South Africans are applying for credit like never before. Applications have more than tripled over the past 18 years, from 6-million in the first quarter of 2008 to 20.4-million in the first quarter of 2026, according to the National Credit Regulator (NCR).

The rejection rate has climbed too, from four in ten applications to more than six in ten over the same time. The number of applications actually approved as new accounts has grown by almost 50%, from 3.6-million to 5.3-million a quarter.

Over half of those accounts are for credit facilities, which include credit cards, store cards and bank overdrafts, according to the NCR’s Consumer Credit Market Report. The same report indicated that just over half of the accounts are with retailers.

The Outlier looked at the recent surge in credit providers in South Africa, up from 6,215 in 2022 to more than 10,200 this year.