A warning has been released by Standard Bank regarding a phoney organisation and website posing as the bank’s business subsidiary.
The entity, known as Direct Access Finance, falsely claims to operate from the Standard Bank Centre located at 5 Simmonds Street in Johannesburg and offers credit solutions to consumers through its website (https://directaccessfinance.co.za/).
The institution emphasised that Direct Access Finance is not registered with the National Credit Regulator (NCR) and lacks the legal authority to provide financial advice or credit services.
No affiliation with Standard Bank
Despite attempts to associate itself with Standard Bank and its subsidiary, Blue Granite 2, Direct Access Finance has no affiliation with the legitimate financial services provider.
“Standard Bank has no direct or indirect association with the entity and/or website in question, and we urge consumers not to confuse it with other legitimate financial services providers that may have closely related names,” the banking group said on Friday.
“Standard Bank has reported the matter to the relevant regulators, and we are pursuing measures for this illegal website to be taken down.
“We encourage the public to always ensure that they are dealing with registered financial services providers to avoid falling victim to scams of this nature.”
The banking group also urged consumers to exercise caution and vigilance, emphasising the importance of verifying the registration status of financial services providers before engaging with them.
Legitimate lender do not charge upfront fees
Consumers are further advised to borrow only from registered lenders authorised by the NCR under the National Credit Act.
This ensures protection under the law, including safeguards such as setting maximum interest rates and fees, full disclosure of agreement terms, and appropriate debt-collection practices in the event of default.
Furthermore, Standard Bank emphasised that legitimate lenders registered under the National Credit Act will never charge upfront fees for consumers to borrow money.
Any requests for upfront payments should be viewed as red flags for potential fraudulent activities,” it said.
“Lenders registered under the National Credit Act will never charge an upfront fee for consumers to borrow money.”
