ABSA GIVES FINANCE TO TAXIS AGAIN

Banking giant Absa has resumed financing minibus taxis after the Department of Transport, taxi council Santaco and the police agreed to set up a sub-committee to monitor the permit-verification process.

Banking giant Absa has resumed financing minibus taxis after the Department of Transport, taxi council Santaco and the police agreed to set up a sub-committee to monitor the permit-verification process.

Absa temporarily suspended financing taxis on February 18 after it suspected fraudulent activities relating to the possible loss of permits and the duplication of certain qualifying documentation.

Marcel de Klerk, managing executive of Absa Vehicle & Asset Finance, says the bank resumed finance to taxis early this month after the department, together with Santaco, agreed to set up a sub-committee to monitor the permit verification process.

The representatives included the department's head of fraud and investigations section and a member of the SAPS.

De Klerk said Santaco agreed to take responsibility of confirming the legitimacy of all permits with the Operating licence boards, adding that only once this verification is complete will the transaction qualify for further processing by Absa.

Absa processes about 2000 minibus applications a month.

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