The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has revoked The Elect Pawnshop (Pty) Ltd’s (‘The Elect’) exemption to trade as a pawnshop. The effect of the revocation of exemption is that The Elect shall no longer be permitted to issue new loans, including top-ups to their existing clients or carry out any other service of a pawnshop. For the avoidance of doubt, existing customers are not exempted from servicing their loans and should therefore continue with their loan repayments in the normal course.