this requires a new generation of identity centric defences that combine advanced analytics, adaptive authentication and multilayered digital fraud detection. Organisations must match fraudsters’ technological innovation to stay ahead of rapidly changing schemes.”

Chart 1: Most Prominent Cause of Fraud Loss

Percentage reporting losing money to these schemes among South Africans who said they lost funds from digital fraud in the last year.

Type of Fraud	Percentage of Consumers Reporting Losing Money to Fraud Type Among Those Who Said They Lost Money to Fraud in the Last Year
Third-party seller scams on legitimate ecommerce sites	33%
Social engineering	26%
Account takeover	24%
Stolen credit card or fraudulent charges	24%
Money mule	23%
Identity theft	22%
Phishing (fraudulent emails, websites, social posts, QR codes, etc. meant to steal personal information)	21%
Smishing (fraudulent text messages meant to steal personal information)	19%
Vishing (fraudulent phone calls or voice messages meant to steal personal information)	16%
Unemployment benefits	15%

Source: TransUnion consumer survey

Most Fraud Attempts Occur at Account Login

The suspected digital fraud ratefor attempted transactions where the consumer was in South Africa declined from 4.3% in 2024 to 3.0% in 2025, a trend also observed globally. Nevertheless, this decrease does not necessarily indicate reduced criminal activity; rather, it may reflect a shift toward AI-enabled tactics designed to maximise return on investment.

South Africa is one of the few markets where the highest rate of suspected digital fraud attempts* happen at account login, with 3.0.% of account login attempts being flagged as potentially fraudulent, compared to 2.4% at account creation and 0.7% of financial transactions. This trend suggests that attackers are increasingly trying to compromise existing accounts, in contrast to other countries globally where new account creation is a key focus for fraudsters.

“This inversion tells a powerful story that criminals in South Africa are now targeting access using compromised credentials, SIM-swap-enabled entry and social engineering to take over existing accounts,” said Reddy. “This means that vendors and financial institutions need to expand their fraud prevention strategies beyond the new customer onboarding phase, continuing to implement verification throughout the consumer lifecycle – but without the unnecessary friction that will see genuine consumers seeking alternative sites.”

Findings from the survey also show that consumers most preferred top feature when choosing whom to transact with online is confidence that their personal data is secure, with 85% of respondents saying it was very important. This was followed by an easy payment process (80%) and ease of filling out forms or applications (72%).

“The fact that security is the top reported feature shows that consumers are willing to accept friction when completing digital transactions, provided it’s clearly linked to protection,” Reddy said. “As a result, security in South Africa is evolving beyond compliance and emerging as a key driver of brand trust and differentiation.”

Government Sector Most Affected by Digital Fraud Attempts

Suspected digital fraud attempts across Africa[3] in 2025 showed fraudsters focusing on very different industries depending on the country, reflecting local digital behaviours and opportunity points. Globally, the most vulnerable industry was video gaming, where 12.8% of transactions were suspected of digital fraud attempts. Across African countries analysed, gaming also recorded the highest suspected digital fraud rate, driven by Kenya, where 15.6% of gaming transactions were flagged – the highest rate observed for any industry in Africa.

In South Africa, the rate of suspected digital fraud where the consumer was in the country was the most prevalent among government transactions, at 12.5%, highlighting risks tied to public-sector digitalisation.

“Digitalisation has improved access to public services, but it has also created new risks for fraud,” said Reddy. “Fraudsters are leveraging official government branding and service-related messages to impersonate the state and deceive citizens.”

Chart 2: Suspected Digital Fraud Attempts in South Africa, by Sector

Industry	Suspected Digital Fraud Attempt Rate 2025	Change in volume of suspected digital fraud attempts from 2024 to 2025
Government	12.5%	+46%
Gaming (online sports betting, poker, etc.)	11.5%	+124%
Insurance	7.8%	+32%
Video gaming	5.5%	-29%
Financial services	5.3%	+16%
Communities (online dating, forums etc.)	3.7%	-42%
Logistics	1.9%	-98%
Retail	1.1%	-61%
Telecommunications	0.6%	-94%
Travel & leisure	0.1%	-78%

“South Africa has entered an advanced fraud phase where criminals exploit trust, operate across channels and target established digital relationships rather than weak entry points. Fraud is increasingly occurring inside legitimate marketplaces and impersonated public services, while risk remains consistently highest at login, as it has been on an annual basis.”

“As criminals increasingly weaponise new technologies to carry out sophisticated scams, it’s more important than ever for consumers to safeguard their personal information and to review their credit reports regularly,” said Reddy.

“For businesses, the call to action is clear: fraud strategies must extend beyond compliance and onboarding controls to actively protect trust across the entire digital journey. Organisations that invest in adaptive authentication, identity intelligence and visible security at moments of access will be best positioned to reduce fraud, preserve customer confidence and differentiate their brands in South Africa’s digital economy,” she added.

TransUnion came to its conclusions about digital fraud based on a global survey of 12,730 consumers in 18 countries and regions from Nov. 20–Dec. 9, 2025, and intelligence from its array of TransUnion fraud prevention solutions. To learn more about how TransUnion fraud prevention solutions can help businesses avoid fraud and prevent fraud losses, click here.

Specific country and regional data in the report includes South Africa, Botswana, Brazil, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Hong Kong, India, Kenya, Mexico, Namibia, Nicaragua, the Philippines, Puerto Rico, Rwanda, Spain, the United Kingdom, the United States and Zambia. Download the TransUnion H1 2026 Update to the Top Fraud Trends Report for more information and insights about the global fraud trends.

[1] Suspected digital fraud attempts reflects those which TransUnion clients determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon client investigation, or 4) a corporate policy violation upon customer investigation. The country and regional analyses examined transactions in which the consumer or suspected fraudster was located in a select country or region when conducting a transaction. Global statistics represent every country worldwide and not just the select countries and regions.

[2] Exchange rate calculated at R16.69 to the US dollar as per the exchange rate for 29 December 2025.

[3] TransUnion analysed the suspected digital fraud rate in its global intelligence network for the African countries of Botswana, Kenya, Namibia, Rwanda, South Africa and Zambia.

28 May 2026

Cost-Of-Living Squeeze Deepens as SA Consumers Shift into Survival Mode

Location: Business

South African households are entering a more constrained financial period, as the modest momentum seen at the end of 2025 comes under pressure from rising living costs.

According to TransUnion’s latest insights, increases in fuel prices, renewed food inflation, and persistently higher borrowing costs are reshaping consumer sentiment, shifting from early signs of recovery in 2026, to a more defensive posture.

This comes as the South African Reserve Bank’s Monetary Policy Committee (MPC) delivers its latest interest rate decision of a 25-basis points increase, against a backdrop of rising inflation, which increased to 4.0% in April from 3.1% in March, reflecting persistent price pressures across essential categories.

Incremental Increase Adds to Mounting Financial Pressure

Following the MPC’s decision to increase interest rates by 25 basis points, TransUnion notes that the move reinforces a financial environment where household momentum is already being challenged, and cost pressures are compounding.

“A 0.25% increase lands on households that are already under strain,” says Lee Naik, chief executive officer, TransUnion Africa. “This is not a new shock; it is an amplification of pressures that consumers are already managing. The combination of higher instalments and rising living costs accelerates the shift from cautious optimism to caution.”

Data from TransUnion’s Q4 2025 Industry Insights Report shows elevated delinquency across several credit products, while TransUnion’s Q1 2026 Consumer Pulse Study highlights increased reliance on credit and sustained reductions in spending.

“When fuel, food and borrowing costs rise together, the impact is not incremental; it is compounding. That is where we see the real pressure emerge, and where financial behaviour shifts decisively,” Naik adds.

Multiple Cost Pressures Converge

“The risk is not just higher rates; it is the combination of cost pressures hitting at once. The affordability challenge becomes immediate and more difficult to manage,” Naik adds.

TransUnion notes that the key issue is no longer the rate decision in isolation, reflecting the cumulative strain of overlapping cost pressures on household affordability.

“At the start of 2026, there was a sense that consumers were beginning to stabilise, with some early signs of recovery in repayment behaviour and financial resilience. That momentum is now being challenged,” says Naik.

“We are seeing a clear shift toward greater caution, as rising fuel and food costs begin to outweigh any incremental relief. The financial pressure facing households is no longer emerging, it is entrenched.”

Even ahead of the MPC outcome, the financial environment facing consumers has materially tightened. TransUnion’s Q1 2026 Consumer Pulse Study showed widespread behavioural adjustment, with households cutting discretionary spending, increasing reliance on credit, and drawing down savings buffers to manage rising living costs.

At the same time, household affordability is being eroded by cost escalation across essential categories. Household food basket data (PMBEJD April 2026) shows the average basket rising to R5,452.09, marking a clear re-acceleration in food inflation driven by fuel and logistics costs.

Credit performance data from TransUnion’s Q4 2025 Industry Insights Report further reflects growing strain, particularly in non-bank lending segments where delinquency remains elevated, signalling deep financial vulnerability among consumers.

“Consumers are not reacting to a single shock. They are responding to a sustained financial pressure building over time,” adds Naik. “What we are seeing now is a structural shift in behaviour, where households are increasingly prioritising essentials, protecting debt commitments and managing risk more cautiously.”

Looking Ahead: A Structurally More Cautious Consumer Cycle

TransUnion’s outlook remains clear: South African consumers are entering a more cautious financial cycle, as the momentum of 2025 is increasingly challenged by sustained and broad-based cost pressures.

“The environment has shifted from short-term stress to structural pressure,” concludes Naik. “Consumers are no longer adjusting temporarily, they are recalibrating how they manage money, prioritise spending and engage with credit in a more constrained and uncertain environment.”

21 April 2026

South Africans Shift Spending Toward Essentials and Savings as Cost Pressures Persist

Location: Business

TransUnion’s Q1 2026 Consumer Pulse Study highlights more deliberate financial behaviour

More than four in ten (41%) of South Africans cite inflation for everyday goods as their top financial concern, while 35% of all surveyed expect to be unable to pay at least one current bill or loan in full
Consumers are actively adjusting behaviour: 51% said they cut discretionary spending, 35% paid down debt faster, and 29% increased emergency savings or stokvel contributions in the last three months
Nearly seven in ten (69%) remain optimistic about their household finances over the next 12 months, although this has declined from 72% in Q4 2025, reflecting more cautious confidence

South African consumers are adjusting their financial behaviour in response to ongoing cost pressures, with TransUnion's Q1 2026 Consumer Pulse Study[1] revealing meaningful shifts in how households spend, save and manage credit. While many households remain under financial strain, the findings point to a shift toward more deliberate and considered financial decision-making.

The study found that inflation for everyday goods remains the leading financial concern, cited by 41% of respondents as their top financial worry. 35% of consumers indicated that they expect to be unable to pay at least one of their current bills or loans in full.

Against this backdrop, consumer sentiment remains measured. More than two-thirds (69%) of respondents said they are optimistic about their household finances over the next 12 months, down from 72% in Q4 2025, while 14% expressed pessimism and 17% indicated they are neither optimistic nor pessimistic.

