South Africans debt-stressed: Ombudsman

The Ombudsman for Banking Services has released its Annual Report.

JOHANNESBURG - South African consumers are battling to manage debt.

The Ombudsman for Banking Services says it's recorded an increase in debt stress-related complaints.

This has been attributed to rising unemployment and inflation.

The Banking Services Ombud is urging consumers to explore aid interventions available to them.

"Consumers have interacted with banks and matters is not resolved to their satisfaction, that's when I see complaints," said Reana Steyn.

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The ombudsman also warned consumers to be wary of scammers.

Online banking fraud has been the most common.

Steyn says most complaints were received from Absa, FNB and Nedbank customers.

"The highest number of complaints are online banking complaints," said Steyn.