The establishment of the Micro Finance Regulatory Council (MFRC) should further boost the already rapid growth in microlending. Only microlenders that are affiliated to the MFRC will be allowed to fund themselves by means of deposits in South Africa and conduct their business within a self-regulatory framework.
Broadening of external relations Following the normalisation of South Africa’s relations with the rest of the world, senior officials of the Reserve Bank have become more involved with multilateral financial institutions, other central banks and international private financial institutions.