“Consumers are not necessarily experiencing financial ease, but they are responding in practical ways to manage pressure,” said Ayesha Hatea, director of research and consulting at TransUnion South Africa. “What we are seeing is a shift toward more deliberate financial behaviour, where households are actively adjusting spending, prioritising obligations and, where they can, building financial buffers.”

Spending Pullbacks and Savings Adjustments Take Hold

In response to continued financial pressure, many South Africans have adjusted their financial behaviour over the past three months. More than half of the respondents (51%) reported cutting back on discretionary spending such as dining out, travel and entertainment, while 31% said they cancelled subscriptions or memberships.

At the same time, some households report taking steps to strengthen their financial position in the past three months. The study found that 35% of respondents said they paid down debt faster, while 29% reported increasing contributions to emergency savings or stokvels. A further 23% said they increased their retirement savings.

“These behaviours reflect a more cautious and intentional approach to money management. Consumers are looking for ways to maintain stability, whether by reducing non-essential expenses, managing debt more actively or setting aside funds for future needs,” said Hatea.

Financial Outlook Reflects Cautious Confidence

Despite ongoing affordability challenges, the study points to cautious consumer expectations at the time it was conducted. The research was carried out in late February, prior to recent geopolitical developments and ahead of the most recent South African Monetary Policy Committee (MPC) announcement, which left the prime lending rate unchanged. Emerging global market volatility may further shape consumer sentiment and financial behaviour going forward.

More than one in three consumers (35%) expect their spending on bills and loans such as housing, utilities, insurance and credit cards to increase over the next three months. The same percentage (35%) anticipate higher spending on medical care and services during that timeframe. Additionally, 38% expect to increase contributions toward retirement funds and investments. Conversely, a smaller percentage said they’d increase their spending on in-store or online retail shopping such as clothing, electronics and durable goods (29%), large purchases like appliances and cars (26%), digital services (25%) and discretionary spending (21%).

“This pattern suggests that consumers are prioritising essential and future-oriented expenses, while remaining more selective in discretionary areas. It reflects a mindset where financial decisions are being made with greater scrutiny,” said Hatea.

Credit Remains Important, but Caution is Evident

Access to credit continues to play an important role in how consumers manage their finances. However, when it comes to new credit products, TransUnion’s survey indicates that households are approaching borrowing more carefully in the current environment.

Among respondents, 41% indicated that they have used Buy Now, Pay Later (BNPL) services in the past year. For those who have used BNPL, avoiding credit card interest was a key motivation, while non-users most frequently cited avoiding additional debt as the top reason for never using BNPL.

“The role of credit is evolving,” Hatea said. “Consumers still rely on it to manage cash flow and navigate short-term pressures, but there is also a clear awareness of the need to avoid overextension. That balance between access and caution is becoming more important.”

Adapting to a More Demanding Financial Environment

The quarterly findings point to a consumer environment defined less by financial comfort and more by ongoing adjustment. While sentiment has softened slightly from the previous quarter, many South Africans are actively managing their finances amid ongoing cost pressures.

“Rather than a broad sense of financial confidence, we are seeing a more grounded and pragmatic approach,” said Hatea. “Consumers are making deliberate trade-offs to stay on top of their obligations and build resilience where possible. As economic uncertainty persists, the ability to adapt spending, savings and credit behaviour is likely to remain a defining feature of the South African consumer landscape.”

Consumers can get their free annual credit report from TransUnion here.

[1] Methodology: Online survey of 992 South African adults conducted 10–23 February 2026 by TransUnion in partnership with Dynata.

8 April 2026

TransUnion Africa Appoints Annemie Botha to Lead Legal, Risk and Compliance

Location: Business

TransUnion Africa, a global information and insights company, announced the appointment of Annemie Botha as General Counsel, effective 1 February 2026.

In her role, Botha will lead TransUnion Africa’s Legal, Risk and Compliance function across South Africa, Botswana, eSwatini, Namibia, Kenya, Rwanda, Zambia, and Malawi. Her remit spans aligning legal and regulatory strategy with business objectives, strengthening governance frameworks, and supporting sustainable growth across these markets, with a strong focus on advancing transparency, fairness and consumer protection across the financial ecosystem.

Botha brings over 17 years of experience in legal advisory, compliance, privacy and corporate governance, with deep expertise across credit bureau regulation and financial services. Her appointment reflects TransUnion’s continued commitment to building a future-ready organisation that balances innovation with strong regulatory and risk management practices, anchored in responsible data use and positive consumer outcomes.

She most recently served as Director of Compliance at TransUnion Africa, where she led compliance strategy across eight African jurisdictions, driving governance, regulatory engagement and risk management at an executive level. Her work has consistently focused on translating regulatory requirements into practical frameworks that support both business resilience and consumer trust. Prior to this, Botha held the role of Privacy Counsel, where she established the Africa Privacy Committee and played a key role in enhancing the organisation’s privacy framework and regulatory relationships across the continent.

Earlier in her career and prior to TransUnion, Botha served as an in-house legal advisor and executive where she built and scaled the organisation’s legal and compliance functions, led mergers and acquisitions activities, and supported complex investment transactions. Her experience spans multi-jurisdictional regulatory engagement, corporate governance, and advising executive teams and boards on a wide range of risk and compliance matters.

In addition to her executive role, Botha has played an active leadership role in the broader industry, serving as Board Chair and Non-Executive Director of the Direct Marketing Association of South Africa, and contributing to regulatory and industry developments through various forums.

Botha’s appointment comes at a time when organisations are navigating increasingly complex regulatory environments, rapid technological advancements, and evolving market dynamics. In her new role, she will focus on aligning legal and compliance capabilities with TransUnion Africa’s business strategy, enabling innovation while maintaining robust governance and risk management frameworks, ensuring these capabilities continue to build confidence in financial markets.

Her priorities include strengthening regulatory and industry engagement, supporting expansion into new markets, enhancing cross-border legal and compliance capabilities, and ensuring the organisation remains agile and responsive to emerging trends, including the evolving use of data and technology within the financial ecosystem.

Lee Naik CEO and Regional President at TransUnion Africa, commented: “Annemie brings a unique combination of legal expertise, commercial acumen and a deep understanding of our business and markets. Her ability to translate complex regulatory requirements into practical, business-enabling solutions makes her exceptionally well positioned for this role. She brings a clear focus on ensuring our regulatory approach continues to support transparency, accountability and trust across the markets we serve. We are confident that under her leadership, our Legal, Risk and Compliance function will continue to play a critical role in supporting TransUnion Africa’s growth and strategic ambitions.”

Botha added: “I am honoured to take on the role of General Counsel at such an exciting time for TransUnion Africa. We have a strong foundation in place, and my focus will be on ensuring that our legal, risk and compliance capabilities remain closely aligned to our business strategy, enabling innovation while supporting sustainable growth. We are committed to upholding high standards of transparency and responsible data use, recognising the important role we play in strengthening confidence across the financial value chain. I look forward to working with our teams across the region to build on this momentum and drive meaningful impact for our clients and the markets we serve whilst ensuring we deliver on our mission of Information for Good.”

Botha succeeds Jeannine Naudé in leading Legal, Risk and Compliance following Naudé’s appointment as Head of Africa Regions for TransUnion in January.

27 March 2026

Interest Rates on Hold, but South African Consumers Remain Under Pressure

Location: Business

Following today’s decision by the South African Reserve Bank’s Monetary Policy Committee (MPC), the latest data from TransUnion points to a consumer environment that remains fragile, with many households continuing to navigate mounting financial pressure.

While some improvement in repayment behaviour was observed toward the end of 2025, this stability is proving short-lived. Rising living costs, increasing reliance on credit, and limited financial buffers mean that many consumers are entering 2026 in a vulnerable position, with little capacity to absorb additional economic shocks.

The decision to leave interest rates unchanged may offer a sense of short-term stability, but it does little to ease the underlying financial strain facing households.

“Stable rates do not translate into financial relief for most consumers,” says Fatgie Adams, Head of Credit Risk Solutions at TransUnion. “Many households are already under pressure, and upcoming increases in fuel and food costs are likely to erode any temporary stability created by a hold decision.”

Insights from the TransUnion Q4 2025 Consumer Pulse Study (CPS) show that households have already begun adjusting their behaviour in response to financial stress. More than half of consumers report cutting discretionary spending, while a significant portion have reduced clothing purchases, delayed major expenses, and scaled back on services such as subscriptions and digital platforms. At the same time, the study indicates a growing reliance on credit, with a notable share of consumers using credit to manage shortfalls in their monthly budgets.

This behavioural shift is reinforced by credit performance trends from the TransUnion Q4 2025 Industry Insights Report (IIR), which highlights continued strain in key segments. Credit card delinquency remains elevated at 17.4% (balance-level), while non-bank personal loan delinquency is critically high at 53.4% (consumer-level). These figures highlight deep vulnerability among financially stretched consumers, with short-term credit products showing the most acute distress. Although home loan delinquency remains relatively stable at 7.5%, it is still elevated, pointing to persistent pressure even within more structured credit product.

“Consumers may appear stable on the surface, but in reality, many are already in a form of financial triage,” Adams adds. “A flat rate environment simply provides time to prepare, it does not remove the pressure.”

With fuel prices expected to rise sharply in the coming months and food costs remaining persistently high, the overall cost of living is likely to increase further, placing additional strain on already stretched household budgets.

Regardless of the outcome, the broader picture remains one of rising pressure on household finances. The combination of higher living costs, constrained income growth and existing debt obligations means that many consumers will need to navigate the months ahead with increased caution.

Maintaining a clear view of essential expenses, staying on top of repayments, and making considered financial decisions will be critical as cost pressures continue to build.

24 March 2026

SA’s Consumer Credit Market Shifted from Recovery to a More Stable Position in Q4 2025

Location: Business

Vehicle asset finance closed out a strong year of growth, with Q4 2025 showing improved demand and stronger originations amid softer new vehicle pricing, with better repayment performance
Bank personal loans showed continued growth with improved repayment behaviour, while non-bank lenders maintained high growth on smaller value loans while seeing greater repayment pressure
Retail and revolving accounts saw softer demand as consumers opted for smaller purchases and Buy Now, Pay Later options at point of sale

TransUnion’s Q4 2025 South Africa Industry Insights Report shows the consumer credit market shifting from a tentative recovery to broader stabilisation driven by steady inflation and interest rates, as well as improvements in consumers’ repayment behaviour. During the quarter there was again notable growth in vehicle asset finance and the personal loans market, while retail credit saw a change in product preference with consumers making smaller purchases.

South Africa's vehicle finance market continued its expansion in Q4 2025, with a fifth consecutive quarter of sustained growth. The growth in total loan balances continued to outpace new account volumes, indicating a firmer continued recovery in demand supported by a more accommodative interest rate environment following a 25 basis point (bps) repo rate cut in November, which further improved household affordability. Origination volumes rose 9.9% year-over-year (YoY), supported by strong consumer interest in affordable new car models and sustained lender confidence. The average new loan amount also climbed, by 3.3% YoY.

Much of this growth was driven by younger consumers, with Gen Z and Millennials[1] accounting for 66% of all originations. Lenders demonstrated an increased risk appetite, with originations to riskier below-prime borrowers growing by 20.2% YoY. This expansion coincided with positive repayment performance, as account-level delinquencies (the percentage of accounts three or more months in arrears) declining by 59 bps YoY to 6.8%.

