Private sector credit growth in South Africa accelerated in February 2026, with the annual expansion rate rising to 10.50%, up from 8.83% recorded in January 2026. The latest figures, updated on 30 March 2026, highlight a notable pickup in lending activity across the economy.
The increase suggests stronger demand for credit from businesses and households compared with the start of the year, marking a continued upward shift in borrowing conditions. While the data do not detail the underlying drivers, the faster growth rate may reflect improving confidence, higher working capital needs, or increased investment plans within the private sector.
February’s reading extends the positive momentum seen at the beginning of 2026 and will likely be monitored closely by market participants and policymakers for its implications on economic activity, funding conditions, and potential inflationary pressures in the months ahead.