Borrowers’ harassment by loan sharks reduced by 80%, says FCCPC
The Federal Competition and Consumer Protection Commission (FCCPC) says it has degraded and reduced the harassment and defamatory messages sent by digital money lenders to their customers by 80 per cent.
Babatunde Irukera, the FCCPC executive vice-chairman, said this at a media engagement organised by the commission in Abuja on Thursday.
Mr Irukera said the desire and aspiration of the commission was to eliminate the defamatory messages and intrusion on people’s privacy and achieve more ethical lending.
He said it was easier to proscribe digital money lending, but traditional lending would not plug the gap covered by digital lending. Mr Irukera said although there were still pockets of violators, the commission would not relent in sanitising the space.
According to him, as a regulator, ours is to understand their course and balance it against their desires.
“Some of the lenders used to tell us that when we call a borrower now, they send us your photograph and a statement by FCCPC, but that is not right. But I tell them, tell your problems to God,” said Mr Irukera. “My mandate is to protect consumers, but I understand that we also have a mandate to protect consumers to preserve business.”
The FCCPC explained that if “we allow businesses to die, it is a failed approach to consumer protection,” adding that Nigeria “is struggling with digital lending.”
“This is a struggle that is not isolated to us alone. India, Kenya, Brazil, Ghana, Uganda are still struggling in digital lending. Some of these countries are taking lessons from what we have done,” said Mr Irukera.
On the FCCPC scorecard, Mr Irukera said there was still much to be done to ensure a balanced market for the protection of citizens.
“The road ahead is far more so. We will keep doubling our efforts,” said the FCCPC chief.
(NAN)
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