The market dynamics were further shaped by a significant shift in the used-to-new vehicle financing ratio, which declined to 0.96 used vehicles for every new one financed, down from 1.56 in Q4 2024. This shift towards more new vehicle financing reflects the availability of budget-friendly new models and favourable inflation trends.

More consumers chose longer loan terms to improve monthly affordability too: in Q4 2025, 56.4% of consumers chose a loan term of 72 months or more, compared to 51.9% who made the same choice one year prior. This marked the first quarter this decade that more than half of consumers chose the longest vehicle finance term available.

“The change in the used‑to‑new finance ratio indicates stronger momentum in new‑vehicle financing and can also be attributed to shifting consumer preferences,” said Ayesha Hatea, director of research and consulting at TransUnion South Africa. “With advancements in technology, new vehicles often offer more features, safety upgrades, and improved fuel efficiency compared to older models, along with longer and more comprehensive warranties.”

“The data on longer loan terms highlights how consumers are adjusting their spending patterns and making strategic financial decisions. By opting for longer loan terms, many are able to manage their monthly payments more effectively and potentially afford a newer or higher-priced vehicle,” she added.

Diverging Strategies Shaped Personal Loan Market

The personal loan market showed a distinct divergence in Q4 2025 as bank and non-bank lenders pursued contrasting growth strategies. Bank personal loan originations grew by 10.2% YoY with average new account amounts up by 10.7% YoY, extending larger loan amounts to lower-risk consumer cohorts. This disciplined approach yielded better repayment performance as account-level delinquencies for bank loans dropped by 271 bps YoY to 27.0%.

Conversely, non‑bank lenders grew their portfolios quickly by shifting toward smaller loans, with average new account amounts down 2.8% YoY and the total volume of originations up 14.7% YoY. Younger borrowers drove a significant portion of this growth, with the volume of new loans issued to Gen Z borrowers climbing 39.6%. However, in contrast to bank lenders, which target relatively better risk borrowers, non-bank lenders’ customer bases are heavily skewed toward the riskiest subprime[2] consumers. As a result of this exposure, account-level delinquencies for non-bank loans remained elevated at 48.0%.

“These trends highlight a clear market split. Banks successfully managed risk while expanding their active books through larger loans to lower-risk borrowers. Meanwhile, non-bank lenders extended credit access to higher-risk borrowers through smaller loans, but faced notable repayment strain,” said Hatea.

Retail Credit Adapted as Buy Now Pay Later Gained Traction

The retail credit sector showed signs of a strategic shift in Q4 2025, influenced by changing consumer behaviours and the growing adoption of Buy Now, Pay Later (BNPL) solutions. While the clothing account sector showed resilience account originations growing by 7.2% YoY, other areas of retail credit saw a decline in new account openings. Retail instalment origination volumes decreased 19.4% YoY, and revolving credit originations fell 16.6% YoY.

This downturn in traditional retail credit originations could be influenced by increasing popularity of BNPL solutions in the market. TransUnion’s Q4 2025 Consumer Pulse Study shows 57% of South African respondents hold a BNPL product, and 36% have used a BNPL product multiple times in the last 12 months to pay for goods and services.

“Consumers appear to be choosing these flexible payment options for smaller credit purchases, drawn to their fixed or interest-free instalment plans,” said Hatea. “However, this trend has not yet significantly affected clothing accounts, which benefit from strong consumer loyalty and accessibility.”

Despite fewer new accounts in some retail segments, possibly also influenced by tighter lending policies, portfolio health shows positive signs. Account-level delinquencies for clothing accounts fell 213 bps YoY to 24.5% and retail revolving delinquencies dropped 238 bps YoY to 17.6%. Lenders also adapted their strategies: the average clothing account limits went up 6.8% YoY, while the average limit for revolving accounts also grew, by 3.9% YoY. This suggests a focus on providing more credit to existing, credit-healthy customers while managing the influx of new, potentially riskier borrowers.

Table 1: Key South African Consumer Credit Market Metrics (Q4 2025 vs Q4 2024)

Product	YoY origination growth	Serious account-level delinquency rate*	YoY basis points (bps) change in delinquency rate
Credit card	8.0%	12.9%	+33 bps
Bank personal loan	10.2%	27.0%	-271 bps
Non-bank personal loan	14.7%	48.0%	+50 bps
Clothing accounts	7.2%	24.5%	-213 bps
Retail instalment	-19.4%	26.8%	-110 bps
Retail revolving	-16.6%	17.6%	-238 bps
Home loans	8.5%	7.5%	+11 bps
Vehicle finance	9.9%	6.8%	-59 bps

*Account-level serious delinquency rate, measured as a percentage of accounts three or more months in arrears

“In Q4 2025, lenders widened access to credit where consumers showed stronger repayment discipline, tightening where risk accumulated and reshaping their portfolios towards lower risk borrowers,” Hatea said. “The data suggests that lenders’ priorities are shifting from stabilisation towards sustainable momentum as they pair cautious growth with sharper exposure discipline, deeper affordability insights and refined product strategies.”

[1]TransUnion age distribution: Gen Z (Born 1995 – 2010); Millennials (Born 1980-1994); Gen X (Born 1965-1979); Baby Boomers (Born 1946-1964)

[2] Scores are based on TransUnion’s CreditVision® generic scoring methodology. Risk distribution key: subprime (0-625), near prime (626-655), prime (656-695), prime plus (696-720), super prime (721-999).

12 March 2026

Affordability Drives South Africa’s Strongest New Car Sales in Over a Decade

Location: Business

Passenger car sales reached 114,246 in Q4 2025 (up 15.3% year over year), bringing the full-year total to 422,103 – the highest since 2014
Chinese brands now account for over 17% of total sales, signalling a structural shift in consumer buying behaviour
Younger buyers and affordability-led demand continue to drive momentum as high-income demand normalises

South Africa’s automotive market closed 2025 at its strongest level in more than a decade, supported by easing interest rates, improving vehicle pricing, and a decisive shift in how consumers evaluate vehicle affordability. While headline sales reflect a clear recovery, underlying patterns reveal a market increasingly shaped by value, sharper segmentation and intensifying competition.

According to the TransUnion South Africa Q4 2025 Mobility Insights Report, new passenger vehicle sales reached 422,103 units in 2025, representing 20.1% year-on-year growth. Momentum remained firm into the final quarter, with 114,246 vehicles sold in Q4, making it the strongest quarterly performance based on volume of the post-pandemic period.

“This recovery is real, but it is far from uniform,” says Ayesha Hatea, Senior Director of Research and Consulting at TransUnion Africa. “What we’re seeing is not a return to old buying patterns, but a more deliberate, affordability-driven market where consumers are weighing value, monthly repayments and long-term ownership costs far more carefully.”

Value Brands Cement a Structural Shift

One of the standout trends of 2025 has been the continued rise of Chinese manufacturers. These Chinese brands expanded at nearly nine times the pace of the overall market, lifting their share to more than 17% of total new passenger vehicle sales, up from less than 5% just four years ago.

Aggressive pricing of enhanced specifications, extended warranties and growing consumer trust have fuelled intensifying competitive pressure across all segments of the market.

“This is no longer a short-term disruption,” Hatea explains. “Value brands are now firmly embedded in South Africa’s automotive ecosystem, and their success highlights how decisively affordability and perceived value are influencing purchasing decisions.”

New Vehicles Regain Ground as Pricing Gaps Narrow

Improved affordability conditions shifted demand back toward new vehicles in Q4. New vehicle registrations rose 30.1% year-on-year, compared with just 0.7% growth in used vehicle registrations, narrowing the gap between the two segments. The used-to-new ratio declined to 2.9, down from approximately 3.8 in 2024.

This shift was supported by record-low new vehicle inflation of 1.2%, alongside 1.9% deflation in used vehicle prices, making monthly repayments on new vehicles increasingly competitive.

These trends align with a broader macroeconomic environment focused on easing pressure on household finances, as reinforced in South Africa’s 2026 National Budget delivered by Finance Minister Enoch Godongwana, which emphasised fiscal stability and moderating inflation. Against this backdrop, TransUnion’s data shows vehicle demand remains highly sensitive to interest rates, fuel costs and financing conditions.

“When repayment gaps narrow, buyer behaviour changes quickly,” says Hatea. “But affordability remains the single most powerful lever in sustaining demand.”

Younger Buyers Drive Momentum as Premium Demand Cools

Consumer sentiment showed modest improvement in Q4, with the share of consumers planning to buy a vehicle in the next three months rising from 17% in Q3 to 19% in Q4, according to the TransUnion Consumer Pulse Survey.

That improvement was driven primarily by younger consumers. Gen Z (ages 18-29) purchase intent increased to 25%, while Millennials (ages 30-45) rose to 21%, compared to 14% for Gen X (ages 46-61) and 7% for Baby Boomers (ages 62-80), underscoring a clear generational divide in demand.

At the same time, demand among high-income households has begun to normalise. While consumers in the highest income segment continued to show the strongest purchase intent at 20%, this marked a notable decline from 34% in Q3, indicating a cooling in premium-led purchasing.

“The centre of gravity is shifting,” Hatea notes. “Growth is increasingly coming from younger, more price-sensitive buyers rather than the top end of the market.”

Electrification Advances, on Practical Terms

Electrified mobility continued to gain traction in 2025, with new energy vehicle (NEV) sales reaching approximately 16,700 units, representing 4% of new passenger vehicle sales, up from just 0.3% in 2021.

Growth remains firmly hybrid-led, with traditional hybrids representing nearly three-quarters of NEV sales, reflecting consumer preference for lower upfront costs and limited reliance on charging infrastructure. Battery-electric vehicles remain concentrated among higher-income buyers.

“South Africa’s electrification journey is progressing, but it is pragmatic rather than aggressive,” says Hatea. “Hybrids are bridging the gap between affordability and sustainability.”

A Market Rebalanced, Not Recovered

As the industry looks ahead to 2026, TransUnion’s data suggests a market that has stabilised but remains finely balanced. “The next phase of growth will be incremental and affordability-driven,” Hatea concludes. “Manufacturers, dealers and financiers that align closely with how South Africans are actually buying, not how they bought a decade ago will be best positioned to compete.”

Read the full Q4 2025 TransUnion South Africa Mobility Insights Report here.

18 February 2026

TransUnion Africa Appoints Michael Rogers as Chief Product Officer to Accelerate Client-Centric Innovation

Location: Business

TransUnion Africa, a global information and insights company, today announced the appointment of Michael (Mike) Rogers as Vice President (VP) and Chief Product Officer (CPO), effective 15 January 2026.

Rogers brings more than two decades of technology leadership, digital transformation, and product innovation experience across key African markets, including Botswana, Kenya, Rwanda, Namibia, Zambia, eSwatini, South Africa, and Malawi. His appointment underscores TransUnion’s commitment to developing market‑relevant, scalable solutions that enable organisations across Africa to grow responsibly, manage risk, and broaden access to financial services.

Most recently, Rogers served at Mastercard, where he led consulting engagement across the continent, developing new solutions for the payments ecosystem and driving performance for banking, fintech and digital commerce clients.

