The unsecured lending industry (sub-prime) in South Africa (EZA) has once again come under the spotlight after the publication of a recent report by short sellers, Viceroy Research, which focused on the country’s largest unsecured lender, Capitec (OTCPK:CKHGY). The industry in South Africa remains a controversial one, particularly following the collapse of the country’s formerly largest unsecured lender, African Bank in 2014. However, African Bank is not the first financial institution in South Africa to have succumbed to the inherent risk that comes from making so-called “pay day” loans to