FG to Introduce Stringent Rules for Opay and Moniepoint in 2024
Wednesday 27 December 2023
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In an effort to combat increasing default rates and enhance loan recovery methods in the country, the Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC), is gearing up to implement heightened regulations in the digital lending sector in 2024. Babatunde Irukera, the CEO of the FCCPC, disclosed this during an interview on Television Continental.
Despite the FCCPC's successful reduction of harassment in the sector, Irukera pointed out a concerning trend of high default rates among Nigerians using digital lending platforms. He emphasized the need to discontinue unethical and inappropriate loan recovery mechanisms, stating, "It is incorrect to assume that the only effective communication with Nigerians is through abuse. I strongly disagree." CONTINUE READING....
Recognizing the challenges faced by digital money lenders in the country, Irukera underscored the importance of finding more sensible and responsible ways to recover loans. He expressed concern that the inability of these lenders to recover loans and subsequent withdrawal from the market would pose a consumer protection problem for those in need of short-term unsecured lending.
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Looking ahead to 2024, Irukera hinted at forthcoming regulations designed to promote responsible borrowing and lending practices by both individuals and corporations. He envisioned a more comprehensive approach to striking a balance between protecting consumers and ensuring the sustainability of digital lending services. CONTINUE READING.....
Highlighting the FCCPC's progress, Irukera revealed that harassment and defamatory messages in the sector had been reduced by approximately 80 percent. He stressed the importance of building a future where even landlords of school premises could report to a centralized credit system about the financial conduct of tenants, students, and parents. This, he believes, will contribute to assessing each individual's level of fiscal responsibility and creditworthiness.
While acknowledging the challenges faced by Nigeria in the digital lending landscape, Irukera noted that other countries, including India, Kenya, Brazil, Ghana, and Uganda, were also grappling with similar issues. He pointed out that some of these nations were learning from Nigeria's initiatives in addressing digital lending challenges.
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