Prior to Mastercard, Rogers was Chief Executive Officer of Tarsus Technology Solutions, where he integrated multiple technology businesses spanning cybersecurity, infrastructure and networking and led group-wide digital transformation. He spent 18 years at Accenture, building and scaling technology consulting practices in South Africa, and was the first South African to attain Accenture’s Master Technology Architect certification.

In his new role, Rogers will lead TransUnion Africa’s end‑to‑end product strategy, with responsibility for advancing the product portfolio and strengthening sector‑specific solutions across banking, fintech, insurance, retail, automotive, telecommunications and digital commerce. His focus includes enhancing core credit and risk offerings, accelerating the responsible use of alternative data, and expanding fraud, identity and advanced analytics capabilities to meet evolving market needs.

Working closely with regional and global teams, Rogers will ensure TransUnion’s products are locally relevant, compliant and scalable across diverse African regulatory environments. A key priority will be simplifying product adoption and enhancing decisioning outcomes, enabling clients to more effectively acquire, serve and protect consumers in increasingly digital and data‑driven markets, while supporting inclusive growth across the continent.

Lee Naik, CEO and Regional President for TransUnion Africa, commented: “Mike brings an exceptional blend of technology, product and leadership experience, with a deep understanding of how data-driven products create commercial and social impact. His appointment strengthens our ability to market-relevant solutions that help clients manage risk, grow responsibly and extend access to financial services across Africa.”

Rogers added: “TransUnion Africa sits at the intersection of trust, data and technology. My focus is to simplify adoption, improve decisioning quality and deliver products that create tangible value – helping our clients acquire, serve and protect customers in increasingly digital ecosystems. I am excited to partner with our teams and clients to bring the next generation of solutions to market.”

3 February 2026

TransUnion Appoints Jeannine Naudé as Head of Africa Regions to Drive Strategic Growth Across the Continent

Location: Business

TransUnion Africa, a global information and insights company, today announced the appointment of Jeannine Naudé as Vice President (VP), Head of Africa Regions, effective January 2026.

In her role, Naudé will lead TransUnion’s Africa Regions portfolio across Botswana, Kenya, Rwanda, Namibia, Zambia, eSwatini, South Africa and Malawi, with responsibility for driving growth, performance and strategic execution across these markets.

Naudé has served as TransUnion Africa’s Chief General Counsel for the past nine years and most recently stepped into the role of Interim Head of Africa Regions, where she demonstrated strong strategic leadership and operational continuity across the portfolio. Her permanent appointment reflects TransUnion’s continued focus on driving sustainable growth, strengthening market competitiveness, and advancement of the company’s strategic priorities across the continent for the benefit of clients and consumers.

During her tenure as Chief General Counsel, Naudé transformed the Legal, Risk and Compliance function into a strategic and trusted business partner, supporting TransUnion Africa’s growth ambitions while strengthening regulatory, industry and stakeholder relationships across multiple markets. She has led several high-impact initiatives, including implementation of new regulatory frameworks and initiatives in multiple African countries, the consolidation of multiple legal entities, TransUnion’s minority investment in Omnisient, and the evaluation and execution of wider expansion opportunities across the continent.

Naudé has also played a key role in advancing TransUnion’s focus on financial inclusion, women inclusion and wider ESG initiatives, as well as wider use of alternative data, leading global engagements with organisations such as the International Finance Corporation (IFC) and the World Bank. Naudé currently serves as Co-Chair of the Africa Credit Information Sharing Association (ACISA) and plays an active role in the Africa Regional Consultative Group as well as several industry bodies, reinforcing TransUnion’s leadership within the broader financial ecosystem.

Over the past five months, Naudé has successfully steered the Africa Regions portfolio in an interim capacity, working closely with the regional leadership team to sustain momentum and performance. Her priorities include driving sustainable growth in core and emerging markets, strengthening regulatory and industry partnerships, enhancing operational execution, and building a future‑ready organisation through talent development and regional collaboration. A key focus of her role is advancing financial inclusion for the more than 500 million Africans outside the formal financial system by bringing TransUnion’s global solutions to market in ways that support inclusive, data‑driven outcomes for clients and consumers.

Lee Naik, CEO and Regional President for TransUnion Africa, commented: “Jeannine has been instrumental in shaping TransUnion Africa’s growth journey over the past nine years. Her deep understanding of our markets, strong commercial acumen and ability to balance strategy with execution make her well suited to lead our Africa Regions. We are confident that under her leadership, TransUnion Africa will continue to deliver meaningful impact for our clients, consumers and partners.”

Naudé added: “I am honoured to take on the role of Head of Africa Regions at such an important time for TransUnion. Having worked closely with our teams across the continent, I am excited to build on the strong foundation already in place, drive sustainable growth, and continue advancing solutions that support financial inclusion and economic opportunity across Africa.”

20 January 2026

How South Africa’s Fintech Industry Is Driving Financial Wellness Through Responsible BNPL Innovation

Location: Business

Rising costs are pushing South Africans to seek smarter ways to manage money. BNPL offers flexible, low-risk relief for monthly budgets.
Responsible BNPL isn’t just a payment method; it’s a financial wellness tool.
When used responsibly, access to interest-free instalments and transparency help consumers avoid high interest or unaffordable debt and build better habits.

As economic pressure mounts and the cost of living continues to rise, South Africans are seeking new ways to balance their monthly budgets without falling deeper into debt. Within this landscape, Buy Now, Pay Later (BNPL) models are rapidly reshaping how consumers approach spending, offering flexibility and access while encouraging responsible money management.

Industry leaders agree that when used correctly, BNPL can be more than a payment tool; it can be a gateway to financial wellness, empowering consumers to make informed, controlled spending decisions that support long-term stability.

“Financial wellness goes beyond survival,” says Mladen Čolić, Head of Fintech at TransUnion South Africa. “It’s about giving consumers visibility into their financial behaviour and the tools to make better decisions. Responsible BNPL use can play a meaningful role in that journey, helping people manage their cash flow, avoid high cost or unmanageable debt, and build a foundation for long-term financial stability.”

From Financial Stability to Financial Wellness

The most recent TransUnion Q4 2025 Consumer Pulse Study shows that while South African households remain under financial pressure, signs of financial adaptation are emerging. In Q4, 48% of consumers reported that their household finances were better than planned, yet 36% anticipated missing at least one bill or loan repayment, highlighting the continued strain many households face. In response, 51% of consumers reported cutting discretionary spending, while others adjusted budgets and prioritised longer-term financial stability. Within this cautious environment, more consumers are turning to flexible digital credit options like BNPL which, when used responsibly, can offer a manageable form of short-term borrowing to help navigate ongoing affordability pressures.

According to data from Payflex, the South African BNPL market Compound Annual Growth Rate (CAGR) is greater than 80% since 2022, with usage particularly strong in fashion, beauty, and consumer electronics categories. E-commerce platforms continue to drive adoption, and BNPL transactions will account for an estimated R25 billion in annual retail spend by 2026, highlighting its growing role in the formal retail economy.

This shift reflects an evolution in how consumers think about money. Financial stability is about meeting immediate needs, keeping bills paid and food on the table while financial wellness goes further, focusing on sustainable, informed financial behaviours that build confidence and resilience over time.

How BNPL Supports Smarter Spending

BNPL allows consumers to purchase goods or services and repay them over a short, fixed instalment period, typically three or four payments at zero interest when paid on time, offering a structured alternative to other forms of short-term credit. For some consumers, avoiding revolving debt allows them to plan purchases more effectively and smooth out cash flow without the burden of high-interest credit.

“BNPL isn’t about fuelling more debt,” says Tracey-Lee Zürcher-Campbell, Chief Marketing Officer at Payflex. “It’s about giving consumers flexibility and predictability, helping them manage their cash flow responsibly while avoiding the pitfalls of high-interest credit. When used correctly, BNPL can support everyday financial stability and contribute to broader financial wellness.”

She adds that this level of transparency is key to consumer trust: “South Africans are increasingly discerning about the financial tools they use. They want products that help them live better within their means, not overextend them. BNPL works when it’s built around clarity, discipline, and accountability.”

Data, Discipline, and Wealth Creation

Responsible BNPL models, supported by data analytics, affordability checks, and consumer education are essential to keeping the category sustainable. For many, these tools also offer a path toward financial inclusion.

Encouraging on-time repayments and transparent data sharing enables BNPL providers to help consumers build a positive payment history, strengthening their financial reputation over time. “When BNPL data is shared responsibly, every on-time payment becomes a useful indicator of positive financial behaviour,” says Čolić. “These data points help build a more complete view of a consumer’s financial profile, supporting greater access and accountability over time.”

As South Africa looks to expanding regulation to support BNPL, the financial sector is showing growing alignment around the principles of transparency, affordability, and responsible innovation. From credit bureaus and FinTechs to retailers and regulators, the shared goal is to ensure that digital credit tools enhance rather than undermine consumer wellbeing.

“The FinTech industry has a collective responsibility to innovate with purpose,” says Zürcher-Campbell. “That means designing products that empower South Africans to make better financial decisions, not just more transactions. When people understand and control their financial choices, they can move from survival to real wellness.”

19 January 2026

Hat-Trick of Honours: TransUnion Commitment to a People-First Culture in Africa Shines

Location: Business

TransUnion’s South Africa, Kenya and Global Capability Centre Africa (GCC Africa) have again been certified as Top Employers in Africa by the Top Employers Institute (TEI). This recognition reaffirms the global information and insights company’s commitment to a people-first culture, continuous growth and a high-performance workplace. It also marks the sixth consecutive year of recognition for South Africa and the fourth for Kenya and the GCC Africa — clear evidence of sustained investment in people, leadership and culture.

“Being recognised for the sixth year in South Africa is a strong endorsement of our consistent people practices,” said Lee Naik, CEO of TransUnion Africa. “We remain focused on building a culture grounded in trust, inclusion and leadership development because business success starts with empowered people.”

The TEI certification follows a rigorous HR Best Practices Survey across six domains and 20 topics, including People Strategy, Work Environment, Talent Acquisition, Learning, Diversity, Equity and Inclusion, and Wellbeing. TransUnion’s recognition reflects a people strategy deeply aligned with its business objectives and purpose. Employees play an active role in shaping strategies through structured engagement, continuous listening and feedback loops that build trust and alignment across the organisation.

Agile workforce planning helps anticipate future skills needs, ensuring employees are supported to build capabilities that allow them to thrive in a fast-changing environment. Flexibility and trust remain central to the work experience. Employees are empowered to manage how and where they work, guided by clear hybrid policies and supported by collaborative spaces that encourage connection and innovation.

Wellbeing is embedded in everyday work design. Initiatives include wellness days, protected time to disconnect and wellness weeks focused on holistic health. Regular assessments ensure these programmes remain relevant and responsive. Psychological safety is also a priority, in an environment where employees feel free to speak up, share ideas and collaborate openly, fueling innovation and belonging.

Leadership development is a cornerstone of TransUnion’s approach in which a clear strategy and competency framework guide growth, supported by measurable outcomes and feedback. Career development is actively promoted through internal mobility, mentoring and sponsored learning opportunities. In 2025, more than one in ten employees advanced through internal promotions, underscoring the company’s commitment to building long-term careers. Within the GCC Africa, investment in learnerships and early-career programmes continue to nurture future leaders and expand access to employment opportunities, strengthening talent sustainability.

