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Abstract: The biggest challenge that micro-, small- and medium-sized enterprises (MSMEs) face in order to become successful is access to microfinance, particularly microcredit. However, that is not the only challenge they face. The article looks at the current landscape of MSMEs in South Africa and some of the challenges they face preventing their success. It considers current consumer-credit legislation and points out that it is not sufficiently supportive of improving the microcredit environment. It highlights the need to reform current credit legislation and other relevant legislation. It argues that better coordination between various South African government agencies is required. It also briefly considers whether the solution is to simply amend existing consumer-credit legislation and accompanying legislation or to rather create a single microcredit-specific statute. The article in essence examines the advantages and disadvantages of a single statute versus a concerted effort applying the statutory provisions in harmony.
Keywords: microcredit; microfinance; micro-, small- and medium-sized enterprises; challenges; access; credit; legislation
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