“Our people are central to how we deliver impact at scale,” said Shobana Maikoo, Head of GCC Africa. “This recognition reflects our focus on growing skills, developing leaders and creating an environment where individuals feel supported and connected.”

Continued certification across South Africa, Kenya and GCC Africa highlights a consistent, integrated approach to people strategy and workplace culture across regions. In 2026, the Top Employers Institute certified more than 2,400 organisations in 125 countries, positively impacting over 13 million employees worldwide. TransUnion’s inclusion among this group underscores its commitment to excellence in people practices across Africa.

13 January 2026

South Africans Show Determined Optimism as They Adapt to Financial Pressures

Location: Business

72% South Africans say they feel positive about their financial outlook for the next 12 months, showing resilience even as the cost of living remains high
Access to credit continues to shape financial confidence, with 91% viewing it as key to achieving their goals, though fewer than half (42%) believe they can access it easily
Online scams remain widespread, with 59% of consumers reporting recent fraud attempts, particularly phishing, vishing and gift card schemes

South African households are showing signs of meaningful financial adaptation amid ongoing cost pressures, according to TransUnion’s latest Q4 2025 Consumer Pulse Study. While inflation and affordability challenges persist, consumers are becoming more intentional in their financial management, tightening budgets, prioritising savings, and building greater digital and financial awareness.

“Consumers are entering 2026 with a renewed sense of financial discipline,” said Ayesha Hatea, director of research and consulting at TransUnion South Africa. “We’re seeing households make more deliberate choices, reducing non-essential spending, paying down debt and preparing for the future. This speaks to a financial confidence grounded in awareness and adaptability.”

Financial Adaptation in a High-Cost Environment

Nearly half (48%) of South Africans said their household finances were better than planned in Q4 2025, a sign of growing stability in an economy still defined by high living costs. Yet, 36% of consumers anticipate being unable to meet at least one bill or loan payment in full, revealing the continued strain on affordability.

In response, many households are taking deliberate steps to manage their finances. Half have reduced discretionary spending on non-essential activities such as dining out, entertainment, and travel, while more than a third (34%) have cancelled subscriptions or memberships. At the same time, 38% of consumers plan to increase their contributions toward retirement savings or investments, 35% are accelerating debt repayments, and 27% are setting aside more in emergency funds or stokvels.

These actions suggest that South Africans are not merely reacting to economic pressure but are intentionally strengthening their financial resilience. “Consumers are demonstrating a more strategic approach to money management,” said Hatea. “They’re preserving stability today while laying the groundwork for tomorrow.”

Younger Optimism Meets Experienced Caution

Generational insights reveal that financial resilience takes on different forms across age groups. Younger consumers, particularly Gen Z (18-28 years) and Millennials (29-44 years), tend to be the most optimistic about their financial future and are also the most likely to apply for new credit within the next year, with 42% and 39% expressing this intent, respectively.

In contrast, Gen X (45-60 years) and Baby Boomers (61+) demonstrate a more cautious approach, with only 33% and 9% likely to seek new credit, instead prioritising debt reduction and savings. Spending patterns further illustrate this divide: younger consumers plan to increase their spending on digital services such as internet and other discretionary activities like dining out or travel, while older generations indicate they will prioritise boosting retirement funds and strengthening emergency savings in the coming months.

Credit Access and Inclusion

Credit remains a vital tool for long-term financial mobility, with 91% of South Africans recognising its importance in achieving their financial goals. Yet, access to credit is uneven: only 42% feel they have adequate access, while 33% believe they do not. Despite this strong demand, just 36% plan to apply for new credit or refinance existing debt over the next year, with credit cards (30%), personal loans (28%), and car loans (20%) among the most popular products.

However, 44% of those who considered applying ultimately decided against it, citing barriers such as high borrowing costs (33%), fear of rejection due to their credit history (26%), and concerns over income or employment (24%).

“These findings highlight a need for more inclusive and transparent lending models,” said Hatea. “Consumers believe that a broader use of alternative data, such as rental or buy-now-pay-later payment histories can help extend fair access to credit while supporting responsible borrowing.”

Digital Fraud Threats Drive Demand for Simplified Protection Tools

Digital fraud continues to pose a significant threat to South Africans, with 59% targeted in Q4 and 12% falling victim. The most commonly reported schemes include money or gift card scams (32%), vishing (30%), phishing (29%), and smishing (27%). Despite these threats, 46% of consumers successfully detected and avoided fraud, reflecting growing vigilance. Among those affected by data breaches, 42% changed their passwords, 35% checked accounts for unauthorised activity, 30% closed compromised accounts, and only 16% signed up for identity monitoring.

In the past two months, reacting to security concerns, 58% changed passwords, 23% enabled multi-factor authentication, and 37% checked their credit reports. Yet, many remain unsure how to respond: 53% of those who took no action cited uncertainty about the steps to take, while 22% felt overwhelmed by cybersecurity information.

Empowered and Financially Aware Consumers

Financial awareness among South Africans continues to rise, with 93% recognising the importance of credit monitoring. Engagement with credit reports is also increasing, with 31% checking monthly, 16% weekly, and 8% daily.

Nearly half of consumers believe their credit score would improve if alternative data, such as rental payments or buy-now-pay-later histories, were considered, particularly among younger generations.

“This growing awareness of credit health is encouraging,” said Hatea. “Consumers are becoming more proactive and engaged, and that creates a powerful opportunity for businesses and lenders to support them with relevant, transparent financial tools.”

Building Financial Confidence for the Future

The Q4 findings paint a picture of a nation adapting with purpose, cautious but confident, pragmatic yet forward-looking. As South Africans continue to manage affordability pressures, the emphasis on long-term financial planning, inclusion, and protection is reshaping how consumers engage with the financial system.

“Resilience has become the defining characteristic of South African consumers,” said Hatea. “They’re not waiting for conditions to change, they’re taking control of their financial journeys, showing that confidence and caution can coexist.”

Consumers can get their free annual credit report from TransUnion here.

Notes to Editors: An online survey of 992 adults in South Africa was conducted between 25 September and 9 October 2025 by TransUnion with Dynata, using an online panel across desktop, mobile, and tablet. The survey, administered in English, included respondents aged 18 and older from all regions, with quotas applied to ensure demographic representation by age, gender, household income, race, and region. Generational groups were defined as follows: Gen Z (18–28), Millennials (29–44), Gen X (45–60), and Baby Boomers (61+).

6 January 2026

South Africa’s Credit Market in Q3 2025: Strategic Moves to Manage Risk

Location: Business

Vehicle asset finance originations continued to surge, driven by younger consumers and prime and below risk tiers
Credit card originations grew, as higher demand was met with lower new account credit limits
Personal loan growth and risk patterns diverged amongst bank and non-bank lenders

TransUnion’s Q3 2025 South Africa Industry Insights Report highlights key trends in the South Africa credit market: vehicle asset finance continued its recovery, with stable account volumes and rising balances supported by longer loan terms and more affordable vehicle choices. Credit card usage expanded, with total book balances growing faster than account volumes, even as average balances per card remained stable and new account credit limits were reduced. Non-bank personal loans surged, driven by higher-risk consumers, though elevated delinquencies underscore the importance of strong affordability checks and consumer safeguards.

These shifting patterns in credit demand, usage and risk occurred against the backdrop of a cautiously improving economy. A 25 basis point (bps) interest rate cut in July, driven by favourable inflation trends, gave consumers some relief. However, unemployment remained high[1] at 31.9% for the quarter, highlighting persistent labour pressures that constrained the wallets of many consumers.

Within this context, the credit market showed signs of strategic adjustment. Consumers — especially younger cohorts — relied more on credit to manage day-to-day expenses and cash flow, while lenders recalibrated growth and risk strategies.

Vehicle Asset Finance Recovery Extended

South Africa’s vehicle finance market grew for the third consecutive quarter, driven by younger consumers in prime and below-prime risk tiers. New account originations rose 17.2% year-over-year (YoY), with the average new loan amount increasing to R412,000, up from R400,962 a year earlier.

Growth was supported by a shift in the used-to-new financing ratio, which fell from 2.67 in Q3 2020 to 1.03 in Q3 2025. Near-parity between new and used financing reflects the availability of budget-friendly new models, often compact or entry-level, that have narrowed the cost gap.

Consumers also opted for longer loan terms, prioritising monthly affordability over total lifetime financing cost. In Q3 2025, 49.6% of loans were for 72 months or longer, up from 38.2% four years ago and 45.6% in Q3 2024.

First-time buyer participation remained strong at 42% of originations, slightly up from 40% a year earlier. Nearly one-third (32%) of originations were to Gen Z consumers (born 1995–2010). Among first-time buyers, 80% were prime or below[2], compared to 48% for existing borrowers.

Account-level delinquencies stayed elevated at 7.2%, which underscores the need for early warning and pre-delinquency outreach, especially for borrowers showing signs of payment strain and increased reliance on credit.

“The market is stabilising away from the post-pandemic skew toward used vehicles, supporting consumers’ preferences for warranty coverage and predictable maintenance while expanding inclusion and access,” said Hatea. “In an increasingly competitive market, lenders need to calibrate loan terms, deposits, and residual values to match current conditions and customise products and insurance bundles for segments returning to new purchases.”

Credit Cards Reinforced Role as Financial Buffers for Consumers

Consumers remained under pressure: more than four in ten (41%) households said their income was not keeping up with inflation in Q3 2025, and 77% listed inflation for everyday goods as a top concern, according to TransUnion’s Q3 Consumer Pulse Study.

As consumers sought liquidity amid these concerns, credit card originations rose 13.8% YoY, although average credit limits on new cards issued fell 9.8% YoY. Outstanding balances increased 7.7% YoY, and average balances per card were up 2.6% YoY. The risk mix of card originations shifted towards higher risk borrowers: subprime consumers comprised 58.3% of new cards opened in Q3 2025, up from 52.4% a year earlier, while the share held by prime and above borrowers declined.

Lower credit limits on new cards likely reflect lenders’ efforts to manage affordability and mitigate risk exposure, even as originations skewed toward higher-risk borrowers.

Account-level delinquency increased to 12.7%. This, along with a heavier subprime mix, stable balances, and lower credit lines suggests that lenders have deliberately shifted their focus to riskier borrowers to fuel growth.

Consumers also managed their financial obligations by taking out additional credit. This was evident in the Q3 2025 TransUnion Consumer Pulse Report which found that nearly one third (30%) of surveyed consumers stated that they took an additional credit product to pay off an existing credit product during the quarter.

“While lenders seek growth, they are simultaneously tightening credit lines and deploying early interventions to protect portfolio quality,” said Hatea. “Dynamic credit line strategies and early interventions are key. Expanding pre-delinquency outreach and offering short-term hardship solutions can prevent roll-through into missed payments beyond three months, especially for subprime consumers carrying larger balances.”

Bank and Non-Bank Personal Loan Trends Diverged Further

Differences in growth and risk patterns between bank and non-bank lenders widened in Q3 2025. Banks expanded cautiously, focusing on larger, purposeful loans, while non-bank lenders grew through smaller, short-term loans aimed at higher-risk segments. These shifts reflect differing consumer targeting strategies of the two lender groups and increasing affordability pressures on higher-risk borrowers.

Bank-issued personal loan originations rose 7.6% YoY, with average new loan amounts up 9.3% YoY, reinforcing a trend toward larger loans for purposeful borrowing. However, the number of consumers carrying a personal loan balance fell 3.6% from the previous quarter, suggesting loan consolidation and/or repayment by borrowers. Account-level delinquency reached 28.1%, indicating repayment strain despite banks’ disciplined approach to growth and proactive measures to manage long-term defaults.

Non-bank personal loan originations rose 8.5% YoY, but average new personal loan amounts fell by the same margin of 8.5%. Average balances per account dropped 31.9% YoY, showing that these loans are increasingly used for short-term or emergency needs rather than financing larger purchases or debt consolidation. Risk indicators deteriorated sharply: account-level delinquencies surged upwards to 49.4%, highlighting rising financial stress among non-bank personal loan borrowers, compounded by a greater concentration of subprime consumers.

“Personal loan lenders need to balance access with sustainability,” said Hatea. “Stronger affordability checks and better early warning systems can prevent roll-through into deeper delinquency. Proactive engagement with at-risk consumers and tailored hardship solutions will help preserve portfolio health while maintaining access to credit.”

Table 1: Key South African Credit Market Metrics (Q3 2025 vs Q3 2024)

Product	YoY origination growth	Serious account-level delinquency rate*
Credit card	13.80%	12.70%
Bank personal loan	7.60%	28.10%
Non-bank personal loan	8.50%	49.40%
Clothing accounts	9.85%	25.60%
Retail instalment	-1.45%	27.40%
Retail revolving	5.20%	17.90%
Home loans	10.68%	7.60%
Vehicle finance	17.20%	7.20%

*Account-level serious delinquency rate, measured as a percentage of accounts three or more months in arrears

With an improving macroeconomic environment, driven by moderating inflation and associated interest rate cuts, continued shifts in the consumer credit market are to be expected. However, Hatea concluded: “Even though there are cautious signs of improvement, lenders and policymakers must remain agile when balancing growth with resilience. Refining segmentation strategies and enhancing early risk detection will be key to supporting consumer financial health and maintaining long-term portfolio stability.”

[1] Trading Economics South Africa Unemployment Rate

20 December 2025

TransUnion Continues to Lead with Innovative People Practices in Africa

Location: Business

Global information and insights company TransUnion (NYSE:TRU) has once again been recognised as a Top Employer in Africa by the Top Employers Institute (TEI). This marks the fifth consecutive year that TransUnion South Africa has received this prestigious certification, with TransUnion Kenya and the TransUnion Global Capability Centre (GCC) Africa being honoured for the third consecutive year.

"Leading TransUnion Africa across eight countries has taught us that true transformation happens when we invest in people first. Our commitment to solving problems that matter has delivered tangible positive impact. This year we launched a groundbreaking middle manager development programme with Duke Corporate Education for high-performing associates, we advanced financial inclusion initiatives reaching millions across Africa and achieved 55% women representation across our employee base. Additionally, we've strengthened mental health support systems for our teams. The impact on our culture, innovation, relevance, and results is tightly correlated with our investment in making our business a great work environment for our employees and prospective recruits," said Lee Naik, CEO of TransUnion Africa.

Championing Diversity and Inclusion

“TransUnion GCC Africa, a fully virtual employer, has grown to almost 1,000 employees in just under four years. The TEI certification acknowledges our commitment to excellence in every aspect of our operations. We have built a highly skilled and motivated team by continuing to invest significantly in our people through initiatives such as sponsored education and learnerships. To date, we’ve spent R12+ million on sponsored education and external training, and had 278 learners go through our learnership programme — 55% were female, 68% have either been absorbed into full time employment or are currently finishing the programme. This creates career growth opportunities while supporting our mission to deliver premium experiences for TransUnion’s clients and consumers in 30+ countries," said Shobana Maikoo, Head of the GCC Africa.

Benchmarking Excellence in HR Practices

The Top Employers Institute programme certifies organisations based on the participation and results of their HR Best Practices Survey. This survey covers six HR domains consisting of 20 topics including People Strategy, Work Environment, Talent Acquisition, Learning, Diversity, Equity & Inclusion, Wellbeing and more. TransUnion's consistent recognition by TEI reflects its commitment to excellence and continuous improvement in HR practices.

The programme has certified and recognised only 2,400 Top Employers in 125 countries/regions across five continents.

19 December 2025

TransUnion Africa Appoints Lindani Dube to Spearhead HR Leadership

Location: Business

Global information and insights company TransUnion Africa is pleased to announce the appointment of Lindani Dube as Chief Human Resources Officer and Vice President of TransUnion Africa, leading TransUnion’s operations across Africa, effective 6 January 2025.

Dube brings over 20 years of experience driving growth, HR effectiveness, and cultural transformation for multinational organisations across Sub-Sahara Africa, East and West Africa, and Europe. Her strategic leadership, combined with her passion for people development, positions her as a dynamic force in spearheading innovation and growth at TransUnion in Africa.

In her new role, Dube will oversee all HR functions across TransUnion’s Africa-based markets and centres, including GCC Africa, ensuring alignment with the organisation’s vision and business goals.

In her distinguished career, Dube has held executive HR roles at LafargeHolcim, MultiChoice, General Electric, Worley Parsons, and Howden Africa Holdings. She has led essential cultural transformation initiatives, significantly improved organisational performance, and championed diversity, equity, and inclusion programmes. Notably, her strategic acumen has delivered measurable results, including optimising workforce structures, negotiating impactful agreements, and driving business efficiencies.

Lee Naik, CEO of TransUnion Africa, commented: “Lindani is an extraordinary leader with a proven track record of aligning HR strategies to business outcomes. Her innovative approach to unlocking talent and driving cultural transformation will undoubtedly elevate TransUnion’s mission of delivering ‘Information for Good.’ We look forward to the energy and expertise she will bring to our teams across Africa.”

Dube is equally enthusiastic about her new role, saying: “I am excited to join an organisation that prioritises growth, innovation, and people development. I look forward to contributing to TransUnion’s vision by driving impactful HR strategies that build a culture of excellence, inclusion, and empowerment.”

Dube holds a Master’s in Business Leadership (Strategic HR Management) from UNISA School of Business Leadership and a postgraduate business management diploma. She is an accredited coach and an active member of professional bodies, including the Institute of Directors South Africa (IoDSA).

18 December 2025

South Africa’s Auto Market Shows Signs of Recovery as Used Vehicle Demand Rises

Location: Business

Used vehicle financing outpaces new car financing, with a ratio of 1.56 to 1 as affordability remains a key driver
New vehicle finance agreements grow by 12.7% YoY, despite economic uncertainty
South Africa reaches a milestone of 1,000+ battery electric vehicle (BEV) sales in 2024, with PHEV and HEV sales growing over 60% YoY

The latest TransUnion South Africa Vehicle Pricing Index (VPI) for Q4 2024 reveals a cautiously optimistic outlook for the country’s automotive sector, with improving economic conditions encouraging consumer confidence while affordability challenges continue to shape purchasing decisions.

Key insights from the report indicate a continued shift towards used vehicles, with financing for pre-owned vehicles outpacing new car financing at a ratio of 1.56 to 1, up from 1.23 in Q4 2023. Meanwhile, new vehicle prices increased by 1.7% due to supply chain constraints and production costs, while used vehicle prices declined by 2.8%, making them a more attractive option for cost-conscious buyers.

Despite these challenges, new vehicle finance agreements grew by 12.7% year-over-year (YoY), with Gen X and Millennials accounting for 67% of new agreements*.

“South Africa’s automotive sector is navigating a complex landscape, balancing economic improvements with persistent affordability challenges,” says Marcia Mayaba, Sales Vice President, Auto Information Services at TransUnion South Africa. “The demand for used vehicles continues to grow, while we’re also seeing an increasing shift towards alternative financing and ownership models, such as leasing and car subscriptions, particularly among younger consumers.”

Used Vehicles Dominate, While New Car Market Seeks Stability

The Q4 2024 VPI report highlights a strong preference for used vehicles, with financing activity significantly outpacing new vehicle sales. This shift is largely driven by affordability concerns, as inflationary pressures and high vehicle prices continue to impact consumer purchasing decisions.

The used-to-new financing ratio increased to 1.56 in Q4 2024, reflecting a clear trend toward more budget-friendly alternatives. At the same time, new vehicle registrations grew by 14.4% YoY, supported by improved economic conditions and rising consumer confidence.

The Future of South Africa’s Auto Market: EV Growth and Digital Financing

Looking ahead, the report highlights the rising potential of electric vehicles (EVs) in South Africa, signalling a significant shift in consumer interest and market dynamics. The country reached a milestone of over 1,000 battery electric vehicle (BEV) sales in 2024, a small but significant step in a market still dominated by petrol and diesel vehicles. While EVs represent a fraction of total sales, the 60% year-over-year growth in hybrid (HEV) and plug-in hybrid (PHEV) sales signals a gradual shift in consumer interest toward more sustainable options.

The introduction of more affordable EV models priced under R1 million, such as the BYD Dolphin and Seal, is expected to accelerate adoption in 2025, making EV ownership more accessible to a broader segment of the market. However, affordability remains a key barrier, with high upfront costs and concerns around charging infrastructure limiting mainstream adoption.

“EV adoption in South Africa is gaining momentum, but for this growth to be sustained, industry players must collaborate to make ownership more accessible," says Mayaba. "With the right financial products, infrastructure expansion, and increased consumer awareness, EVs have the potential to reshape South Africa’s automotive landscape in the years to come.”

Financing Trends and Alternative Ownership Models Gain Momentum

The report also reveals an evolving vehicle financing landscape, with leasing, subscriptions, and rent-to-buy agreements gaining traction as consumers seek more flexible and cost-effective solutions.

For the first time, the Q4 2024 VPI report explores the impact of e-Hailing, leasing, and car subscriptions on the South African auto market. While outright vehicle ownership remains dominant, alternative mobility solutions are becoming increasingly relevant. The report indicates that leasing and subscription-based models are particularly appealing to Millennials and Gen Z consumers, who prioritise affordability and flexibility over long-term ownership commitments.

Additionally, e-Hailing continues to serve as a supplementary transport solution rather than a direct competitor to vehicle ownership. According to recent data from inDrive, an international ride-hailing service, 21.1% of South Africans make us of e-hailing services, reflecting the growing popularity of these transportation alternatives. However, the majority of users still aspire to own a vehicle in the long term. To address affordability constraints and credit access challenges, leasing and rent-to-buy options are emerging as viable alternatives, offering consumers flexible solutions that align with their financial situations.

While lower-value finance agreements (under R250,000) declined, a growing share of financed vehicles now falls within the R250,000 to R750,000 range. This shift suggests that while affordability remains a concern, consumers are prioritising flexible financing solutions and adjusting their purchasing behaviour to align with available credit and economic conditions

“The traditional model of vehicle ownership is evolving,” adds Mayaba. “While outright ownership remains a key aspiration, younger generations are increasingly exploring flexible mobility solutions that align with their financial realities and lifestyle preferences.”

As South Africa’s automotive sector continues to evolve, the interplay between affordability, alternative financing models, and emerging technologies like EVs will shape its future. While used vehicles remain the preferred choice for many consumers, the growth in digital financing and the introduction of more accessible EV models signal an industry on the brink of transformation. Collaboration among industry players, financial institutions, and policymakers will be key to ensuring sustainable growth and greater accessibility for all consumers. With the right innovations and strategies, the sector is well-positioned to adapt to changing market dynamics and drive long-term success.

Read the latest TransUnion VPI Q4 2024 report here.

ENDS

Notes to Editors:

* Gen X (born 1965-1980), Millennials (born 1981-1996) and Gen Z (born 1997-2012)

The TransUnion South Africa Vehicle Pricing Index (VPI) tracks vehicle pricing trends across new and used markets, integrating data from SACRRA and industry-leading sources.

For more information, visit: www.transunion.co.za

17 December 2025

South Africa’s Lenders Adopted Prudent Risk Strategies to Drive Growth in Q4 2024

Location: Business

Card issuers rewarded performing existing cardholders with credit limit increases, but offered lower credit limits to new cardholders
Consumers increasingly turned to non-bank lenders for personal loans
Vehicle loan originations increased for the second consecutive quarter, indicating optimism for the sector

According to TransUnion’s (NYSE:TRU) Q4 2024 South Africa Industry Insights Report, the country’s credit card issuers have adapted their acquisition strategies to enable prudent growth, while effective risk management has led to a decline in account-level delinquencies. During Q4 2024, credit card issuers reduced the average credit card limit on new accounts by 3.9% year-over-year (YoY), while at the same time they increased credit limits on existing credit cards[1] by 5.0%.

The limit increase observations were prominent among prime plus consumers (+4.1% average credit limit increase) and super prime[2]consumers (+1.8%). As a result of higher line access and consumers continuing to leverage credit cards to meet financial and transactional needs, total outstanding balances rose by 7.8% YoY. These insights are echoed in TransUnion South Africa’s Q4 2024 Consumer Pulse Report, where 13% of consumers responded that they had increased their usage of available credit.

An improving performance picture, as observed since Q2 2022, continued as delinquencies (measured as accounts 90 days or more past due) decreased by 34 basis points (bps) YoY during Q4 2024. This trend shows that South African consumers have been able to maintain their credit card payment obligations, while leveraging their cards to navigate the continued high cost of living that has put pressure on disposable income.

“Lenders who are sustaining growth and profitability are drawing on enhanced risk attributes to stimulate a greater share of spend and wallet by identifying consumers who are likely to use credit lines judiciously,” said Lee Naik, CEO of TransUnion Africa. “At a time when new account acquisition is costly, enabling lower-risk consumers to re-engage with their inactive cards, or to extend the use of existing cards, will encourage prudent growth and enable customer loyalty.”

Personal loan lenders target younger borrowers

While personal loan originations from traditional banks declined by 6.2% YoY in Q4 2024, personal loan originations from non-bank lenders increased by 13.9% YoY. Non-bank personal loan originations among Gen Z[3] consumers grew by 48.5% YoY, with this cohort accounting for 15.5% of all non-bank originations.

Non-bank personal loan originations increased YoY across all risk tiers (except for the super prime risk tier, where originations declined by a marginal 1.0% YoY), with the greatest increase seen among prime borrowers (16.1%). However, bank personal loans declined across all risk tiers YoY, except for subprime, where they increased by 6.0% YoY.

Banks are expanding their personal loan offerings to a greater proportion of subprime borrowers. Among bank personal loans, the share of subprime borrowers increased from 53% in Q4 2023 to 58% in Q4 2024, with the share of near prime borrowers remaining consistent across the year. There were minimal YoY fluctuations across the remaining risk tiers. In contrast, the distribution across risk tiers for non-bank personal loans remained consistent over the last two quarters of 2024.

The personal loans market continues to be dominated by younger borrowers, although the total share of originations by borrowers aged 45 and younger did decline marginally in 2024. Seventy-five percent of bank personal loans were granted to Gen X and Millennial customers during Q4 2024, down from 78% one year prior, while 70% of non-bank personal loans were granted to the same age group in Q4 2024, compared to 72% one year prior. At the same time, both lender types are growing their portfolio among the youngest Gen Z borrower group, with 19% of bank personal loans going to Gen Z borrowers in Q4 2024, up from 16% one year prior, and 16% of non-bank personal loans going to these consumers in Q4 2024, up from 12% one year prior.

With respect to credit performance, bank personal loan account-level delinquencies at 90+ days past due dropped by eight bps YoY to 26.6%, while non-bank personal loan delinquencies increased by 452 bps to 40.6%.

“Non-bank personal lenders have a more tolerant risk appetite than banks, and they are responding positively to market demand across age groups and risk tiers,” says Naik. “Lenders that maintain rigorous risk assessment practices that enable greater and earlier prediction of risk, offer education on how to use and manage credit, and empower younger consumers to build their credit profiles, will ensure the continued sustainability of the personal loan market.”

Vehicle loan market continued its recovery path

The vehicle loans market showed encouraging signs of continued growth, as origination volumes increased by 9.6% YoY, and average new loan amounts grew by 1.4%. The greatest growth in originations was observed among Gen Z consumers, where originations grew by 27.9%, although their share of total new finance agreements remains relatively low compared to older age groups. This is the second consecutive quarter in which total vehicle loan originations grew YoY, with the last increase in origination volumes before these two increases having been in Q3 2022. Given the 0.25 bps decrease in interest rates as of November 2024 and a positive outlook for consumer confidence, the vehicle loan market is expected to continue this recovery trend.

These positive trends were also evident in the Q4 2024 TransUnion South Africa Vehicle Pricing Index, that revealed a growing share of financed vehicles within the R250,000 to R750,000 price range. This shift suggests that, while affordability may still be a concern, consumers are prioritising flexible financing solutions and adjusting their purchasing behaviour to align with available credit and economic conditions.

“While the two recent interest rate decreases were just 25 basis points each, the significant increase in new vehicle loan originations indicates that South Africans are becoming more optimistic about their financial futures,” says Naik. “While vehicle ownership is aspirational for many individuals, it’s also the key to unlocking growth for entrepreneurs, and the owners of micro and small enterprises, all of whom are the engines of economic growth in South Africa.

“As part of our drive to expand financial inclusion, TransUnion has included a wide range of alternative data into our scoring solutions, so that more South Africans are more visible in our risk scoring models, in turn creating the platform for them to access finance for the first time.”

Table 1: Key South African Credit Market Metrics (Q4 2024 vs Q4 2023)

Product	YoY origination growth	Serious account-level delinquency rate*	YoY basis points (bps) change in delinquency rate
Credit card	5.6%	12.0%	-33 bps
Bank personal loan	-6.2%	26.6%	-8 bps
Non-bank personal loan	13.9%	40.6%	452 bps
Clothing accounts	-4.0%	26.4%	-143 bps
Retail instalment	14.9%	27.5%	-204 bps
Retail revolving	11.9%	14.5%	-500 bps
Home loans	-13.2%	7.1%	26 bps
Vehicle finance	9.6%%	4.8%	13 bps

*Account-level serious delinquency rate, measured as a percentage of accounts three or more months in arrears

[1]Credit card accounts that are currently open and active in the portfolio.
[2]Scores are based on TransUnion’s CreditVision® generic scoring methodology. Risk distribution key: subprime (0-625), near prime (626-655), prime (656-695), prime plus (696-720), super prime (721-999).
[3]TransUnion age distribution: Gen Z (Born 1995 – 2010); Millennials (Born 1980-1994); Gen X (Born 1965-1979); Baby Boomers (Born 1946-1964

16 December 2025

South African Consumer Credit Market Adapts to Economic Pressures in Q1 2025

Location: Business

36% of consumers planning to take out a new car loan or lease within the next year prefer hybrid vehicles, reflecting a growing inclination towards fuel-efficient and environmentally friendly transportation options
79% of consumers expect their income will grow in the coming months
82% of respondents are extremely or very concerned about inflation, with rising costs continuing to be a major stressor for consumers as they navigate household budgeting and financial planning

South African consumers continue to adapt to a fluctuating economic environment, with TransUnion’s Q1 2025 Consumer Pulse study[1] revealing key trends in household financial management, credit activity and vehicle financing. Amid ongoing financial pressures, a significant increase in intended hybrid vehicle financing highlights evolving consumer preferences.

“Despite the challenges posed by inflation and economic uncertainty, South Africans continue to show resilience in managing their finances,” said Ayesha Hatea, Director of Research and Consulting at TransUnion. “We are seeing notable shifts toward more purposeful financial planning, credit management and strategic spending. While economic pressures remain, consumers are finding ways to balance credit usage, savings, and debt repayments more effectively.”

Economic Concerns and Credit Usage Trends

The report highlights consumers’ ongoing financial concerns, with 42% of respondents stating that their household income is not keeping up with inflation, despite inflation being at the lower end of the Reserve Bank’s target range[2]. These ongoing concerns could be because 40% of consumers said their income stayed the same in the past three months, while 22% reported it decreased.

“With more than six in ten South Africans reporting no increase in their income, it’s clear to see why consumers are trying to find new ways to manage their financial commitments, including taking on more credit, and different types of credit, for key purchases,” said Hatea.

The survey data reveals that 37% of respondents plan to apply for new or refinance existing credit within the next year, with 52% of all those surveyed saying they’ve used Buy Now, Pay Later services in the past 12 months.

Amid ongoing concerns about a recession, consumers indicated that they are actively taking steps to prepare. Among those who said they think South Africa is currently in a recession or will be in one by the end of Q1, the most respondents (59%) said they’re preparing for a possible recession by reducing spending followed by 58% building up their savings and 35% prioritising paying down debt.

Debt Repayments and Savings Trends

The data also reveals shifting trends in debt repayments and savings. A worrying trend is that 38% of respondents in Q1 2025 said they’ll be unable to pay at least one of their current bills and loans in full, up from 35% in Q4 2024.

Among those who said they’ll be unable to pay, 34% reported they plan on paying partial amounts they can afford but not the whole balance, while 25% said they’ll dip into their savings to help pay their current bills and loans. A further 20% of consumers aim to borrow money from friends or family members to meet their payment commitments. Additionally, 35% of those surveyed are looking to take on temporary or gig work.

“Managing debt effectively while maintaining savings is a key challenge for many South Africans,” said Hatea. “Consumers who are struggling to meet their payment commitments should engage with their lenders to potentially renegotiate current payment terms. Lenders do not want consumers to default on their debts, and they are often willing to discuss available options with the intention of creating prudent, sustainable financial solutions.”

Hybrid Vehicle Financing Expected to Increase

Of particular interest in the Q1 2025 study is the finding that 36% of consumers planning a new vehicle loan or lease within the next year would consider hybrid vehicles, while 25% would consider an electric vehicle. In comparison, 32% preferred traditional internal combustion engine vehicles, making hybrid cars the top consideration for new vehicle loans or leases among those surveyed.

The latest TransUnion Vehicle Pricing Index (VPI) reflects this trend, with the anticipated introduction of more affordable EVs priced under R1 million expected to accelerate their adoption in 2025, thanks to broadening consumer options in the hybrid and EV market.

“This trend highlights how consumers are adapting to broader economic and environmental changes,” said Hatea. “Hybrid vehicles are becoming more accessible, and their appeal extends beyond cost savings to include long-term benefits such as reduced environmental impact and lower running costs. As this market continues to evolve, we anticipate sustained growth in consumer interest and adoption.”

Fraud Concerns

The study highlights that nearly one in three respondents (31%) check their credit reports monthly, with 54% of those who said they monitor their credit doing so to try and improve their credit score. This indicates an awareness of the importance of credit health management.

A smaller 34% of credit monitoring consumers said they check their credit reports to protect against fraudulent activity. More than half (51%) of all those surveyed reported being targeted by email, online, phone call or text messaging fraud in the last three months but not falling victim, emphasising the importance of heightened security awareness.

Among the most common fraud schemes reported by those who said they were targeted were money/ gift card scam (33%), smishing (33%), phishing (32%) and third-party seller scams on legitimate online retail websites (31%), emphasising the urgency for consumers to remain vigilant.

“With digital transactions and online banking becoming standard, financial institutions are urged to implement stronger fraud prevention measures, while consumers are encouraged to monitor their credit activity and adopt safer financial practices,” said Hatea.

Adapting to Improve Credit Health

In response to ongoing financial pressures, South African consumers are making strategic adjustments to their household budgets. In the past three months, 52% said they have cut back on discretionary spending such as dining out, travel and entertainment, with 43% of them reporting scaling back on large purchases like furniture, appliances and cars. This cautious approach highlights a continued emphasis on financial resilience and long-term stability.

“Our findings show that South Africans are taking a more proactive approach to managing their finances amid economic uncertainty,” said Hatea. “While financial pressures persist, consumers are prioritising essential spending, reducing discretionary expenses, and making thoughtful financial decisions to maintain stability. Providing them with the right tools, education and financial products will be crucial in supporting their financial well-being in the months ahead.”

The Reserve Bank’s decision to reduce the repo rate by 0.25% to 7.5% this January, with no change in March[3], aims to support economic growth and ease borrowing costs for consumers. This adjustment, coupled with improved inflation expectations, is expected to provide further relief to consumers and stimulate economic activity.

As economic conditions evolve, businesses, financial institutions, and policymakers will need to align with these shifting behaviours, offering solutions that promote financial inclusion, long-term stability, and economic growth.

Consumers can get their free annual credit report from TransUnion here.

^{[1] Q1 2025 South African Consumer Pulse Study was a survey of 950 South African adults from Feb. 10 to 24, 2025.}

^[2]Inflation Targeting Framework

^[3]:repo rate by 0.25% in January to 7.5%^:Current Market Rates

15 December 2025

South Africans Are Becoming More Credit Savvy, But There’s Room to Grow

Location: Business

As financial awareness continues to grow across South Africa, new insights from TransUnion’s Q1 2025 Consumer Pulse Study reveal encouraging signs that more consumers are actively taking control of their credit health.

According to the Consumer Pulse Study, nearly one in three South Africans (31%) check their credit reports on a monthly basis, a significant step in the right direction. More than half (54%) of those who check their reports do so with the intention of improving their credit scores, showing a shift toward long-term financial empowerment.

“We’re seeing a rise not only in credit awareness, but in the importance of checking and understanding your credit report, which is an incredibly positive sign,” says Fatgie Adams, Head of Credit Risk Solutions at TransUnion Africa. “Knowing your credit report and credit score is one of the simplest yet most powerful ways to take control of your financial future. It opens the door to better lending rates, protects against fraud, and supports better decision-making.”

A deeper understanding of how to read the data on your credit report is also essential. A credit report provides a snapshot of your credit activity and how lenders perceive your creditworthiness. It typically includes information like:

Credit accounts: Active credit lines, such as loans, credit cards, and retail accounts.
Payment history: A record of whether payments have been made on time or not.
Credit inquiries: Details of companies that have reviewed your credit in recent months, usually as a result of a credit application.
Credit utilisation: The ratio of the credit you’re using versus your total available credit, which impacts your score.
Outstanding debt: Current balances and any overdue amounts on existing credit lines.

By learning to read this data, consumers can spot potential errors, identify areas for improvement, and gain insights into how their credit management practices impact their scores. Understanding these elements not only helps improve your score but also boosts your financial confidence when applying for loans or credit.

While this progress is encouraging, the study also highlighted opportunities for deeper financial vigilance. Only 34% of consumers currently check their credit reports as a means of fraud prevention. Notably, although 50% of respondents reported being targeted by scams or fraud in the past three months, but did not fall victim, indicating a promising increase in consumer awareness and resilience

With 37% of South Africans planning to apply for new or refinanced credit in the next 12 months, understanding one’s credit standing and how to interpret the information on your credit report becomes even more crucial, particularly in today’s challenging economic climate.

“We encourage consumers to make credit report checks part of their regular financial routine,” adds Adams. “It takes just a few minutes and it’s one of the most effective tools for staying financially fit and fraud aware.”

Quick Tips for a Healthier Credit Score

Pay on time: Late payments can negatively impact your score. Consistent, timely payments are crucial!
Keep credit usage low: Aim to use less than 30% of your available credit to maintain a healthy score.
Check your report regularly: You’re entitled to one free TransUnion credit report each year. Regular checks help you stay informed.
Dispute any errors: Incorrect details can unfairly impact your score. TransUnion offers free dispute services to correct inaccuracies.
Limit new credit applications: Too many at once can lower your score. Be mindful of how often you apply for new credit/ loans.

To check your credit score for free and learn more, visit www.transunion.co.za.

14 December 2025

South Africa’s Auto Sector Sees Strong Growth Amid Evolving Consumer and Insurance Trends

Location: Business

New passenger car sales hit multi-year highs, totalling 102,268 units in Q1 2025
Younger buyers and budget-conscious consumers reshape the financing and brand landscape
South Africa’s younger car buyers are turning to TikTok, Instagram, and YouTube, reshaping the automotive marketing playbook
New insights on insurance trends highlight growing risk of uninsured vehicles

The latest TransUnion South Africa Mobility Insights Report (formerly the Vehicle Pricing Index) for Q1 2025 highlights a strong rebound in the country’s automotive market. This recovery has been driven by improved consumer sentiment, declining interest rates, access to retirement savings through two-pot withdrawals, and rising real wages. According to naamsa data, new passenger vehicle sales continued their upward trajectory in the first quarter, with monthly volumes averaging over 34,000 units, the highest levels seen since Q3 2015.

Affordability remains a key driver of vehicle purchasing and financing decisions. Creative financing options, longer ownership cycles, and the growing availability of value-oriented models are significantly reshaping consumer behaviour, particularly among younger and first-time buyers. The Q1 2025 TransUnion South Africa Mobility Insights report highlights that several emerging brands offering competitively priced vehicles have recorded strong year-over-year growth, contributing to the overall surge in new vehicle sales.

“South African consumers are returning to the vehicle market with a clear focus on value and flexibility,” says Lee Naik, CEO TransUnion Africa. “We’re seeing a continued shift away from traditional premium segments in favour of more accessible alternatives that meet evolving needs and budgets.”

Insurance Trends Reveal Shifting Landscape and Rising Risk

The Q1 2025 report introduces new data on insurance-linked vehicle asset finance (VAF). As of early 2025, only 39% of insured vehicle owners had financed vehicles, down from 44% in 2020. This signals a rise in alternative financing or lapses in insurance post-purchase, especially concerning as TransUnion’s 2024 Insurance Survey found that 25% of vehicle users had driven uninsured in the past six months.

This trend has implications for lenders, who face greater asset risk in the event of write-offs without insurance recovery, and for insurers, whose portfolios may now carry increased exposure. To mitigate these risks, strategies such as bundled insurance, usage-based coverage and low-cost flexible insurance models are growing in relevance.

Used Vehicle Momentum Slows as New Sales Lead Recovery
While used vehicles have dominated financing trends in recent years, Q1 2025 marked a notable shift back toward new vehicle purchases, driven by easing interest rates, improved entry-level model availability, and aggressive manufacturer incentives. Notably, the influx of competitively priced Chinese models has attracted budget-conscious buyers away from the used market, fuelling fresh growth in new vehicle registrations.

“Consumers are holding onto their cars for an average of six to eight years, compared to the previous five years, a trend that reflects affordability constraints and a more cautious approach to ownership,” says Naik.

Affordability and Flexibility Drive Change
The report reveals that shifting consumer preferences are reshaping the competitive landscape, with some established manufacturers experiencing year-over-year sales declines while more affordable and value-driven entrants continue to gain market share.

“The definition of value is changing,” says Naik. “It’s no longer just about the price tag, it’s about financing flexibility, long-term ownership costs, and trust in the product. That’s what’s driving consumer decisions today.”

Social Media's Growing Influence on South African Car Buyers

Generation Z’s¹ rising influence, with a 27.9% year-on-year increase in vehicle finance volumes, highlights why social media has become essential for automotive brands aiming to attract younger buyers. As South Africans spend over 3.5 hoursdaily on platforms like TikTok, Instagram, and YouTube, 76% of users now turn to social media for product research, pushing automotive brands toward digital-first strategies with influencer campaigns, short-form videos, and interactive content, yet South Africa’s low social media ad spend signals a major untapped growth opportunity for marketers.

Social platforms are reshaping how South African consumers research, engage with, and purchase vehicles, particularly among Gen Z and Millennials¹ who expect personalised, digital-first experiences. To stay competitive, brands are adopting influencer collaborations, platform-specific strategies, AI-enabled targeting, and immersive tools like augmented reality and virtual reality. Social commerce is gaining ground as buyers look for seamless, in-app journeys from browsing to booking.

Economic Outlook: Growth with Caution
The broader economic outlook for South Africa in 2025 remains cautiously optimistic, with GDP expected to grow by 1.4%, driven primarily by household consumption. While industrial output remains under pressure, consumer-driven sectors, particularly retail and vehicle sales, continue to show resilience. Vehicle export activity rose modestly by 0.4% year-over-year in Q1 2025, signalling a gradual recovery following the sharp decline in the previous quarter.

“The strong recovery in new vehicle sales is a positive sign,” says Naik. “But sustaining this growth will require policy certainty, infrastructure investment, and structural reforms. Without these, the economy remains vulnerable.”

“The South African automotive sector is adapting to new consumer behaviours and market forces. The insurance gap, affordability options, credit access and rising Gen Z¹ participation will shape the road ahead. Collaboration across industry players is vital for long-term growth,” concludes Naik.

Read the full TransUnion South Africa Mobility Insights Report here.

¹ Generation X (Gen X): Born 1965–1980; Millennials (Gen Y): Born 1981–1996; Gen Z (Generation Z) Born 1997–2012

ENDS

Notes to Editors: To provide you with timely market insights, we are updating our reporting structure.

Starting this quarter, the Vehicle Pricing Index will be renamed the TransUnion South Africa Mobility Insights Report, reflecting our broader focus on mobility trends. Vehicle Finance data will now be included in the TransUnion South Africa Industry Insights Report (IIR).